Bank Frick establishes spin-off to promote fintechs
Bank Frick is establishing its own subsidiary to promote and finance blockchain and fintech startups. Distributed Ventures AG will help strengthen the position of Bank Frick as a fintech bank.
Bank Frick reported in its press release that Distributed Ventures AG will be supporting founders in the fintech industry every step of the way “from the birth of an idea to the reaching of market maturity”. Select startups in the areas of fintech and blockchain will receive support from the subsidiary in matters pertaining to consulting and marketing as well as in connection with financial planning. Startups will not only be able to “make use of the fully equipped premises of Distributed Ventures” but also “gain uncomplicated access to a regulated universal bank and its links to the financial system,” the family-run private bank from Balzers reported.
“We view Distributed Ventures as an important strategic addition that provides us with the opportunity to build on and consolidate our advantage as a fintech bank,” said Edi Wögerer, CEO at Bank Frick, in the press release. “Distributed Ventures will play an important part in the development of a forward-looking financial ecosystem, enabling us to retain existing client groups and tap into new target segments.”
The new subsidiary will be headed up by Dr Marco Schmitz, who until now has served as Head of Blockchain Compliance at Bank Frick. He sees “new business ideas, projects and fintechs with enormous potential” every day. They will benefit from the experience of Bank Frick, which in turn “gains access to promising business ideas”. Dr Schmitz highlights that Distributed Ventures is “unique in Liechtenstein” and is “ahead of other labs with its services”.