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Malta is on its way to acquire a Blockchain Bank that will freely service companies and investors. Traditional banks have long denied clients any form of Crypto services. But Malta has been referred to as the “Blockchain island” and for good reasons.

RnF Finance Limited is applying with the Malta Financial Services Authority (MSA). The company is local and has close ties with OK Blockchain Capital Limited. If the application is accepted, the company will be able to function as a credit institution without any legal barriers.

Roderick Psaila is the founder and CEO of RnF. He has been in the banking business for nearly 30 years and over the spam of 28, has started multiple banks in Malta.  He was last positioned as AgriBank’s CEO, which had already acquired the permission from the Malta Service Authority.

Malta embraces a Blockchain Bank

Psaila was very excited about the new bank and the opportunities it will present to clients:

We will aim for corporate and private clients with large funding. No industries will be vetoed and every single application will be treated professionally on a case by case basis. We will also offer services related to Private Banking and Wealth Management.

Psaila also believes that this will be sufficient for many Crypto exchanges and companies to get the same treatment as traditional companies. The bank plans for heavy investments into both Blockchain Technology and Artificial Intelligence development during the first few years. According to Psaila, this strategy will allow for many new clients from different branches to notice and use the bank’s rapidly-developing services.

With the regulatory approval most likely being available at mid-2019, RnF is already getting ready to instantly start banking operations.

The Chief Risk Officer of OK Group, Tim Byun, stated:

Malta was one of the few countries who tried to instantly recognized blockchain tech’s potential and begun to adapt immediately. We have made great progress in regards to the regulation of the blockchain industry. This is why we’re very excited to cooperate with RnF on this new banking venture. With the country’s secure regulatory framework and support for developing industries, the blockchain island might become a thing of the past.

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