- Rakbank enables crypto trading directly within its mobile banking app for UAE retail customers using AED accounts.
- All transactions are processed by Bitpanda’s Dubai-regulated broker, eliminating the need for currency exchange or external platforms.
- The service is currently available by invitation and will expand gradually as part of Rakbank’s broader digital finance strategy.
Rakbank has introduced cryptocurrency trading for its retail banking customers, becoming the first conventional bank in the United Arab Emirates to offer such a service. Its mobile banking app includes the crypto brokerage option that would enable users to purchase, sell, and exchange cryptocurrencies through their AED accounts.
Such service could be facilitated by the partnership between Rakbank and Austria-based Bitpanda. The trading accounts are handled by Bitpanda Broker MENA DMCC, which is regulated in Dubai by the Virtual Assets Regulatory Authority. This combination makes regulatory compliance easy and offers a smooth trade experience to the consumers.
AED-Based Transactions Eliminate Currency Conversion
All transactions are settled directly in UAE dirhams. This feature removes the need for currency conversion and avoids associated foreign exchange fees. Customers can now perform crypto transactions directly from their Rakbank current or savings accounts, without using external exchanges.
At present, the crypto trading feature is available by invitation only. A wider rollout to all eligible retail customers is planned for the near future. Rakbank stated that this phase is intended to ensure a smooth and secure introduction of the service before broader access.
Alignment with UAE’s Crypto Market Expansion
This is part of the rising attempts to make the UAE the centre of digital finance. It has been reported recently that 600 firms that deal with crypto have set up operations in the Dubai Multi Commodities Centre. Similar activity is maintained in other financial zones in the city of Dubai, and this has been an indication that there are robust institutions that support the sector of digital asset sector.
According to Raheel Ahmed, Group CEO of Rakbank, the bank is moving towards providing its customers an efficient, regulated, and secure environment in which to trade digital assets. Deputy CEO at Bitpanda, Lukas Enzersdorfer-Konrad, stated that the cooperation is a significant event in spreading crypto in the region.
