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16. Jan. 2020 - Press release

Bank Frick now on the move in Zug

Europe’s most experienced blockchain bank is setting course for the heart of Crypto Valley: Today, Bank Frick unveiled its “Boost your blockchain business” bus. Bank Frick is now the principal bank for more than 200 blockchain business clients based in the Zug blockchain hotspot. The new Blockchain Act in Liechtenstein will enable Bank Frick to continue to cement its position as the leading blockchain bank.

Bank Frick now on the move in Zug

Bank Frick's “Boost your blockchain business” bus in the heart of the Crypto Valley.

Liechtenstein-based Bank Frick introduced its “Boost your blockchain business” bus today in the heart of Crypto Valley. The bus, which is clad with Bank Frick graphics, will be in operation in Zug for the next three months. Given that the Liechtenstein border is just 99 kilometres away, the Bank is thus highlighting its proximity to Zug and drawing attention to the unique opportunities that the new Liechtenstein Blockchain Act offers financial service providers and blockchain players.

Also in future continue to be the go-to bank for Crypto Valley

“Crypto Valley and Bank Frick have been singing from the same sheet for quite some time. Even two years ago, it wasn’t possible for blockchain companies to have an account with a Swiss bank. Not at Bank Frick. That’s why over 200 blockchain business clients in Crypto Valley now use our banking services, and, thanks to us, they have been able to make their business models a reality,” said Bank Frick CEO Edi Wögerer at the public unveiling of the bus. “And going forward, we will continue to be the go-to bank for Crypto Valley.”

“Liechtenstein did a lot of things the right way”

With the blockchain act, which came into force on 1 January 2020, Liechtenstein has created Europe’s most comprehensive blockchain regulation, thereby underscoring its pioneering role in the token economy. Switzerland chose to take a different course. Whereas Liechtenstein opted for a universal approach and is dealing with the blockchain issue in a single law, Switzerland is amending its existing laws to regulate this area. “The future will show which path was the better one. But I’m convinced that Liechtenstein did a lot of things the right way,” noted Wögerer on the progress made by Liechtenstein.

Bank with the most blockchain experience

 “It’s also good news for companies in Crypto Valley. In Liechtenstein, they’ll find the ideal conditions for boosting their blockchain business – and it’s just 99 kilometres from Zug,” added Wögerer. “Bank Frick has been active in blockchain banking for several years now. And we have always applied the same strict statutory standards in this area as we do for classic financial transactions,” emphasised Wögerer. “In order to keep this commitment, Bank Frick employs business and compliance specialists with proven banking and crypto experience.” In addition, Bank Frick advises fintechs and explains to them the requirements that their business models need to satisfy in order to be able to succeed in a regulated environment.

“Liechtenstein now boasts Europe’s most comprehensive blockchain regulation in the form of the Blockchain Act, which establishes pioneering conditions for the token economy,” said Wögerer. The Act thus creates legal certainty for the young blockchain industry. It also makes an important contribution to the professionalisation of the industry.

The TTTL offers all industries sufficient flexibility for new business models and allows companies to occupy niches in which to grow. The regulation raises the barrier to entry and ensures that all market participants will have to meet the same high requirements. This will bolster the sector’s reputation, and the entire blockchain industry will benefit from it.

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. In October 2019, it was announced that Net1 would be increasing its stake in Bank Frick to 70 per cent. The acquisition is awaiting approval by Liechtenstein’s Financial Market Authority (FMA). 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.

 

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