RAKBANK Partners with Bitpanda to Provide Crypto Access for Retail Customers

RAKBANK, a long-established bank in the UAE, has partnered with Bitpanda to offer retail customers access to cryptocurrencies via its mobile banking app.

Customers can buy, sell, and swap cryptocurrencies using dirhams (AED).
The service avoids foreign exchange charges associated with trading in dollars or euros.
Transactions are processed directly from users' savings or current accounts, eliminating third-party exchanges.
Bitpanda Broker MENA DMCC will execute trades; Bitpanda is regulated in Germany and Austria.
RAKBANK is the first conventional bank in the UAE to provide access to digital assets.

CEO Raheel Ahmed emphasized the solution's efficiency and regulatory compliance for customers in the UAE.