RAKBANK taps Bitpanda to offer digital asset services in the UAE

By Gloria Methri

The National Bank of Ras Al Khaimah, or RAKBANK, has teamed up with Bitpanda Technology Solutions to provide a robust platform for effortlessly managing UAE residents’ digital assets.

When fully launched, RAKBANK customers will be able to pursue various digital asset use cases. However, this is subject to CBUAE approval. The partnership is poised to foster growth in the digital asset sector. It 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, said, “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 with 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 is one of the most scalable digital assets infrastructure providers globally. This fully modular platform allows for integration via a state-of-the-art API or directly via a white-label solution. As a highly regulated company, the company boasts a worldwide footprint and is trusted by some of the world’s foremost financial institutions, banks, neobanks, and FinTechs.