RAKBANK becomes first UAE conventional bank to offer retail crypto trading via mobile app
A. SREENIVASA REDDY (ABU DHABI) RAKBANK has launched a pioneering crypto brokerage service through its mobile banking app, allowing retail customers to buy, sell, and swap cryptocurrencies directly from their dirham accounts, a statement from the bank said.The initiative makes RAKBANK the first conventional bank in the UAE to offer crypto trading, following a strategic partnership with Austrian fintech firm Bitpanda.'Through the service, customers can convert dirhams into a range of leading digital assets such as Ethereum (ETH), Solana (SOL), Ripple (XRP), Binance Coin (BNB), Chainlink (LINK), Tron (TRX), and Cardano (ADA),' according to FAQs on various aspects of crypto trading published on the bank's website.All transactions are executed in dirhams, eliminating the need for foreign currency transfers and associated losses.The service is enabled via Bitpanda's crypto trading platform, which is accessible through RAKBANK's app. Bitpanda's custody infrastructure holds the digital assets, which cannot be transferred between wallets.The FAQs also outline the procedures for trading. Users must link a RAKBANK current or savings account to access the service and ensure sufficient funds are available before placing orders through the crypto dashboard.'Customers can close their crypto accounts at any time by converting assets back to dirhams and raising a closure request within the app,' the FAQs state.The service is currently available by invitation only, with plans for a broader rollout in the coming months. The partnership is facilitated through Bitpanda Broker MENA DMCC, a Virtual Assets Regulatory Authority (VARA) regulated entity. Bitpanda is also licensed by several European regulators and operates as a trusted platform for over 6.5 million users worldwide, including major financial institutions like Deutsche Bank, Raiffeisen Bank, and N26.Commenting on the launch, Raheel Ahmed, Group CEO of RAKBANK, said, 'RAKBANK has been a leader and pioneer in digital assets among UAE banks, and we are proud to be the first conventional bank in the UAE to enable simple, secure, and regulated access to a world-class digital assets platform.'Bitpanda's Deputy CEO, Lukas Enzersdorfer-Konrad, added, 'Collaborating with RAKBANK is a big moment for digital assets in the region. Together, we're showing how crypto can be offered in a safe, regulated, and simple way — directly from a major conventional bank that customers already trust.'
Founded in Vienna in 2014, Bitpanda is recognised as Europe's leading crypto platform. It offers over 3,200 digital assets—including cryptocurrencies, stocks, ETFs, precious metals, and commodities—and maintains offices in Vienna, Barcelona, Berlin, and Bucharest. The firm is known for its strong regulatory standing and secure infrastructure, making it one of the most trusted trading platforms in the sector.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
13 hours ago
- Arabian Post
eToro Plans Launch of Tokenized US Stocks and ETFs on Ethereum
eToro, the globally recognised trading platform, revealed plans to introduce tokenized US stocks and exchange-traded funds on Ethereum. This announcement, made during a global webinar titled 'eToro Unlocked: Trade Without Boundaries', marks a significant development in the integration of traditional financial assets with blockchain technology. The initiative aims to bridge the gap between conventional finance and the burgeoning world of decentralised finance. By utilising Ethereum's blockchain, eToro will allow users to trade tokenized versions of US stocks and ETFs. This move follows the growing trend of decentralised financial products that provide greater accessibility and transparency to global markets. The tokenisation of these assets is expected to enable fractional ownership, meaning investors can hold and trade portions of stocks and ETFs without the need for a large capital outlay. This shift is in line with a wider industry push towards blockchain adoption. Major financial institutions, including banks and asset managers, have explored tokenisation as a way to simplify processes, reduce costs, and make trading more efficient. By offering these products on a platform like eToro, which boasts millions of active users, the company is positioning itself as a key player in the digital asset space. ADVERTISEMENT As of now, traditional trading platforms have been somewhat slow to incorporate blockchain technologies, particularly when it comes to mainstream products like equities and ETFs. However, tokenisation is rapidly gaining traction, with the promise of faster transactions, lower fees, and enhanced security. Ethereum, due to its widespread use and robust smart contract capabilities, has emerged as a leading blockchain for such innovations. The rollout of tokenized US stocks and ETFs will occur in phases. Initially, a select group of eToro users will be given early access to these digital assets, with the plan for a broader launch depending on regulatory approval and market demand. Despite the novelty of tokenised equities, the platform's offering will be fully compliant with the relevant financial regulations, ensuring that users can trade with confidence. eToro's move to embrace Ethereum-based tokenisation comes at a time when other financial services firms are also investigating blockchain's potential in transforming asset management. For instance, firms like Fidelity and Grayscale have pioneered offerings that allow traditional investment in cryptocurrency, while companies such as JP Morgan and Goldman Sachs have been integrating blockchain technologies into their existing infrastructure. However, it remains to be seen whether tokenised assets can truly revolutionise the way investors interact with traditional financial products. While blockchain technology offers numerous advantages, including faster settlement times and reduced friction in cross-border trading, the challenge lies in widespread adoption. Regulatory hurdles and market acceptance will play key roles in determining whether tokenisation becomes mainstream or remains a niche offering. Nonetheless, the trend is gaining momentum. Tokenisation is seen as a way to democratise access to high-value assets that were previously reserved for wealthier investors or institutions. By breaking down these assets into smaller, more affordable fractions, eToro aims to give a wider audience the opportunity to diversify their portfolios, gain exposure to US stocks and ETFs, and participate in a global marketplace. As eToro has expanded its offerings in recent years, it has positioned itself as a platform that seeks to empower users by providing more trading options and access to a range of global financial products. This tokenisation project is part of eToro's broader vision of a more open and inclusive financial ecosystem, where geographical and financial barriers are diminished through technological advancements.
