Bank Frick focuses on blockchain as business model
Bank Frick wants to become a leading provider of modular digital services for intermediaries. In an interview, the head of Bank Frick's blockchain department Mauro Casellini explains that blockchain technology is vital for achieving this goal.
“Blockchain technology has tremendous potential, and cryptocurrencies make up only a small part of this scope of application”, explains Mauro Casellini in an interview with Dorothea Alber in “Wirtschaft regional”. “Cryptocurrencies are taking more of a back seat”, says the head of the blockchain department at Bank Frick. The Liechtenstein-based private bank from Balzers already started developing its own structures for blockchain banking in 2016.
Currently Bank Frick can count around 300 companies with blockchain business models amongst its clients. “We have received many enquiries in the last few years”, explains Casellini. “We had to reject approximately 95% of them because we felt they lacked professional integrity. “At the bank, potential blockchain clients have to undergo a complex, three-stage vetting process.
For the bank it is not so much a question of increasing the share of revenue of blockchain clients. “We are developing our business processes in such a way that it is no longer relevant whether our client is a blockchain or fintech client or whether they are an asset manager or another intermediary”, explains the head of the blockchain department. “Blockchain technology is intended to improve our ability to provide existing and new banking services. Our aim is to become the go-to bank for modular digital services for intermediaries.”