First Mover Advantage! Malta On The Verge Of Getting A Blockchain Bank
There’s no denying that “the Blockchain Island” has had all the praise in the recent past for its commitment towards supporting and building the crypto ecosystem which is indeed well deserved. And now, it seems like Malta is about to get a blockchain bank which means it will claim the first mover advantage in that category.
This is excellent news as the bank will finally begin to service crypto as well as blockchain companies and the high net worth individuals who for some for long have been shunned by Malta’s traditional banks until recently.
The Odds Are Promising
It is a partnership of OK Blockchain Capital Limited and RnF Finance Limited to offer an exciting project in Malta. Besides, the OK Group’s investment arm is the anchor investor, and it’s like the future has started.
According to Roderick Psaila, CEO and founder of RnF finance limited (a Maltese based company that applies with the Malta financial services authority for every authorization as a credit institution), the bank is intended to provide near perfect banking services to all clients.
The fact that Psaila has been in baking for more than 28 years and still counting makes it almost sure that Malta is on the verge of a blockchain bank. Besides, he has started many banks in the Blockchain Island over a decade. Therefore, it won’t get anyone by surprise that a blockchain bank is merely around the corner.
The Bank’s Expectations
The bank will engage into four business streams which include offering banking services to corporates, private banking, lending as well as wealth management. Psaila added that the primary target will be private clients as well as big corporates with a mentality of not giving any priority to any industry and that all applications will be equally treated.
In addition, he added that it’s an opportunity for crypto exchanges as well as companies which issue the security tokens of being serviced just like other companies provided they have sufficient diligence procedures.
Undoubtedly, the project is good news with OK Blockchain Capital Limited founding partner Ms.Tian Ying also having similar beliefs and expressed her delight about the partnership. Also, Mr. Tim Byun, Chief Risk Officer & Head of Government Relations feels it’s massive for Malta which has been on the front-foot regarding the blockchain adoption.
He said that more opportunities are due on Blockchain Island – thanks to the sound regulatory framework as well as support for the new ventures. RnF now is subject to regulatory approval and will start banking operations at some point mid next year. Undoubtedly, expectations have to be high and only time will tell.