Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK)  joined forces with Bitpanda Technology Solutions, a leading digital assets infrastructure provider, to secure a platform that will enable UAE residents to smoothly manage digital assets.

Following the launch, RAKBANK customers will be able to access various digital assets to unlock one of the most complete offerings available in the UAE market.

However, this transaction is subject to the approval of the Central Bank of the UAE (CBUAE), according to a press release.

The partnership anchors RAKBANK and Bitpanda at the forefront of the digital financial breakthrough in the UAE, while fostering growth in the digital assets sector. It will also allow banks to participate in the virtual asset economy without needing to develop their own in-house virtual asset capabilities.

Dongjun "DJ" Choi, Group Chief Customer Officer of RAKBANK commented: “This partnership is poised to fill the gap in the market for a trustworthy and regulated banking platform to deal in digital assets.”

“By merging our expertise, we aim to revolutionize the traditional financial landscape for the benefit of our customers, enabling them to explore a broader range of digital assets opportunities,” he indicated.

Lukas Enzersdorfer-Konrad, CEO of Bitpanda Technology Solutions, said: “Bitpanda Technology Solutions is fully modular, enabling us to tailor products to our partners' needs. This partnership exemplifies the importance of that flexibility. Together, we will transform crypto access for millions in the UAE and lay the groundwork for future innovation.”

In the first half (H1) of 2024, RAKBANK recoded net profits after tax valued at AED 1.08 billion, an annual rise of 21% from AED 900.80 million.