Malta to get its own Blockchain Bank

OK Blockchain Capital a sidearm of OK Group Investment has put in the anchor investment into a Maltese based company RnF Finance Limited. RnF has applied for authorization as a credit institution to the Malta Financial Authority Services, which if approved would result in Malta getting its first blockchain bank with provision for operating in different cryptos.

The bank would serve different purposes which include servicing cryptos, providing credit for different blockchain firms or serving high-net-worth individuals. This decision has come just in time for all the Maltese crypto enthusiast as they were earlier shunned by a major corporate bank with nowhere to go.

Roderick Psaila, the CEO and founder of RnF has been in the banking sector for over 28 years and has started different banking institutions in the course of his long association in the banking sector. Mr. Roderick explained the plans behind the operations and how the bank would serve a larger purpose, once fully functional.

He said the current project is aimed at serving four main business streams An excerpt from the interview,

“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.”

How The Bank Aims to Clear the Taboo around Cryptos?

Mr. Psaila explained, in the first year of its operation, RnF would majorly focus on Blockchain and Artificial Intelligence. He also emphasized the need for crypto exchanges in the country and equal opportunities for different blockchain and crypto-based companies, assuming that their due diligence procedures are sufficient.

Ms. Tim Ying, the founding partner of OK Group was visibly delighted over the new partnership and remarked that they are quite excited about the new development and looking forward to the partnership with RnF group and its bankers.

Mr. Tim Byun the Chief Risk Officer and Head of Government Relations for OK group said,

“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.”

If everything goes fine and regulatory procedures are completed in time, then RnF group would start its banking operations by mid of 2019.

Final Thoughts

The latest development in Malta sets a good example for the world on how to tackle the problems and taboo around the digital currencies. The regulatory bodies which are predominantly seen as the evil against the progress of blockchain technology need to come on board to make sure the future is not only safe with blockchain but under right supervision too.

Other states and regulatory bodies must see the good in blockchain and how its correct implementation can help in weeding out major and minor issues faced with the current decentralized systems.