Malta is set to implement their first Blockchain based banking system with the assistance of OK Blockchain Capital, the subsidiary of investment behemoth OK Capital Group.
Maltese company RnF Finance Limited has recently applied for authorization as a credit institution. If the application goes through with Malta Financial Authority Services, the result could mean Malta getting its first Blockchain based banking system.
RnF Finance Limited is a Maltese blockchain based fintech company. The first year of the blockchain based bank, if approved, would focus on Artificial Intelligence and blockchain technology.
With provisions to serve and exchange different cryptos, the bank would transact, dispense and provide credit for cryptos to high net individuals and Blockchain firms. In the past, crypto enthusiasts have been left in the lurch as the absence of such a service in Malta.
Roderick Psaila, the CEO and founder of RnF, has 28 years of banking experience and has began a number of banks in Malta, including serving as the CEO of AgriBank, a Malta licenced credit institution. Mr. Psaila believes the bank would :
“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.”
By adopting a more traditional banking ethic to cryptocurrency, companies serving in the crypto market would be able to ensure that due diligence and compliances are met when the exchange of security tokens are concerned.
Living Up To The Moniker ‘Blockchain Island:
Malta, famously dubbed the blockchain island, is seen as a leader in the adoption and implementation of blockchain technology. In a historic move in 2018, Malta launched the world’s first Decentralized Global Stock Exchange, enabling tokenized securities along side crypto-assets