Blockchain News

Malta Likely to Open Blockchain Bank

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It looks that Malta is going to have a bank which will be offering services to crypto and blockchain firms. Also, this bank will provide services to high net worth people who have been ignored by the conventional banks on the so-called ‘Blockchain Isle.’

OK Blockchain Capital Limited, is the investment arm of OK Group, has declared that it is the anchor shareowner in RnF Finance Limited. RnF is a Maltese based company appealing with the Malta Financial Services Authority for consent for acting as a credit organization.

Roderick Psaila, who has been in banking for 28 years, is the Chief Executive Officer and Founder of RnF. He has initiated numerous banks in Malta in the previous ten years. He used to be the CEO of AgriBank which is a Malta-licensed credit organization.

In an exclusive interview with CCN, Psaila discussed that once operative, the Bank plans to restart regular banking services to buyers. He further added that Bank would get engaged into four major business areas such as providing banking services to corporates, lending, private banking and wealth management. Also, he added that the bank would target large corporate and private customers. Also, the bank will work with a mentality of treating each application independently and that too on a case-by-case basis.

Psaila again added that this mantra should allow crypto exchanges and companies publishing safety tokens a chance to be serviced exactly like other organizations, believing that their awaited attentiveness methods are adequate.

Bank has an intention of investing deliberately in blockchain technology as well as artificial intelligence preferably in the starting phase of work. It will help the Bank to onboard customers in a systematic way. At the same time, the Bank will carry a risk-based compliance assessment.

Tian Ying, the founding associate of OK Blockchain Capital Limited, mentioned, “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.”

Tim Byun, Chief Risk Officer and Head of Govt. Relations of OK Group, mentioned, “Malta has been a first mover to comprehensively regulate the blockchain industry, and we are excited to be involved in this new banking venture with RnF Finance Limited. Malta’s sound regulatory framework and support for new industries will cultivate many more opportunities on Blockchain Island.”

RnF Finance Limited is just ready to begin banking operations by mid of next year, subject to regulatory acceptance.

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