Malta: Country to Open up a Blockchain Bank

One of the most Crypto-friendly regions in the world will be housing a Bank which will actively work with the cryptocurrency industry. The bank will presumably serve crypto and blockchain companies as well as high net worth individuals.

The country about to host the Mediterranean Seven is already known to be very open to Cryptocurrencies wherein even its Prime Minister once praised Blockchain.

OK Group’s investment arm, OK Blockchain Capital Limited, announced that it is the anchor investor in RnF Finance Limited, a Maltese based company applying with the Malta Financial Services Authority for authorization to act as a credit institution.

Roderick Psaila, the CEO and founder of RnF said in an interview with CCN:

“The Bank shall engage into four main business streams: Offer banking services to corporates; Lending; Private Banking and Wealth Management. We are targeting big corporates and private clients and the mentality would be that no industries are vetoed beforehand but each application will be treated on a case by case basis.”

Ms. Tian Ying, Founding Partner of OK Blockchain Capital Limited, remarked:

“We are delighted to partner with Roderick and his team of bankers in this exciting project in Malta, and are excited to be involved in this new banking venture on Blockchain Island.”

The bank is set to use and invest in blockchain technology and artificial intelligence on a significant level, especially in the initial years of operations. With this technology, the Bank will be able to reach to clients in an efficient way while ensuring that a risk-based compliance assessment is carried out.

The bank and its services are scheduled to start running in Malta from the middle of 2019 after few legal steps get cleared.

Link to the original news article can be found here.

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