The history of today’s financial regulation systems in the West reaches back to the early modern age when the Dutch authorities banned short selling. Since then, every state has developed its own financial systems with their own monitoring authorities supervising banks and other financial institutions, and legislation that protects the interests of the participants and guarantees that everyone’s money stays safe.
Laws and regulations offer protection for the parties involved only after trust has been established, and this has resulted in a gap in the circle of guarantees that can only be closed by something that prevents unwanted events from happening in the first place.
BENKER, Europe’s first officially licensed blockchain financial institution approved by the Bank of Lithuania under Electronic Money Institution category, introduces a technology-based guarantee that can fulfil this need. By giving a green light to BENKER, authorities have granted a licence to the first financial services provider in the European Union to operate entirely based on blockchain.
We are all used to technology guaranteeing safety and security in all areas of life from fingerprint scanners in our phones to the life-saving innovations of medical science, but the financial sector has trailed behind until now.
By adding blockchain to the circle of guarantees, financial service providers not only have to follow requirements – they will be required to operate transparently. They will not be able to change rules at their own discretion anymore. There will be constant, 24/7 transparency and complete control for the clients over their own financial matters leading to the highest level of freedom. In the brand’s terminology, this is called Compliant Client Autonomy.
CEO Viktor Bodnár hopes that BENKER will be the catalyst of the fundamental transformation to the status quo in personal finances. „By obtaining our Electronic Money Institute licence, we have been allowed to radically diminish the clients’ exposure to the actors of financial markets. This by all means is the New World Order” says Benker’s CEO Viktor Bodnár about the company’s vision about the future. „We have been dreaming about this for so long, and it has finally been approved and is going live in 2022.”
BENKER will run on NATRIX, a hybrid blockchain designed for the financial sector. The service will not require any additional effort from clients and meets all GDPR, bank secrecy and regulatory requirements. The brand’s services will operate differently than its competition and offer numerous features that assure Compliant Client Autonomy and ultimate freedom, complete control for clients, and high-level security and ease of use at the same time.
„The main idea of BENKER is giving complete control to the user over their finances. It may sound simple at first, but we faced lots of challenges during the development and licensing phase” says the head of the Lithuania-based company about the past two years’ work. The result is a system in which clients and service providers are finally at the same level while maintaining all legal institutional and regulatory requirements.
Due to high interest pre-registration has already started. BENKER is scheduled to go live and start the New World Order in 2022.
Headquartered in Vilnius, Lithuania and was established 2019The sponsors behind BEM Europe are from the fintech environment, committed to the continuous development of innovative financial service solutions. After demonstrating compliance in all regulatory requirements set by the Bank of Lithuania as well as successfully completing several validatory rounds, BEM Europe UAB obtained the EMI license in January of 2022 and BENKER was launched as Europe’s first, blockchain financial institution. The company has truly opened the next chapter of fintech platforms, raising the bar and setting a new standard.