RAKBANK, a leading government-owned bank in the UAE, has teamed up with Bitpanda Technology Solutions to create a digital asset management platform for residents. Describing digital assets as the “future,” RAKBANK emphasized the importance of secure and efficient financial management through digital means. The bank aims to address a market gap by offering a regulated platform dedicated to digital assets, pending approval from the UAE’s Central Bank.

This collaboration eliminates the need for RAKBANK to develop in-house infrastructure for digital assets, leveraging Bitpanda’s expertise instead. Bitpanda’s CEO, Lukas Enzersdorfer-Konrad, expressed support for RAKBANK’s pioneering role in the UAE’s crypto space.

RAK’s commitment to digital innovation is evident, following its earlier announcement to establish a free-trade zone for digital assets. This zone, launched in October 2023 as RAK Digital Assets Oasis (RAK DAO), highlights the emirate’s focus on crypto, Web3, blockchain, and AI advancements.