RAKBANK Partners with Bitpanda to Launch UAE’s First In-App Crypto Brokerage

Highlights:

• RAKBANK partners with Bitpanda to launch the UAE’s first retail crypto brokerage via mobile banking.
• Customers buy and sell crypto on RAKBANK accounts directly in AED and without foreign exchange charges.
• Rollout starts with invite-only access and expands in phases to more customers.

RAKBANK has become the first bank in the UAE to introduce a retail brokerage in cryptocurrencies by implementing it into its mobile banking application. In order to offer this seamless service, the bank has partnered with Bitpanda, which is one of the leading solutions providers for regulated digital assets.

According to the press release, this launch makes RAKBANK the first traditional bank in the country to allow direct trading in crypto through a customer’s bank account. Users can purchase, sell, and trade cryptocurrencies in AED. In addition, they do not need to convert currencies or transfer funds to third-party wallets.

RAKBANK users get access to trading using Bitpanda in real-time with the local currency due to direct access to the trading platform via the mobile app. Consequently, this does away with cross-border complications and unnecessary delays. As it rolls out, it starts in an invitation-only stage. In the coming months, it is planned to have a broader retail customer base.

JUST IN: 🇦🇪 UAE lender RAKBANK partners with Bitpanda to offer retail customers direct access to crypto services. pic.twitter.com/zjhj5WeKFM

— Whale Insider (@WhaleInsider) July 29, 2025

A Seamless Model Backed by Strong Regulation

The core of the service is the alliance of RAKBANK and Bitpanda Broker MENA DMCC. Bitpanda is regulated by the Virtual Assets Regulatory Authority (VARA) in Dubai and is licensed in several countries in Europe and the UK. Group CEO Raheel Ahmed remarked that RAKBANK is proud to excel as a digital banking pioneer in the industry. He underlined that the collaboration aligns with the bank’s strategy of providing regulated and human-focused digital experiences.

He further added:

“We have incorporated this service in our award-winning app to ensure that the customers have a secure, quick and user-friendly experience. It is a flagship move of our aspiration of becoming the human-touch digital bank.”

The Deputy CEO of Bitpanda, Lukas Enzersdorfer-Konrad, also stressed the importance of this partnership. “This is how the future of finance should look, simple, compliant, and built around real user needs,” he noted.

Several banks in the United Arab Emirates have supported crypto in rare integrations. However, RAKBANK partnering with Bitpanda provides a comprehensive experience that will rely on real-time settlements of the AED. In this way, user friction is kept minimal and security is increased.

Regional and Global Crypto Momentum Builds

This move by RAKBANK arrives at a time when other financial institutions are also joining the crypto industry. Banks such as Mbank, Zand Bank, and even First Abu Dhabi Bank in the UAE have already taken steps towards incorporating digital asset services in the UAE. However, none of them offered end-to-end functionality that has become available at RAKBANK with the integration with Bitpanda.

The collaboration is one of the many global institutional partnerships that Bitpanda has entered into. Germany’s financial regulator BaFin granted the company the Markets in Crypto-Assets (MiCA) license earlier this year. The license enables Bitpanda to implement its business in all 27 EU nations based on a single regulatory framework.

Moreover, Bitpanda collaborated with Deutsche Bank to enable real-time payments related to crypto within Europe. Such infrastructure and its utilization by major banks such as N26 and Raiffeisen Bank strengthen Bitpanda’s position within the traditional financial sector.

Major milestone alert! Bitpanda is expanding its partnership with @DeutscheBank. Together we’re delivering real-time payment services and local IBAN numbers for our users in Germany. This is a game changer for the industry!

Find out more in our Blog: https://t.co/XvMWDHPIHr… pic.twitter.com/joEwdTzDs8

— Bitpanda (@Bitpanda_global) June 4, 2024

Furthermore, in February, the UK regulator Financial Conduct Authority (FCA) gave Bitpanda the green light to expand operations within the British market. These include staking, crypto index products, and regulated investment features.