Al Etihad
18 hours ago
- Al Etihad
UAE stock markets continue bullish run in July
3 Aug 2025 13:27 A. SREENIVASA REDDY (ABU DHABI)UAE stock markets continued their bullish run in July, with both the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) registering gains for the fourth consecutive month, according to the latest monthly report by Kamco report highlighted broad-based investor optimism, sectoral strength, and robust trading activity as key drivers of performance in both Abu Dhabi, the FTSE ADX General Index advanced 4.1% in July to close at 10,370.66 points, building on a 2.8% rise in June. The index has now gained 10.1% since the beginning of the year.'Sectoral trends on the exchange favoured gainers, with seven out of ten sector indices recording gains, while the remaining three posted declines,' the Kamco Invest report Health Care sector led the rally with an 11% gain, buoyed by strong performances across all its constituents, particularly PureHealth, which saw its share price climb 11.9%.The Financial and Real Estate sectors also posted solid gains of 4.4% and 7%, the Real Estate sector, all five constituent companies ended the month higher, with Al Khaleej Investment Co. surging by 20.2%.Among individual stocks, Bank of Sharjah was the standout performer, with its share price soaring 75.5% in July following a 57% year-on-year increase in first-half profits. The bank credited the improvement to enhanced business activity and operational notable gainers included Commercial Bank International and ADC Acquisition Corporation, which posted monthly increases of 47.6% and 37.5%, the downside, Methaq Takaful Insurance Co. plunged 67.9%, making it the worst performer of the month on ADX, followed by Insurance House and Sharjah Insurance Co., which fell 10.2% and 9.7%, activity on the ADX strengthened considerably. The total volume of shares traded rose from 6.64 billion in June to 8.68 billion in July, while the total value traded increased from Dh26.3 billion to Dh28.2 Gas was the most traded stock by volume, followed closely by Multiply Group and Phoenix Abu Dhabi Bank led in terms of traded value at Dh3.3 billion, followed by IHC and ADNOC Gas at Dh3 billion and Dh2.3 billion, the Dubai Financial Market saw its General Index jump 7.9% in July—the highest monthly gain among GCC exchanges—closing at 6,159.2 points. The index's year-to-date return now stands at 19.4%, also the strongest in the region.'Sectoral performance was broadly positive, with five out of eight sector indices posting gains during the month, while the remaining three indices recorded declines,' Kamco Invest Financials sector led the pack with a 12.1% increase, lifted by a 20.1% jump in Commercial Bank of Dubai shares and a 17.3% rise in Emirates NBD. The Real Estate and Industrial sectors followed with gains of 11.7% and 6.9%, the trading front, DFM witnessed a 7.4% increase in traded volumes to 7.54 billion shares, while the value of traded shares rose by 10.7% to Dh16.7 billion in Properties dominated volume charts with 1.2 billion shares changing hands. In terms of traded value, Emaar Properties led with Dh3.6 billion, followed by Dubai Islamic Bank and Emirates NBD. According to Bloomberg's monthly stock performance data, Ekttitab Holding Company led the list of top gainers in July, posting a notable 43.2% increase in its share price. It was followed by United Foods Co and Commercial Bank of Dubai, which recorded gains of 21.5% and 20.1%, the monthly decliners' side, International Financial Advisors registered the steepest drop, with a 9.2% decline, followed by National General Insurance and Dubai Refreshments Company, which reported decreases of 8.1% and 7.6%, respectively, during the month. Regionally, the MSCI GCC Index rose 2.2% in July, extending its rally for a second consecutive month, supported by earnings optimism and widespread market gains. Dubai was the best-performing market in the GCC, followed by Oman, which rose 6.2%, and Qatar with a 4.8% increase. Saudi Arabia was the only market to record a decline, down 2.2% amid concerns over the outlook for its projects sector and fluctuating oil prices. Source: Aletihad - Abu Dhabi
Al Etihad
2 days ago
- Al Etihad
Abu Dhabi attracted $596 million in greenfield FDI in H1 2025: Emirates NBD Report
