BENKER, developed by BEM Europe UAB, claims to be one of Europe’s first officially licensed blockchain neobanks.
Obtaining approval from the Bank of Lithuania on January 13, 2022 to serve as an Electronic Money Institution, BENKER is reportedly one the first financial services providers in the European Union to operate “entirely based on blockchain.”
As mentioned in a release, this neobank will bring ‘New World Order’ in the digital financial servicing of clients “as well as mitigate risk and increase protection using technology-based guarantees.”
Although technology has “guaranteed” safety and security in all areas of life from fingerprint scanners on our phones to the life-saving innovations of medical science, the financial sector has “lagged behind until now.”
The announcement also mentioned that “by adding blockchain technology to the existing line of guarantees, financial service providers not only have to follow laws and regulations but also deliver full transparency on all transactions.”
The update further noted that financial service providers will “no longer … be able to change rules at their own discretion; instead, clients will be afforded constant, 24/7 transparency with complete control over their own financial matters — leading to the highest level of freedom.”
In the brand’s terminology, this is referred to as “Compliant Client Autonomy.”
BENKER CEO Viktor Bodnár stated:
“We anticipate BENKER will be the catalyst – igniting the fundamental transformation of how personal finances are managed digitally as well as establish an industry-wide standard. By obtaining our Electronic Money Institutional license, we can now radically diminish a client’s risk exposure to financial market participants. BENKER will transform electronic banking as we know it and will mark a New World Order.”
BENKER tech will run on NATRIX, a hybrid blockchain “designed for the financial sector.”
As noted in the release, the service will “not require any additional efforts from clients and meets all GDPR, bank privacy, and regulatory requirements.”
The brand’s services will operate “differently than its competition and will offer numerous features that assure Compliant Client Autonomy – or ultimate freedom, complete control for clients, high-level security, and ease of use.” The vision behind the innovation of BENKER is to “provide users with complete control over their finances.” The result is “a system in which clients and service providers will finally stand on an equal playing field while maintaining all legal and regulatory requirements.”
BENKER is scheduled to “go live in January 2022.”
Headquartered in Vilnius, Lithuania, BENKER is a Fintech company, committed to the “continuous development of innovative financial services.”
After demonstrating compliance in all regulatory requirements set by the Bank of Lithuania as well as successfully completing several validatory rounds, BENKER “obtained the EMI license in January of 2022 as Europe’s first, blockchain neobank.”