This past year, Puerto Rico has taken its place among the world’s most attractive spots for business incorporation and development of cutting-edge products and services.
Puerto Rico’s governor, Ricardo Rosselló wants to see the island develop to meet the needs of the rapidly growing innovative tech & gig economy: “I would like to see Puerto Rico become a place where businesses serve customers and coordinate operations throughout the Americas, what I like to think of as a “human cloud,” where workers spread across the island handle tasks remotely for businesses around the world.”
Puerto Rico’s agenda aligns well with Arival Bank’s goals, which aims to provide banking services for innovative tech and crypto-related SMEs. It makes Arival Bank a perfect fit into the Puerto Rico ecosystem, creating its solutions on the basis of opportunities, generously provided by the U.S. territory.
Now, it will also become the home for two international fintech awards from different corners of the world, proving that Arival Bank is on the right track.
It started in Hong Kong at Finovate Asia, with Arival earning the ‘Best of Show’ honour from the Finovate audience, beating out some of the world’s top fintech startups. Several days later, another award found Arival in Vilnius, Lithuania. Arival Bank’s COO Jeremy Berger, whose recent article “Starting a bank at 24 years old: Step-by-step guide on how to launch a digital bank” has gone viral, came home as winners from the pitch competition at Fintech Inn, arguably the largest fintech conference in the Baltics.
Jeremy Berger’s winning pitch on Finovate Asia
Jeremy recently highlighted the key role of the Puerto Rico ecosystem in Arival Bank’s success: “We chose the option to apply for an IFE (International Financial Entity) license in Puerto Rico, which is a US territory and falls under the US banking system,” he underlines in his article, “The IFE allows us to serve international clients, the possibility to become FDIC insured, and share all the other benefits of building a bank under the US system.” Not to mention, Puerto Rico is quickly becoming a dynamic spot for fintechs in an effort to help grow the economy and local startup ecosystem.
In the beginning of 2017, Arival Bank CEO, Slava Solodkiy announced the plans to obtain a U.S. banking license, picking Puerto Rico as the best choice for the project. Today, two international fintech awards let the world know that Arival Bank is here to stay, and is about to start its global expansion. Catering for the needs of crypto-related SMEs, startups, and freelancers, Arival Bank pays special attention to the compliance process. It focuses on the creation of a comprehensive and “sexy” customer journey, while meeting (and exceeding) all regulatory demands.
This journey starts in Puerto Rico.
And it’s not only about business – remembering his first visit to Puerto Rico, Arival CEO Slava Solodkiy noted: “We immediately fell in love with Puerto Rico — both in terms of everyday life, the social and cultural environment, business opportunities, and the value that we can bring back to the society here.”
Meet Arival Bank team at TC Disrupt Berlin Nov 29-30!
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