2 Aug 2025 12:42 A. SREENIVASA REDDY (ABU DHABI)Abu Dhabi attracted 42 greenfield Foreign Direct Investment (FDI) projects worth $595.8 million in the first half of 2025, while the UAE as a whole registered 613 greenfield projects drawing capital inflows of $5.42 billion, according to a research report released by Emirates capital's FDI performance complements broader national trends, with Dubai continuing to lead the pack, attracting 526 projects valued at $3.03 billion. Sharjah came in second with 24 projects worth $1.47 billion—remarkable for the high average project size—followed by Ras Al Khaimah (RAK), which drew six projects totalling $188.6 million.A significant component of the UAE's FDI momentum is the establishment of 34 new regional headquarters, representing a combined investment of $386.1 report said this 'underscores the UAE's growing importance as a regional business hub', as more multinational corporations view the UAE as a launchpad for operations across the Middle East and beyond.'In H1 2025, the convergence of technology and sustainability emerged as a key investment theme,' Emirates NBD noted in its communications sector—particularly data centres and AI infrastructure—garnered $359.5 million across 16 projects. Notable developments include Microsoft's partnership with Core42, a G42 subsidiary, to build sovereign cloud and AI infrastructure aligned with Abu Dhabi's 2025–2027 strategy to become the world's first AI-native May, G42 announced Stargate UAE, a 5GW AI data centre campus involving global technology heavyweights such as OpenAI, Nvidia, Cisco, SoftBank, and Oracle. The first phase, comprising 200MW, is scheduled for delivery by zones accounted for $1.62 billion—or nearly 30%—of total FDI inflows in H1 2025, despite hosting just 17.5% of total projects. This reveals their attractiveness for large-scale the charge was Jebel Ali Free Zone with $474.1 million in investments, followed by Dubai South with $280.9 million, Al Hamra Industrial Zone ($127.1 million), and Dubai Industrial City ($114.4 million). Dubai International Financial Centre attracted $89 million in financial services projects.'This concentration of high-value investments underscores free zones' appeal for capital-intensive operations,' the Emirates NBD report said.'Free zones' 100% foreign ownership, tax exemptions, streamlined licensing, and world-class infrastructure continue to prove particularly attractive for manufacturing, technology, and logistics sectors,' the report business services led in project count with 183 projects, primarily in professional services, consulting, and waste management. Software and IT services followed with 108 projects, while financial services recorded 65. Transportation and warehousing secured 42, and industrial equipment attracted 39 the real estate sector saw only 29 greenfield FDI projects in H1 2025, it led in capital investment, drawing $1.05 billion—largely driven by a $953 million mixed-use development in Sharjah by Kuwait Real Estate Company and IFA Hotels. Other notable investments included a $346.6 million polyethylene film recycling plant in Sharjah by Italy's Greenthesis Group and the UAE's BEEAH, and a $127.1 million adhesives facility by H.B. Fuller in RAK's Al Hamra Industrial activities attracted $1.06 billion in FDI across just 22 projects, indicating a strategic focus on high-value sectors such as automotive, chemicals, and advanced materials. Construction projects, limited to just three, drew a significant $1.12 report also noted strong activity in sales and marketing operations, which accounted for 217 projects with comparatively modest capital inflows of $500 UK emerged as the leading source of greenfield FDI projects in H1 2025 with 120 projects, followed closely by India with 101 and the US with 94. However, in terms of capital investment value, Kuwait led with $955.7 million from just three projects—almost entirely driven by the $953 million investment by Kuwait Real Estate Company in Sharjah project. The US ranked second with $889.5 million, while India came third with $677.9 million. China contributed $413.2 million across 16 projects, and Italy invested $387.6 million through 18 projects. Source: Aletihad - Abu Dhabi
