Bhutan is currently witnessing a surge of investment activity to support the development of the Mindfulness City – a new, tech-forward, and environmentally conscious special administrative region constructed in the southern part of the country.
ORO Bank, Asia’s first full-reserve online bank, aims to serve the residents and investors of The Gelephu Mindfulness City in Bhutan, as well as entrepreneurs and individuals worldwide who are interested in financing startups, supporting disruptive industries, and accessing reliable, stable banking services, according to a media release on Tuesday.
The firm, regulated in Bhutan, was established to address the global banking sector's core challenges. As the global macroeconomic situation becomes increasingly complex, inducing inflation and bank runs, entrepreneurs worldwide look for a safer way to bank.
Leveraging Cutting-Edge Technology
The «Fractional Reserve Banking System», under which most banks hold relatively small reserves of customer deposits, presents significant risks in this context, leaving them vulnerable to unforeseen economic, social, or political events, the firm writes.
According to further information, the onboarding process is designed to enable startups and innovators with unproven, unconventional, or potentially disruptive business models to open accounts, leveraging cutting-edge technology including artificial intelligence to implement dynamic and perpetual Know Your Customer (KYC) and Anti Money Laundering (AML) protocols in line with global regulatory frameworks and best practices.
More Expected to Come
The banks' first offerings phase includes full reserve accounts denominated in USD, EUR, GBP, SGD, and HKD, with JPY and AUD expected to be available soon. In addition, customers can send cross-border transfers to the USA, the 20 countries of the Eurozone, Singapore, the UK, and Hong Kong, with more expected to come online in the coming days.
