RAKBANK partners with Bitpanda Technology Solutions to unlock digital assets in the UAE

• RAKBANK and Bitpanda will partner to offer UAE residents an opportunity to pursue various digital assets use cases in a secure and efficient way.
• This breakthrough partnership brings together a major UAE bank that has been a leader in the digital assets sector, and a leading digital assets provider.
• The partnership includes exclusivity regarding RAKBANK’s issuance of digital payments tokens, subject to CBUAE approval.

Dubai, United Arab Emirates, August 19, 2024

The National Bank of Ras Al Khaimah (“RAKBANK”), a major UAE bank that has been leading in the digital assets sector, has reached an agreement with Bitpanda Technology Solutions, a leading digital assets infrastructure provider, to provide a robust platform that will enable UAE residents to effortlessly manage digital assets.

When fully launched, RAKBANK customers will be able to pursue various digital assets use cases unlocking one of the most complete offerings available in the UAE market. This is however subject to CBUAE approval.

The partnership positions RAKBANK and Bitpanda at the forefront of the digital financial breakthrough in the UAE, while fostering growth in the digital assets sector. This allows banks to participate in the virtual asset economy without needing to develop their own in-house virtual asset capabilities.

Dongjun “DJ” Choi, Group Chief Customer Officer of RAKBANK commented: “We believe digital assets represent one of the future ways for customers to manage their finances more efficiently and securely. This partnership is poised to fill the gap in the market for a trustworthy and regulated banking platform to deal in digital assets. By merging our expertise, we aim to revolutionize the traditional financial landscape for the benefit of our customers, enabling them to explore a broader range of digital assets opportunities.”

Lukas Enzersdorfer-Konrad, CEO of Bitpanda Technology Solutions added: “RAKBANK has a long history of pioneering crypto innovation in the UAE, and we want to support their ambitions. Bitpanda Technology Solutions is fully modular, enabling us to tailor products to our partners’ needs. This partnership exemplifies the importance of that flexibility. Together, we will transform crypto access for millions in the UAE and lay the groundwork for future innovation.”

Bitpanda Technology Solutions stands as one of the most scalable digital assets infrastructure providers globally. As a highly regulated leader in the industry, it boasts a worldwide footprint and is already trusted by some of the world’s foremost financial institutions, banks, neobanks, and fintechs.