Rain becomes first crypto brokerage in the UAE to launch Pay by Bank under the Open Finance framework, powered by Lean

Rain Trading Limited (Rain ADGM) has partnered with Lean Technologies to become the first crypto brokerage in the UAE to go live with Pay by Bank under the Open Finance framework. This milestone marks a significant step forward for the UAE's virtual assets industry, enabling faster and seamless wallet top-ups for Rain's customers through direct bank account connections.

Through this integration, Rain customers can now top up their wallets instantly using Pay by Bank powered by Lean. Through this, Rain delivers a more cost-effective and reliable experience, removing traditional friction points in fiat-to-virtual assets onramps. The collaboration demonstrates the new standard for payment flows in virtual asset exchanges. 

Lean's Open Finance infrastructure has been purpose-built to serve regulated financial institutions in the UAE. CBUAE's forward-looking regulatory environment has enabled this innovation and positioned the country as a leader in progressive financial technology adoption. Pay by Bank under the Open Finance framework represents a significant evolution in how customers interact with crypto exchanges bridging traditional banking rails with virtual asset platforms.

Tewfik Cassis, CPO at Lean Technologies, said:

“Rain’s launch underscores the role Pay by Bank under the Open Finance framework can play in modernising fiat on-ramps for virtual asset platforms. By enabling regulated, real-time account-to-account transfers, we are reducing dependency on legacy payment methods. This integration reflects the practical application of the UAE’s Open Finance framework, enabling secure connectivity between licensed financial institutions and regulated digital asset providers. We are proud to support Rain in advancing compliant payment infrastructure for the virtual assets ecosystem."

Joseph Dallago, CEO at Rain, said:

“At Rain, we really believe in the value of speed and simplicity. We want to make it as quick and easy as possible for you to fund your account, so you can invest in virtual assets.  When it comes to funding methods, Pay by Bank sets a new standard in terms of speed, simplicity, and safety.  Any other payment method would be compromising the user experience, which we simply can’t accept."

This launch marks a major step forward in payment infrastructure for crypto platforms that deliver a seamless and trusted user experience. Rain and Lean will continue their collaboration to bring additional features to customers. Both companies remain committed to driving innovation in the virtual assets space while maintaining the highest standards of regulatory compliance and customer trust.

ABOUT RAIN

Rain was founded in 2017 by Joseph Dallago, AJ Nelson, Yehia Badawy and Abdullah Almoaiqel. Rain ADGM's affiliate, Rain Management W.L.L, based in Bahrain, is the first licensed virtual assets service provider in the Middle East in 2019 and is regulated by the Central Bank of Bahrain.In 2023, Rain ADGM became a fully licensed virtual assets broker and custodian under the oversight of the ADGM’s Financial Services Regulatory Authority.

The platform serves as a safe space to buy, sell and store virtual assets at competitive prices. Rain continues to evolve as a business and develop technology to optimize its user experience. Rain's mission is to be a trusted platform in the virtual assets space. To learn more about Rain, visit www.rain.com, or download the app via the Google Play Store or Apple App Store.

ABOUT LEAN TECHNOLOGIES

Lean Technologies is the leading financial infrastructure provider in the MENA region, enabling businesses to access financial data and initiate payments instantly. Since its founding in 2019, Lean has supported over 400 companies, processed more than $4 billion in transaction volume, connected over 2 million accounts, and verified more than 3 million accounts. For more information, visit: www.leantech.me.

For all media inquiries contact:

• Rain Press Team: ahmed.samra@rain.com

• Lean Press Team: leen.shami@leantech.me