Tuesday, 25 June 2024

ORO Bank launches in Bhutan

5 min read

ORO Bank, one of Asia's first full reserve digital banks, was launched in Bhutan today to address the core challenges facing the global banking sector.

Founded with a mission to serve the Kingdom of Bhutan’s Gelephu Mindfulness City Special Administrative Region (SAR), as well as global startups and innovative emerging businesses, ORO Bank reflects the values of the SAR by providing peace of mind to investors, entrepreneurs, and individual clients.

ORO Bank’s customer deposits are fully backed by 100% corresponding reserves, providing customers with peace of mind.

 As the global macroeconomic situation becomes increasingly complex, inducing inflation and even bank runs, entrepreneurs worldwide are seeking a safer way to bank. 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.

Innovators and entrepreneurs worldwide are welcome to save and grow with ORO Bank. The bank is designed to facilitate the financial resilience needed for businesses to thrive.

Based in Bhutan’s Gelephu Mindfulness City SAR, ORO Bank welcomes individual and corporate clients regardless of geography and income level who align with Bhutan’s values, which include mindfulness, sustainability, and innovation. 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.

ORO Banks’s first phase of offerings include 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 on line in the coming days.

Re-disseminated by The Asian Banker

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