RAKBANK partners with Bitpanda to launch digital asset platform in UAE

The National Bank of Ras Al Khaimah (RAKBANK), a government-owned bank in the United Arab Emirates (UAE), has announced a partnership with Bitpanda Technology Solutions, a company that specializes in cryptocurrency infrastructure.

Together, they are working to create a digital asset management platform specifically for residents of the UAE.

This new platform will allow UAE residents to manage digital assets like cryptocurrencies more securely and efficiently. According to RAKBANK’s Group Chief Customer Officer, Dongjun Choi, the bank sees digital assets as an important part of the future of finance. He believes that this platform will fill a gap in the market by providing a regulated and reliable way for people to handle their digital assets.

However, before the platform can be launched, it must first receive approval from the Central Bank of the United Arab Emirates (CBUAE).

The partnership is a significant step for RAKBANK, as it eliminates the need for the bank to develop its own digital asset infrastructure. Instead, Bitpanda Technology Solutions will provide the necessary technology and support.

This move aligns with broader trends in the UAE, where digital assets are gaining increasing acceptance. For example, in February 2023, the Emirate of Ras Al Khaimah announced plans to create a special free-trade zone focused on digital assets. Additionally, a Dubai court recently recognized cryptocurrency as a valid form of salary payment, reflecting the country’s growing acceptance of digital currencies in everyday life