13. May. 2020 - Press release
Bank Frick is the first financial institution from Liechtenstein to offer crypto trading via online banking
Bank Frick's online banking now allows trading with cryptocurrencies. In addition, with Bank Frick's online banking, financial intermediaries benefit from mass subscription for all their customer bases and the execution of block orders when trading securities.
Balzers (LI) – Bank Frick is the first financial institution from Liechtenstein to enable trading in nine leading cryptocurrencies conveniently via its online banking. Trading takes place within the fully regulated framework of the bank.
The bank's offering is aimed specifically at financial intermediaries such as fiduciaries, asset managers and institutional clients. For these clients, crypto trading in Bank Frick's online banking offers the opportunity to make the new crypto-asset class accessible to their end customers in a simple and convenient way, thereby setting themselves apart from their competitors.
"Our intuitive user interface simplifies trading with cryptocurrencies and enables intermediaries to diversify their client portfolios quickly and easily," says Stefan Rauti, Head Private Clients and EAM at Bank Frick. "Classic and Blockchain Banking will thus continue to grow together."
Mass subscription and block orders for intermediaries
In Bank Frick's online banking, asset managers can now release payment orders in an extremely time-saving manner using the mass subscription function – i.e. the one-off subscription across all customer bases. The online banking function enables all subscription rights to be displayed – from individual to collective subscription. "In line with our customer-first approach, Bank Frick's online banking adapts to the requirements of intermediaries, not the other way round," says Stefan Rauti.
In addition, Bank Frick's online banking now enables the processing of block orders when trading in securities, which can then be distributed to the individual client accounts. The new functions and process optimisations enable more efficient processing and thus save time for intermediaries, who will be able to concentrate even more on their core business in future.
First-mover in online banking
"With our digital offering, we focus on the needs of our intermediary clients and make their daily business easier. Our expanded offering has already met with a very positive response from fiduciaries and asset managers," says Stefan Rauti, confirming the motive behind the expanded online banking. "Following our first crypto-certificate and the first crypto-based AIF in the CHF area, Bank Frick is thus also living up to its pioneering role in online banking."
About Bank Frick
Bank Frick specialises in banking for intermediaries. The Liechtenstein bank provides a fully integrated offering of classic banking and blockchain banking services. Its clients include fintechs, asset managers, payment service providers, family offices, fund promoters, pension funds and fiduciaries.
Bank Frick has been family-run since its foundation as a licensed universal bank in 1998, and it adopts an entrepreneurial approach. The Bank is currently under the majority control of the Kuno Frick Family Foundation (65 per cent). Net1, the Nasdaq-listed financial technology group, owns 35 per cent of its share capital. The Bank employs over 130 members of staff at its Balzers office and operates a branch in London, UK.
Bank Frick is one of Europe’s pioneers of the regulated blockchain banking sector. Its offering covers trading and custody of crypto assets, as well as token sales. The Bank also develops tailored crypto-structuring solutions for intermediaries.
In addition to its highly regarded basic services, Bank Frick’s classic banking offerings cover services for funds and issues, focusing on formulating European (AIF, UCITS) and national fund solutions. In the capital market sector, Bank Frick develops tailored financial products for intermediaries and supports them along the whole issue process, acting also as a custodian bank.
Bank Frick is the only Liechtenstein bank with acquiring licences from Visa and MasterCard, and it can process card payments globally for payment service providers and their online merchants.
Bank Frick established subsidiaries in 2019 to appear independently on the market with new services: Distributed Ventures AG, an incubator and accelerator to promote and finance fintech and blockchain start-ups, and The DLT Markets AG, which offers institutional investors professional access to digital assets. Also in 2019, Bank Frick took over the fintech company Tradico AG, which specialises in finance for goods purchasing for SMEs, and acquired a majority stake in the fintech company 21.finance AG, which operates area2Invest, a digital investment platform for classic and tokenised financial products.