Arash Mahboubi

RAKBANK’s retail-crypto launch 🚀 is impressive and will shake 🫨 up things! RAKBANK rolled out an in-app “crypto brokerage” that lets everyday account-holders buy, sell and swap digital assets directly in UAE dirhams (AED). The rails are provided by Bitpanda, a Dubai-licensed arm of the Austrian exchange. Initial access is invitation-only and covers eight leading coins, with custody and trade execution handled by Bitpanda. ⸻——— Why it’s billed as “first-of-its-kind” ➖”Conventional” vs. digital-only: Digital banks such as Wio Invest or Zand have signalled interest in tokenised products, but none of the UAE’s legacy, full-service retail banks had embedded spot-crypto trading until now. Hence the “first” qualifier applies to a decades-old, branch-based institution ➖ Regulated stack: By piggy-backing on Bitpanda’s Virtual Assets Regulatory Authority [VARA] licence, RAKBANK avoids direct custodial risk while staying inside the UAE’s fast-evolving virtual-asset rulebook. That sets a compliance benchmark other banks can reference —————— Implications for the market ▶️ UAE banks: Pressure mounts on peers to plug similar “crypto tabs” into their super-apps or risk deposit flight to more innovative rivals ▶️ Retail investors: A trusted, AED-denominated on-ramp reduces FX slippage and the friction of wiring funds to offshore exchanges, broadening grassroots crypto adoption ▶️ Regulators: Successful rollout will test the Central Bank of The UAE / VARA supervisory hand-off model and could accelerate work on an official dirham-backed stablecoin ▶️ Bitpanda & global exchanges: Validates the “B2B2C” white-label model - expect more tie-ups with banks in Saudi Arabia 🇸🇦 and Qatar 🇶🇦 as appetite for regulated access grows ▶️ Payments & remittances: Direct crypto rails inside banking apps could eventually enable cheaper cross-border transfers, eating into traditional FX revenue lines —————— What to watch next ➖ Roll-out velocity: RAKBANK says a broader launch is “within months”; the activation curve will signal true retail demand ➖ Coin roster & staking services: Will the bank expand from the initial eight bluechip assets to include yield bearing products? ➖ Copy cat 🐈‍⬛ moves: Monitor Q3–Q4 product roadmaps from peers for similar Bitpanda-style embeds (no names 😆) ➖ Stablecoin corridors: With Circle and Zodia Markets active in Abu Dhabi, AED - USDC settlement pairs could emerge inside mainstream banking apps, slashing payment friction RAKBANK just poked a hole in the “wall” between conventional banking and retail crypto in the Gulf - expect the breach to widen quickly https://lnkd.in/dsDuySA9

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Robinhood, the US-based trading platform known for disrupting retail investing, is setting its sights on the #MiddleEast. The company has applied for a Category 4 license from the Dubai Financial Services Authority (DFSA), which would allow it to establish its first office in the emirate’s financial hub. This move marks another step in Robinhood’s global expansion strategy. After launching operations in the #UK and building a presence in the #EU, the neobroker is now looking eastward, with #Dubai and #Singapore earmarked as key gateways into #Asia and the wider region. To lead its Dubai operations, Robinhood has appointed Mario A. Camara as Senior Executive Officer. Camara brings a wealth of experience from senior roles at Equiti Group and Saxo Bank's DIFC office, positioning him to navigate both regulatory requirements and the competitive brokerage landscape. Why Dubai? The DIFC (Dubai International Financial Centre) has emerged as a global fintech hub, attracting international players with its regulatory clarity and access to regional markets. For Robinhood, founded by Baiju Bhatt and Vladimir Tenev, a DFSA license could open the door to institutional and professional investors across the Middle East. Newsletter: https://aug.us/4jqModr WhatsApp: https://aug.us/40FdYLU Instagram: https://aug.us/4ihltzQ Tiktok: https://aug.us/4lnV0D8 Smashi Business Show (Mon-Friday): https://aug.us/3BTU2MY #Robinhood #Dubai #Fintech #DFSA #Expansion #Trading

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Numeral has acquired the team behind Ruby Card. Co-founders Shariar Kabir, Jordan Yaqoob, and Miguel Acero have joined Numeral post-acquisition and will work to accelerate their global sales tax and SaaS offerings. The companies first met during Y Combinator’s W23 batch. They became fast friends, given their shared experience building and supporting ecommerce brands. It turned out that Sam Ross wasn’t the only one who had dealt with the nightmare that is sales tax. Today, there are seven YC founders working at Numeral, the leading platform for US and global sales tax compliance. Congrats to the team! https://lnkd.in/ev_jCUv6

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