RAKBANK introduces dirham-based crypto trading via app, joins UAE’s fintech push

RAKBANK has taken a significant step toward mainstreaming cryptocurrency in the United Arab Emirates by enabling customers to trade digital assets directly through its mobile app. This new feature eliminates the need for conversions to foreign currencies or reliance on offshore platforms, marking the first such move by a traditional UAE bank. In partnership with Bitpanda, a Europe-based crypto platform, the bank is offering buy, sell, and swap services in dirhams, providing a fully localised and regulated crypto experience. The move aligns with the UAE’s broader fintech strategy to become a digital asset hub and provides residents with a simplified entry point into crypto markets. Until now, users were largely dependent on international platforms such as Binance or Coinbase, where they had to convert AED to USD and navigate fees and cross-border regulatory risks. RAKBANK’s new offering allows users to bypass those steps entirely. Bitpanda’s regulated entry reinforces trust Bitpanda Broker MENA DMCC, a subsidiary of Austria-headquartered Bitpanda, is powering the back-end of this service. The firm is regulated under Dubai’s Virtual Assets Regulatory Authority (VARA) and is already partnered with key financial institutions in Europe, including Deutsche Bank and Raiffeisen Bank. Its integration into RAKBANK’s ecosystem adds regulatory credibility and technological infrastructure to the offering. While the service is currently accessible by invitation only, the bank plans to expand access in the coming months. Supported tokens at launch include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ripple (XRP), with more assets to be added progressively. Trades are executed and settled entirely in AED, and users can access crypto directly from their savings or current accounts without leaving the RAKBANK platform. Local banking meets global crypto innovation RAKBANK’s launch represents a significant shift in how banks and consumers interact with digital assets in the region. Prior to this, access to cryptocurrency typically involved third-party platforms outside local regulatory jurisdiction. These platforms required foreign currency exchanges and often lacked integration with users’ primary banking services. By embedding crypto access directly into its mobile banking app, RAKBANK removes key barriers to adoption, especially for users who prefer the security and familiarity of a regulated local institution. This could signal a broader shift in banking behaviour, where traditional financial players begin to integrate digital asset services to stay competitive and meet evolving consumer expectations. UAE builds momentum in digital assets RAKBANK’s move comes as Dubai and the broader UAE continue their aggressive push into the digital asset space. The Dubai Multi Commodities Centre (DMCC) free zone is already home to more than 600 crypto-related firms. The government has also greenlit several major projects, including the issuance of Ripple’s RLUSD stablecoin. By launching this feature, RAKBANK positions itself at the forefront of banking innovation in the region. Its crypto service could potentially serve as a blueprint for other local institutions exploring entry into the digital assets market. The full rollout is expected to be closely watched, not only by consumers but also by regulatory and banking circles across the Gulf. The post RAKBANK introduces dirham-based crypto trading via app, joins UAE’s fintech push appeared first on Invezz

Source: Invezz