RAKBANK, a state-owned bank in the UAE, partners with Bitpanda to launch a digital asset platform for local residents

ChainCatcher news, according to Cointelegraph, a state-owned bank in the United Arab Emirates (UAE), RAKBANK, has partnered with cryptocurrency infrastructure provider Bitpanda Technology Solutions to create a digital asset management platform for UAE residents.

RAKBANK Group's Chief Customer Officer Dongjun Choi stated, "We believe that digital assets are one of the ways for future customers to manage their finances more effectively and securely." Although the partnership has been announced, the team also clarified that the platform still requires approval from the Central Bank of the United Arab Emirates.

Choi also mentioned that this collaboration aims to "fill a market gap." The executive believes there is a need for a regulated banking platform to handle digital assets, and their goal is to provide customers with a broader range of digital asset opportunities. Through this partnership, the bank will not need to develop internal digital asset infrastructure.