[ad_1]
Photo: Pxhere
Malta is one of the few nations in the world that is friendly towards digital money and blockchain technology. However, traditional banking institutions in the country are still refusing to work with the cryptic companies.
But the situation is about to change. Malta could soon get the first blockchain bank that will serve companies operating in the cryptographic sphere.
OK Blockchain Capital Limited, an investment division of OK Group, invested in the Maltese company RnF Finance Limited, which applied to the Malta Financial Services Authority for a license to operate as a credit institution. The bank is set to begin operations in 2019 once its application is approved.
The RnF CEO, Roderick Psaila, has over 28 years of experience in the banking sector and has already launched a number of banks in Malta over the past 10 years.
"The Bank is committed to four main business flows: offering banking services to companies, loans, private banking and asset management, we target large corporations and private clients, and the mindset is that no industry has the right to veto in advance, but each question will be dealt with on a case-by-case basis, "Psaila told CCN.
With a new bank, all companies connected to the cryptocurrency will finally have the opportunity to obtain credits like any other company. In addition to serving encrypted companies, it will also provide credit for blockchain businesses and will serve people with high market value.
Initially, added Psaila, the bank plans to invest mainly in artificial intelligence and blockchain technology. This will allow the institution to attract new customers while ensuring the implementation of a risk-based compliance assessment.
"We are delighted to partner with Roderick and his team of bankers in this exciting project in Malta, and we are excited to be involved in this new banking business on Blockchain Island," said Tian Ying, founding partner of OK Blockchain Capital Limited.
Malta is now home to a number of companies linked to cryptography, including major exchanges such as OKEx and Binance, which have opened offices in Malta at the start of this year. Aimed at creating a favorable environment for foreign cryptographic businesses, Maltese Prime Minister Joseph Muscat announced this summer that the parliament will approve three cryptocurrency projects to improve the regulatory framework for blockchain societies.
"Malta was the first company to fully regulate the blockchain industry and we are thrilled to be involved in this new banking business with RnF Finance Limited," said Tim Byun, Chief Risk Officer and Head of Government Relations at OK Group. "Malta's strong regulatory framework and support for new industries will produce many more opportunities on Blockchain Island".
