RAKBANK, first UAE conventional bank, launches crypto trading via Bitpanda partnership

RAKBANK, one of the UAE’s oldest financial institutions, has become the first conventional bank in the country to offer cryptocurrency services to retail investors through a partnership with European digital asset platform Bitpanda. The collaboration, announced in late 2025, enables customers to buy, sell, and trade eight cryptocurrencies directly via RAKBANK’s mobile banking app. Transactions are processed in United Arab Emirates Dirham (AED), bypassing the need for foreign currency conversions and associated fees [1]. This integration leverages Bitpanda Broker MENA DMCC, the cryptocurrency platform’s Dubai-regulated subsidiary, to facilitate seamless fund transfers from users’ existing savings or current accounts, eliminating the necessity to move money to a separate exchange [2].

The initiative aligns with the UAE’s broader push to establish itself as a global financial innovation hub. By embedding Bitpanda’s trading infrastructure into its digital services, RAKBANK is expanding beyond traditional banking to include digital asset management, a trend gaining momentum in the Middle East and North Africa (MENA) region. The bank’s press materials emphasize competitive pricing, particularly highlighting “lowest buy fees” as a key differentiator for attracting retail investors [3]. This move addresses longstanding barriers to crypto adoption in the UAE, including regulatory uncertainty and accessibility challenges, by offering a regulated, user-friendly platform backed by Bitpanda’s licensing under the Abu Dhabi Global Market (ADGM) [1].

The partnership reflects an evolving dynamic between traditional banks and fintech providers. Rather than developing in-house solutions, RAKBANK has prioritized speed and scalability by integrating Bitpanda’s existing infrastructure. This approach reduces development costs and aligns with the UAE’s regulatory sandbox framework, which encourages collaboration to drive innovation. However, the service’s success hinges on factors such as user adoption, crypto market volatility, and the bank’s capacity to educate clients on risk management. Analysts note that the absence of institutional investor barriers—such as complex compliance processes—positions the offering to appeal to a broader demographic [2].

The initiative also underscores the UAE’s strategic focus on regulatory innovation. Recent frameworks like Dubai’s Virtual Assets Regulatory Authority (VARA) have created a conducive environment for digital asset experimentation. RAKBANK’s early entry into the retail crypto market could establish a competitive edge in the MENA region, where digital banking adoption is accelerating. Furthermore, the collaboration may inspire similar partnerships across the Gulf and beyond, given Bitpanda’s multi-jurisdictional presence and RAKBANK’s regional influence.

Sources:

[1] Gulf News, [https://gulfnews.com/business/banking/rak-becomes-first-traditional-uae-bank-to-offer-crypto-trading-for-retail-clients-1.500214857](https://gulfnews.com/business/banking/rak-becomes-first-traditional-uae-bank-to-offer-crypto-trading-for-retail-clients-1.500214857)

[2] ZAWYA, [https://www.zawya.com/en/press-release/companies-news/rakbank-becomes-the-first-uae-conventional-bank-to-facilitate-crypto-brokerage-service-frx7551b](https://www.zawya.com/en/press-release/companies-news/rakbank-becomes-the-first-uae-conventional-bank-to-facilitate-crypto-brokerage-service-frx7551b)

[3] RAKBANK, [https://www.rakbank.ae/en/everyday-banking/rakbank-for-you/crypto-wait-list/](https://www.rakbank.ae/en/everyday-banking/rakbank-for-you/crypto-wait-list/)