RAKBANK, one of the oldest lenders in the United Arab Emirates (UAE), is allowing retail customers access to cryptocurrencies through a partnership with Vienna-based crypto exchange Bitpanda, the companies said on Tuesday.
Users can now access “a range of cryptocurrencies” via RAKBANK’s mobile banking app. The bank did not specify which cryptocurrencies would be on offer by press time.
The service includes buying, selling and swapping crypto assets using dirhams (AED), sidestepping the typical foreign exchange charges tied to trading in dollars or euros.
Transactions are processed directly from users’ savings or current accounts, eliminating the need to transfer funds to and from third-party crypto exchanges, according to a press release.
Bitpanda’s Dubai-regulated affiliate, Bitpanda Broker MENA DMCC, will handle trade execution. Bitpanda is already regulated in Germany and Vienna, and works with financial institutions like Deutsche Bank and Raiffeisen Bank.
RAKBANK, also known as the National Bank of Ras Al Khaimah, is the first “conventional bank” in the UAE to connect users with digital assets, according to CEO Raheel Ahmed.
“We recognize the opportunity this solution will provide to customers in the UAE, as we believe they deserve a more efficient and seamless crypto buying, selling and swapping journey that is fully regulated and entirely in AED,” he said.