RAKBANK Becomes UAE's First Conventional Bank to Offer AED-Based Crypto Trading via Mobile App

The National Bank of Ras Al Khaimah (RAKBANK), a government-owned bank in the United Arab Emirates (UAE), has launched a crypto trading service for retail customers through its mobile app, becoming the first conventional bank in the country to offer direct access to digital assets [1]. The service, powered by Austria-based Bitpanda, allows users to buy, sell, and swap cryptocurrencies such as Bitcoin and Ethereum directly from their UAE dirham (AED) accounts. Transactions are settled in AED, eliminating the need for foreign currency conversions and associated fees, with trades executed via Bitpanda Broker MENA DMCC, a Dubai-regulated entity [2]. RAKBANK’s CEO, Raheel Ahmed, emphasized the service’s focus on providing a “secure and regulated environment” for crypto transactions, addressing growing demand among UAE investors for digital asset options [3].

The integration enables customers to trade directly from their RAKBANK savings or current accounts without transferring funds to third-party exchanges. The service is currently available on an invite-only basis, with plans to expand access to a broader customer base in the coming months [4]. Bitpanda’s deputy CEO, Lukas Enzersdorfer-Konrad, described the partnership as “a big moment for digital assets in the region,” highlighting the platform’s regulatory compliance in multiple European jurisdictions and its existing institutional partnerships with Deutsche Bank and Raiffeisen Bank [5].

This initiative aligns with the UAE’s broader strategy to position itself as a global hub for blockchain and crypto projects. RAKBANK’s move follows the Dubai Multi Commodities Centre’s attraction of over 600 crypto companies to its free zone, as well as the Dubai Financial Services Authority’s recent approval of Ripple’s RLUSD stablecoin. The bank has previously partnered with Bitpanda to develop a digital asset management platform, describing digital assets as the “future” of financial services [6]. By offering AED-based crypto trading, RAKBANK aims to reduce barriers for retail investors, who have historically faced currency volatility and transaction costs in traditional crypto markets. The bank’s strategy reflects the UAE Central Bank’s evolving stance on crypto, which has shifted from cautious oversight to fostering regulated innovation [7].

Analysis suggests that RAKBANK’s initiative could catalyze further competition among UAE banks to adopt crypto-friendly policies. The integration of crypto trading into a mobile app addresses key demand from tech-savvy consumers while reinforcing RAKBANK’s position as an early adopter in the region. The use of AED for settlements mitigates foreign exchange risks, a critical concern in traditional crypto markets. However, the service’s success will hinge on user adoption, regulatory clarity, and the competitive landscape. Competitors may follow suit by partnering with crypto platforms to offer similar services, potentially reshaping the UAE’s retail investment ecosystem [8].

The launch also underscores the growing convergence of traditional finance and digital assets in the Middle East. While RAKBANK’s offering is currently limited to a curated list of cryptocurrencies, the bank’s CEO has indicated plans to expand the range of available assets. This flexibility could attract a wider audience, though regulatory frameworks must evolve alongside market developments. For now, RAKBANK’s move sets a precedent for conventional banks to integrate crypto into their service portfolios, accelerating mainstream adoption in the region [9].

Sources:

[1] Cointelegraph (https://cointelegraph.com/news/rakbank-uae-first-bank-crypto-trading-retail)

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

[3] PANews (https://www.panewslab.com/en/articles/pu7myn0s)

[4] Mitrade (https://www.mitrade.com/insights/news/live-news/article-3-994049-20250729)

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