• RAKBANK partners with Bitpanda to bring in a new digital asset management platform.
  • The partnership aligns with RAKBANK’s creation- RAK Digital Assets Oasis (RAKDAO).

The National Bank of Ras Al Khaimah (RAKBANK) has announced a strategic partnership with Bitpanda Technology Solutions. The partnership led to the launch of a new digital asset management platform for residents of the United Arab Emirates (UAE). 

The initiative, pending approval from the Central Bank of the UAE (CBUAE), is expected to offer comprehensive digital asset services in the region. Dongjun DJ Choi, Group Chief Customer Officer of RAKBANK, emphasized the future potential of digital assets for financial management. 

This move aligns with RAKBANK’s recent efforts to establish itself as a hub for digital innovation. It includes the creation of the RAK Digital Assets Oasis (RAK DAO), a free-trade zone for crypto and blockchain technologies.

Bitpanda Pioneering Crypto Innovation in the UAE

Bitpanda Technology Solutions will simplify RAKBANK‘s digital asset needs, avoiding the complexities of in-house development. Lukas Enzersdorfer-Konrad, CEO of Bitpanda, expressed enthusiasm about supporting RAKBANK’s ambitions and transforming crypto access for millions in the UAE.

The collaboration marks Bitpanda‘s first agreement in the region and underscores the UAE’s growing acceptance of digital assets, including recent legal recognition of crypto in employment contracts. The new platform promises to set a foundation for future advancements in digital finance within the UAE.

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