The National Bank of Ras Al Khaimah (RAKBANK) has announced an exciting new partnership with Bitpanda Technology Solutions to create a cutting-edge digital asset management platform for residents of the United Arab Emirates (UAE). We expect this platform to transform the way UAE residents interact with their finances, providing a secure and efficient alternative to traditional financial methods, by streamlining the management of digital assets.
RAKBANK’s Group Chief Customer Officer, Dongjun Choi, emphasized the bank’s commitment to innovation in financial services. “We believe that digital assets are key to the future of financial management,” Choi said. “Our partnership with Bitpanda aims to address the current market gap by providing a regulated and reliable platform for digital asset management.”
The collaboration will enable RAKBANK to leverage Bitpanda’s advanced infrastructure without needing to develop its own digital asset capabilities. The CEO of Bitpanda Technology Solutions, Lukas Enzersdorfer-Konrad, emphasized the flexibility and scalability of their technology, which caters to a broad spectrum of digital asset functions.
This initiative is a significant step forward in the UAE’s growing digital asset sector. In addition to this new platform, the UAE has seen increased crypto adoption, including the recent integration by exchange M2, which allows residents to trade Bitcoin and Ether directly through their bank accounts. The UAE’s regulatory environment is also evolving, with recent court rulings recognizing cryptocurrency as a legitimate form of salary payment.
The collaboration between RAKBANK and Bitpanda aims to establish both organizations as leaders in digital financial innovation, providing UAE residents with new opportunities to manage their digital assets and stimulating further growth in the sector. The platform’s official launch will be contingent upon approval from the Central Bank of the UAE.
