The National Bank of Ras Al Khaimah (RAKBANK) announced a partnership with Bitpanda Technology Solutions to integrate digital asset management tools into its banking app. UAE residents will be able to use the updated app after approval from the central bank.
Bitpanda Technology Solutions, one of the leading crypto infrastructure providers, partnered with the National Bank of Ras Al Khaimah (RAKBANK), the state-owned bank in the United Arab Emirates. The collaboration aims to provide access to digital assets for the bank’s customers.
As part of the partnership, Bitpanda will provide RAKBANK customers with the ability to access a variety of digital assets via their existing banking app, thanks to a simple API and secure ISO 271001 certified infrastructure. This will allow RAKBANK to offer its customers state-of-the-art investment tools without having to build its own cryptocurrency infrastructure.
According to Dongjun Choi, Group Chief Customer Officer of RAKBANK, the initiative aims to fill a gap in the UAE financial market and will provide the bank’s clients with a regulated banking platform for trading digital assets. The UAE residents will only be able to access the solution once the product is approved by the Central Bank of the UAE (CBUAE). As part of the cooperation, RAKBANK and Bitpanda also plan to issue tokens for digital payments in the UAE.
Last year, the authorities of Ras al-Khaimah created a special free economic zone for cryptocurrency companies.
