The National Bank of Ras Al Khaimah (RAKBANK), a major UAE bank that has been leading in the digital assets sector, has tapped Bitpanda Technology Solutions (BTS) to provide a robust platform for managing digital assets in the United Arab Emirates.
Bitpanda Technology Solutions (BTS) is a leading digital assets infrastructure provider that recently entered the Middle East and North Africa region by opening offices in Dubai and launching Bitpanda MENA.
Bitpanda MENA opened its first office in Dubai at the DMCC Crypto Centre and has already appointed an experienced team led by Walid Benothman to tailor its offering to the local market. In line with its long history of regulatory compliance, Bitpanda is in the final stages of obtaining its FSP and will continue to work with local regulators to ensure a fully compliant product offering.
Bitpanda’s BTS for banks, fintechs, neobrokers and crypto firms in MENA
Banks, fintechs, (neo-)brokers, and crypto-native companies in the region will be able to partner with BTS to launch their own trading solutions powered by Bitpanda’s infrastructure in as little as three months once Bitpanda MENA has finalised obtaining its local licence later this year. BTS already partners with several of Europe’s largest banks, and currently provides the trading infrastructure for over 20 million customers across Europe.
BTS allows its partners to integrate a modular and scaled 24/7 trading infrastructure and offer trading, investing, and custody services across every asset class in a modular way. Partners can build their own user experiences on an ISO 27001-certified and battle-proofed infrastructure including features such as savings plans, asset-to-asset swaps, and crypto staking functionality. Additionally, all of Bitpanda’s European licenses and regulatory experience can be accessed through a partnership with the most comprehensive and regulated crypto platform in Europe.
– Advertisement –
RAKBANK will have one of the most complete offerings in the UAE
When fully launched, RAKBANK customers will be able to pursue various digital assets use cases, and settle with payment tokens safely and securely, unlocking one of the most complete offerings available in the UAE market. This is however subject to CBUAE approval.
The partnership positions RAKBANK and Bitpanda at the forefront of the digital financial breakthrough in the UAE while fostering growth in the digital assets sector. This allows banks to participate in the virtual asset economy without needing to develop their own in-house virtual asset capabilities.
The provision of services is contingent upon Bitpanda Broker MENA DMCC receiving operational approval and a license from VARA, as well as RAKBANK obtaining the necessary approval from the CBUAE.
“We will transform crypto access for millions in the UAE”
Lukas Enzersdorfer-Konrad, CEO of Bitpanda Technology Solutions added: “One of the main reasons we recently launched in the UAE was the ambition and vision that the country is showing in the digital assets space – this is a perfect example. Alongside RAKBANK, we will transform crypto access for millions in the UAE and lay the groundwork for future innovation.”
Dongjun Choi, Group Chief Customer Officer of RAKBANK commented: “We believe digital assets represent one of the future ways for customers to manage their finances more efficiently and securely. This partnership is poised to fill the gap in the market for a trustworthy and regulated banking platform to provide access to digital assets. By merging our expertise, we aim to revolutionise the traditional financial landscape for the benefit of our customers, enabling them to explore a broader range of digital assets opportunities.”
