It seems 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, have been shunned by traditional banks on the so-called ‘Blockchain Island’.
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.
The CEO and founder of RnF, Roderick Psaila, has been in banking for 28 years and has started a number of banks in Malta over the past 10 years. Until recently, he was also the CEO of AgriBank – a Malta licensed credit institution.
Speaking exclusively to CCN, Psaila commented that when operative, the Bank planned to bring back proper banking services to clients.
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.
This mantra should provide crypto exchanges and companies issuing security tokens an opportunity to be serviced like other companies, assuming that their due diligence procedures are sufficient, Psaila added.
The Bank intends to invest heavily in blockchain technology and artificial intelligence particularly during the first years of operations. This would enable the Bank to onboard clients in an efficient manner while making sure that a risk-based compliance assessment is carried out.
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.”
RnF is all set to start banking operations by mid next year, subject to regulatory approval.