Despite the fact that Malta has been known as “Blockchain Island” worldwide, it still lacks the financial authority that’s equipped to service a multitude of blockchain and crypto companies that do business on the island. However, that is about to change shortly, since OK Blockchain Capital Limited, the investment arm of OK Group, has proudly announced themselves as a leading investor in the RnF Finance Limited, the financial company based in Malta, which just applied with the Malta Financial Services Authority for a credit union license.
Additionally to traditional financial services, the bank will be also heavily focused on investing in the blockchain technology. According to Roderick Psaila, the CEO and founder of RnF, their strategy is mainly based on attracting both big corporations and smaller entities involved in blockchain development to further drive the growth of the industry in Malta. The goal of the bank is to “onboard the new clients and business in fast and efficient manner.” RnF is planning to provide full service to its clients, from banking and lending to wealth management.
“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,” said Mr. Tim Byun, Chief Risk Officer & Head of Government Relations of OK Group.
If granted the license, RnF will launch blockchain-based banking and investment operations in mid-2019.