The concept of trust is at the foundation of money as it is directly related to debt and the production of cash. Banks are trusted to hold our money and borrowers are expected to repay debts. With traditional banking, we might charge interest rates as hedge against default, for instance, but the basic concept is a trust-based one of the centralized sort. These manifestations of trust are fundamental to the creation of money. That has been the case right from the days of commodity-backed money to fiat currencies.

Nowadays, the digital economy keeps looking for new ways to utilize the blockchain principles of security, value as incentive, inclusion, and networked integrity to achieve distributed trust (or trustlessness). Traditional banks have begun to consider using blockchain for consumer lending and identity management, even though KYC processes have proved to be difficult due to issues not limited to interoperability between banks. In our quest for the required kind of expertise necessary for achieving and maintaining the success of the AFRICUNIA BANK project, we have chosen Malta as the right place to be at this time.

Why Malta?

A very welcoming digital haven for Distributed Ledger Technology (DLT) and blockchain startups, its attractive tax legislation and regulatory developments such as the VFA (Virtual Financial Assets), MDIA (Malta Digital Innovation Authority) and ITAS (Innovative Technology Arrangements and Service Providers) bills as well as other e-government initiatives are pointers to the digital policy-making approach of the Maltese government. These moves have positioned the country as a strong competitor for technological-country dominance.

With a startup ecosystem growth rate that is significantly higher than the regional average, a tech-business friendly government and a strong presence of business incubators and accelerators, it has grown to become one of the most notable digital hubs in Europe.

Many would agree that it hosts talent from all over the world. Excellent transportation links with the rest of Europe and cost-effectiveness in running a business within it are additional perks. With peculiar concerns such as scaling up and as we work our way towards making a global impact, we are poised to take advantage of its accessibility to other hubs such as the UK for its startup experience, market size, talent support and networks.

We believe we have made the right decision.

For more information about AFRICUNIA BANK project please visit www.africunia.com or join our Telegram Group: t.me/africunia.