RAK Digital Assets Oasis signs Memorandum of Understanding with RAKBANK in Game-Changing Collaboration to Usher in New Era of Web3 Innovation and Success
Ras Al Khaimah – RAK Digital Assets Oasis (RAK DAO), the world’s first and only free zone dedicated to global digital and virtual assets companies, is proud to announce the signing of its Memorandum of Understanding (MOU) with RAKBANK, a leading regional bank and financial institution. This marks RAK DAO’s first and ground-breaking collaboration, set to reshape banking standards and accessibility in the Web3 sector.
This historic partnership establishes RAKBANK as RAK DAO’s first banking partner, providing banking services and expediting bank account opening processes for companies operating in RAK’s Digital Assets Oasis. This marks a significant leap in unlocking the full potential of innovation in digital assets and emerging technologies as it addresses persistent banking accessibility challenges for companies in Web3 and other digital activities on the global stage. This revolutionary partnership sets the tone for transformative advancements in the Web3 space and signals the forthcoming changes in the landscape of emerging technologies for all RAK DAO partners.
“We are delighted to welcome RAKBANK as our first banking partner to operate within the RAK DAO Free Zone,” said Dr. Sameer Al Ansari, CEO of RAK DAO. “Together, we will pave the way for a new era of Web3 innovation, driving the transformation of the financial industry and propelling the growth of virtual assets companies. Our shared vision and dedication to progress will unlock endless possibilities and redefine the way businesses and individuals engage with digital assets.”
RAK DAO is a committed enabler of progress in the Web3 space, driving transformative ideas and solutions. RAK Digital Assets Oasis is a licensing authority with specialized regulations offering companies a transparent and business-friendly regulatory framework, empowering companies to excel in emerging sectors like metaverse, AI, NFTs, and gaming. The ecosystem also offers uniquely beneficial advantages for investors, including 100% foreign ownership and profit repatriation. Through its mission to enable companies to innovate beyond their current means, RAK DAO addresses key challenges such as regulation, security, and supportive infrastructure.
RAKBANK’s CEO, Raheel Ahmed, also commented on the significance of the partnership, stating, “At RAKBANK, we are proud to stand as the pioneering partner in inaugurating the RAK Digital Assets Oasis. As we firmly believe in the boundless potential of Web3 technology to revolutionize the financial realm, this partnership allows us to continue our digital transformation journey with the support of cutting-edge technology. Our ultimate goal remains to deliver an awesome customer experience.”
RAKBANK is a pioneer in the Middle East supporting the potential of Web3 technology. The Bank has proactively ventured into AI-powered banking solutions, partnered with fintech innovators, introduced new technologies to transform consumer banking experiences, embraced blockchain-powered payment solutions, and other Web3 solutions. With the support of the RAK DAO ecosystem, RAKBANK is poised to bridge the gap between traditional finance and Web3.
The RAK DAO and RAKBANK partnership marks a significant milestone towards Web3 innovation across industries, promising to disrupt traditional business models and unlock the full potential of digital assets. With this exciting early-stage collaboration, both parties look forward to setting the tone for all Web3 companies aiming to imagine, create, execute, and make an impact.
About Ras Al Khaimah Digital Assets Oasis (RAK DAO):
RAK Digital Assets Oasis (RAK DAO) is a dedicated Free Zone established to support and nurture virtual assets companies. Situated in the UAE Emirate of Ras Al Khaimah, RAK DAO offers a transparent legislative framework that simplifies the process of opening and operating virtual assets companies. By fostering a vibrant ecosystem and providing comprehensive services, RAK DAO drives the future of emerging sectors, propelling innovation, and unlocking the potential of digital assets.
RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segments in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX)