- RAKBANK partners with Bitpanda to create a digital asset management platform.
- The digital asset management platform awaits approval from the Central Bank of the UAE.
- UAE’s crypto adoption continues to grow with new regulations and direct bank transactions.
The National Bank of Ras Al Khaimah (RAKBANK) has announced a strategic partnership with Bitpanda Technology Solutions to develop a cutting-edge digital asset management platform for UAE residents.
The initiative, which aims to enhance digital asset accessibility, is pending approval from the Central Bank of the United Arab Emirates (CBUAE).
The National Bank of Ras Al Khaimah (RAKBANK) stance on digital assets
In a recent statement, RAKBANK highlighted its forward-looking stance on digital assets, with Dongjun Choi, the bank’s group chief customer officer, describing them as a crucial component of future financial management. “We believe digital assets represent one of the future ways for customers to manage their finances more efficiently and securely,” Choi remarked.
The new platform is designed to address a significant gap in the market by offering a regulated environment for digital asset transactions. This collaboration will leverage Bitpanda’s established crypto infrastructure, allowing RAKBANK to avoid the complexities of developing an in-house digital asset system.
Bitpanda Technology Solutions CEO Lukas Enzersdorfer-Konrad expressed enthusiasm for the partnership, noting RAKBANK’s pioneering efforts in the UAE’s crypto sector. The collaboration reflects the UAE’s broader push towards integrating digital assets into mainstream finance.
Ras Al Khaimah steering UAE’s crypto adoption
The move aligns with Ras Al Khaimah’s recent developments in the digital asset space, including the creation of the RAK Digital Assets Oasis (RAK DAO), a free-trade zone dedicated to crypto, blockchain, and AI technologies.
The UAE’s crypto adoption continues to accelerate, with recent advancements such as allowing direct crypto transactions through UAE bank accounts and recognizing crypto as a valid form of salary payment.
As the proposed digital asset management platform awaits regulatory approval, it represents a significant step towards filling the market need for regulated digital asset management solutions in the region.