PANews reported on August 19 that according to Cointelegraph, the National Bank of Ras Al Khaimah (RAKBANK), a state-owned bank in the United Arab Emirates (UAE), has partnered with crypto infrastructure provider Bitpanda Technology Solutions to create a digital asset management platform for UAE residents. RAKBANK expressed a positive attitude towards digital assets in a statement, calling it "the future." Dongjun Choi, chief customer officer of RAKBANK Group, said: "We believe that digital assets are one of the ways for customers to manage their finances more efficiently and securely in the future." Although the partnership has been announced, the team also clarified that the platform still needs to be approved by the Central Bank of the United Arab Emirates (CBUAE).
Choi also said that the collaboration aims to "fill a gap in the market." The executive believes that a regulated banking platform is needed to handle digital assets, and their goal is to provide customers with a wider range of digital asset opportunities. Through the collaboration, the bank will not need to develop an in-house digital asset infrastructure.