RAKBANK has become the first conventional bank in the UAE to offer crypto trading services to retail customers. The bank launched its crypto brokerage service through its mobile app, enabling customers to buy, sell, and swap cryptocurrencies. This was announced in a press release on Tuesday.

The service is powered by Bitpanda, a digital asset infrastructure provider regulated by the Virtual Assets Regulatory Authority (VARA) in Dubai. Bitpanda also has regulations in multiple European jurisdictions. RAKBANK facilitates access to Bitpanda's crypto trading platform through its mobile banking app. Bitpanda owns and operates the platform.

RAKBANK customers can execute crypto transactions directly from their existing current or savings accounts. This eliminates the need to transfer funds to an external exchange or convert between fiat currencies, removing foreign exchange fees. All transactions will be conducted in AED (Emirati Dirham).

According to Raheel Ahmed, Group CEO of RAKBANK, the bank is proud to be the first conventional bank in the UAE to enable simple, secure, and regulated access to a world-class digital assets platform. He believes that customers in the UAE deserve a more efficient and seamless crypto buying, selling, and swapping journey that is fully regulated and entirely in AED.

Lukas Enzersdorfer-Konrad, deputy CEO of Bitpanda, sees the partnership as a big moment for digital assets in the MENA region. He stated that it demonstrates how crypto can be offered in a safe, regulated, and simple way, directly from a major conventional bank that customers already trust. He added that this is how the future of finance should look: simple, compliant, and built to meet real user needs.

The service is currently available by invitation only and will be rolled out to more customers in the coming months.

Several other banks in the UAE have entered the crypto space, including Mbank, Zand Bank, Liv bank by Emirates NBD, and FAB bank. These banks have integrated their offerings with crypto exchanges. However, RAKBANK is the first to offer crypto trading services in such a seamless way.

RAKBANK's partnership with Bitpanda to build a digital asset management platform for residents began last year. Bitpanda's institutional service, Bitpanda Technology Solutions, is also trusted by leading global financial institutions, including Deutsche Bank, Raiffeisen Bank, and N26.