Bitpanda signs deal with Rakbank
Bitpanda Technology Solutions (BTS), a leading digital assets infrastructure provider, has finalised its first agreement in the UAE with The National Bank of Ras Al Khaimah (RAKBANK), a major UAE bank that has been leading in the digital assets sector, to provide a robust platform that will enable UAE residents to effortlessly manage digital assets.
External
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
When fully launched, RAKBANK customers will be able to pursue various digital assets use cases, and settle with payment tokens safely and securely, unlocking one of the most complete offerings available in the UAE market. This is however subject to CBUAE approval.
The partnership positions RAKBANK and Bitpanda at the forefront of the digital financial breakthrough in the UAE, while fostering growth in the digital assets sector. This allows banks to participate in the virtual asset economy without needing to develop their own in-house virtual asset capabilities.
The provision of services is contingent upon Bitpanda Broker MENA DMCC receiving operational approval and a licence from VARA, as well as RAKBANK obtaining the necessary approval from the CBUAE.
Lukas Enzersdorfer-Konrad, CEO of Bitpanda Technology Solutions added: “One of the main reasons we recently launched in the UAE was the ambition and vision that the country is showing in the digital assets space - this is a perfect example. Alongside RAKBANK, we will transform crypto access for millions in the UAE and lay the groundwork for future innovation.”
Dongjun Choi, Group Chief Customer Officer of RAKBANK commented: “We believe digital assets represent one of the future ways for customers to manage their finances more efficiently and securely. This partnership is poised to fill the gap in the market for a trustworthy and regulated banking platform to provide access to digital assets. By merging our expertise, we aim to revolutionise the traditional financial landscape for the benefit of our customers, enabling them to explore a broader range of digital assets opportunities.”
Bitpanda Technology Solutions is recognised as one of the most scalable digital assets and crypto infrastructure providers globally. As a highly regulated leader in the industry, it boasts a worldwide footprint and is already trusted by some of the world’s foremost financial institutions, banks, neobanks, and fintechs. Both Bitpanda and RAKBANK will collaborate closely with the Central Bank of the UAE (CBUAE) and the Virtual Assets Regulatory Authority (VARA) to ensure full compliance in all future endeavours.