It was recently announced that Malta is about to get a bank that will finally begin servicing crypto and blockchain companies as well as high net worth individuals, who until recently, always had problems with mainstream banks.
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.
According to the release, the upcoming crypto bank will engage into a few main business streams:
- Offer banking services to corporates
- Commerical Lending
- Private Banking and Wealth Management.
They did mention that they will have a strict approval process for the main business streams.
The Bank intends to invest heavily in blockchain technology and AI during the early stages of the operation. It’s a stepping stone for the bank to gain traction from high net worth investors.
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.”
Mr. Tim Byun, Chief Risk Officer & Head of Government Relations of OK Group, remarked, “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.”
Even though all of these sound like excellent news, everything is still subject to approval. With the rate things are going with the regulations in the blockchain space, most of us are still unsure whether or not the bank will be approved.