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RnF To Open Bank For Blockchain Companies In Malta

15:26 18/12/2018

In Malta, a bank will be opened to serve the organizations working in the crypto sphere, as well as high-income citizens who do not want to use the services of regular banks, CCN reports. 

 

The investment company, owned by OK Group, has invested in the Maltese firm RnF, which will submit a license application to the government department dealing with financial services. The document issued by the regulator will allow the company to operate as a credit institution. 

Roderick Psaila, Chief Executive Officer at RnF, has extensive experience in the financial sector and has participated in the opening of many banking institutions in Malta in the last decade. Commenting on the future establishment of the organization, he stated that it would work in several areas: assistance to corporate clients, the provision of loans, private banking, and capital management. 

 

Services are primarily aimed at large corporate and individual clients in various fields of activity, with each application being considered separately. Crypto exchanges and firms that issue security tokens will be able to use banking services along with any other companies provided they meet the requirements, Psaila stressed. 

The bank plans to invest much in blockchain and AI in the first few years since this will allow working with customers more effectively. If the regulator issues a license, RnF will begin to operate fully by mid-2019. 

 

Earlier, the Maltese Financial Services Authority banned the operation of the unlicensed OriginalCrypto crypto exchange in the state.  

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