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.