- Bitpanda Technology Solutions has secured its first major UAE partnership with The National Bank of Ras Al Khaimah (RAKBANK) following its recent expansion into the region.
- The collaboration will enable UAE residents to engage with various digital asset applications securely and efficiently.
- The partnership grants RAKBANK exclusive rights to issue digital payment tokens, pending approval from the Central Bank of the UAE.
- Bitpanda and RAKBANK have joined forces due to Bitpanda’s status as a highly regulated and trusted entity in the global cryptocurrency sector.
Bitpanda Technology Solutions (BTS), a leading provider of digital assets infrastructure, has finalized its first agreement in the UAE with The National Bank of Ras Al Khaimah (RAKBANK), a major player in the digital assets sector. This partnership will deliver a comprehensive platform that enables UAE residents to seamlessly manage digital assets.
Once fully operational, RAKBANK customers will be able to explore various digital asset use cases and make payments with tokens securely, offering one of the most extensive services available in the UAE. However, this is contingent upon approval from the Central Bank of the UAE (CBUAE).
The alliance positions RAKBANK and Bitpanda at the forefront of the digital financial evolution in the UAE, supporting growth in the digital assets sector and allowing banks to engage in the virtual asset economy without developing in-house capabilities.
The service launch depends on Bitpanda Broker MENA DMCC receiving operational approval and licensing from VARA, as well as RAKBANK securing the necessary authorization from the CBUAE.
Lukas Enzersdorfer-Konrad, CEO of Bitpanda Technology Solutions, stated, “We launched in the UAE driven by the country’s ambition and vision in digital assets. This partnership with RAKBANK will transform crypto access for millions in the UAE and set the stage for future innovation.”
Dongjun Choi, Group Chief Customer Officer of RAKBANK, added, “Digital assets offer a future-forward way for customers to manage their finances efficiently and securely. This partnership will address the need for a reliable and regulated banking platform for digital assets. By combining our expertise, we aim to revolutionize the financial landscape and provide our customers with broader digital asset opportunities.”
