The National Bank of Ras Al Khaimah (Rakbank) has made history by becoming the first traditional bank in the United Arab Emirates (UAE) to enable retail crypto trading directly through its mobile banking app. In a move that merges traditional finance with digital assets, Rakbank’s new offering allows customers to buy, sell, and swap cryptocurrencies using their local currency.
This marks a significant milestone in the UAE’s growing adoption of blockchain and crypto technologies. Unlike previous services offered through third-party exchanges, Rakbank’s integration offers a regulated and seamless crypto trading experience backed by a licensed bank.
Bitpanda Partnership Powers the Infrastructure
The bank’s crypto trading service is powered by Austria-based fintech company Bitpanda. Transactions are facilitated through Bitpanda Broker MENA DMCC, an entity regulated by Dubai’s Virtual Assets Regulatory Authority (VARA). This partnership allows Rakbank to offer customers secure and fully regulated access to the digital asset market without needing to move funds to external platforms or convert currencies.
Lukas Enzersdorfer-Konrad, deputy CEO of Bitpanda, praised the partnership, stating, “This is a big moment for digital assets in the region.” Bitpanda is already well-established in Europe, holding licences across multiple jurisdictions and working with institutions like Deutsche Bank, N26, and Raiffeisen Bank.
No More Currency Conversions or Hidden Fees
One of the most attractive features of Rakbank’s crypto service is its convenience. Customers can trade cryptocurrencies directly from their AED accounts, no need to convert to US dollars or use third-party wallets. This eliminates the typical foreign exchange fees and delays associated with crypto trading via international platforms.
“We recognise the opportunity this solution will provide to customers in the UAE,” said Raheel Ahmed, group CEO of Rakbank. “They deserve a more efficient and seamless crypto buying, selling and swapping journey that is fully regulated and entirely in AED.”
The current launch is in its early phase, available only to selected customers via invitation. However, Rakbank has announced plans to roll out the service to the broader public in the coming months.
UAE Strengthens Its Digital Finance Ecosystem
Rakbank’s move into crypto aligns with the UAE’s broader ambition to become a global hub for blockchain and digital assets. Over the past year, the country has actively promoted crypto innovation through clear regulatory frameworks and support for blockchain-based projects.
Dubai, in particular, has seen rapid growth in crypto-related businesses. The Dubai Multi Commodities Centre (DMCC) free zone has attracted over 600 crypto companies, while the Dubai International Financial Centre (DIFC) continues to serve as a magnet for financial innovation. Recent regulatory moves, such as the Dubai Financial Services Authority’s approval of Ripple’s RLUSD stablecoin, reflect the region’s openness to digital assets.
Rakbank’s integration of crypto into its mainstream banking services signals growing maturity in the sector and shows how traditional financial institutions are adapting to the evolving demands of tech-savvy customers.
What This Means for UAE Consumers
For retail users in the UAE, Rakbank’s crypto offering presents a secure and user-friendly on-ramp into the digital economy. Unlike decentralised exchanges or offshore trading apps, this platform operates under the umbrella of a government-owned bank and within a regulated environment. It provides reassurance for those hesitant about entering the volatile world of crypto through less transparent means.
As more banks and regulators embrace digital assets, Rakbank’s early-mover advantage could set the tone for wider adoption across the region’s banking sector. For now, it offers a glimpse of what the future of integrated finance might look like, where crypto is no longer an alternative, but simply another feature within your banking app.
