In a major move toward embracing digital assets, RAKBANK has launched a crypto brokerage service directly through its mobile banking app, making it the first conventional bank in the UAE to offer retail customers secure and regulated access to cryptocurrency trading.
The new service, introduced in partnership with BitPanda, a UAE-regulated crypto exchange, will initially be available on an invitation-only basis before being expanded to a wider customer base.
Through the integration with BitPanda, RAKBANK customers can now buy, sell, and swap cryptocurrencies within the bank’s mobile application. All transactions are processed in UAE Dirhams (AED), meaning users won’t face foreign exchange fees or losses. Importantly, customers no longer need to transfer funds to external exchanges, as all crypto trades will be executed directly from their RAKBANK current or savings accounts.
“We are proud to be the first conventional bank in the UAE to offer simple, secure, and regulated access to a world-class digital assets platform. Our goal is to provide our customers with a seamless crypto experience entirely in AED.”
RAKBANK Group CEO Raheel Ahmed
BitPanda Deputy CEO Lukas Enzersdorfer-Konrad called the partnership a milestone for digital assets in the MENA region stating that it shows how crypto can be delivered in a safe, regulated, and user-friendly way, directly from a trusted bank.
The move aligns with the UAE’s growing efforts to position itself as a regional hub for digital assets and blockchain innovation.
Crypto Helps Drive UAE’s Economic Growth
In the UAE, a growing number of banks, including Mbank, Zand Bank, Liv by Emirates NBD, and even First Abu Dhabi Bank (FAB), have taken steps into the crypto world by linking their services with cryptocurrency exchanges. However, none have offered the same seamless, fully integrated experience that RAKBANK launched today through its mobile app.
This marks a new era where traditional banks are welcoming crypto with open arms, a shift gaining momentum especially after the recent passage of the Genius Act in the United States, a law designed to support responsible crypto adoption.
Internationally, the trend is gaining traction as well. Just last week, U.S.-based PNC Bank announced a partnership with Coinbase to launch a crypto-as-a-service platform. The collaboration will allow PNC clients to buy, hold, and sell digital assets through a trusted and regulated system, highlighting the growing global demand for secure and user-friendly crypto solutions from conventional financial institutions.
