RAKBANK To Offer Digital Asset Access To Customers in UAE With Bitpanda Partnership

RAKBANK and Bitpanda have announced a partnership aimed at providing UAE residents with secure and efficient access to various digital assets. This collaboration brings together RAKBANK, a prominent player in the UAE's digital assets sector, and Bitpanda, a leading provider of digital assets infrastructure.

The agreement will allow RAKBANK customers to explore diverse digital asset use cases once it receives approval from the Central Bank of the UAE (CBUAE). This initiative is expected to offer one of the most comprehensive digital asset services in the UAE market.

This partnership places RAKBANK and Bitpanda at the forefront of digital financial innovation in the UAE. It enables banks to engage in the virtual asset economy without needing to develop their own virtual asset capabilities internally. The collaboration aims to foster growth within the digital assets sector.

Dongjun "DJ" Choi, Group Chief Customer Officer of RAKBANK, stated: "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 is recognised as one of the most scalable providers of digital assets infrastructure globally. As a highly regulated leader in this field, it has established a worldwide presence and is trusted by top financial institutions, banks, neobanks, and fintech companies.

The exclusivity clause regarding RAKBANK's issuance of digital payment tokens is subject to CBUAE approval. This aspect underscores the regulatory compliance both entities are committed to maintaining throughout their operations.

When fully operational, this partnership will enable RAKBANK customers to manage their digital assets seamlessly. The collaboration aims not only at providing immediate benefits but also at setting a foundation for future advancements in digital finance within the region.