New Medici Bank opens in Puerto Rico

BFSI News

New-Medici-Bank-opens-in-Puerto-Rico New Medici Bank opens in Puerto RicoAs per recent reports last week, a direct descendant from the original Medici banking family has announced the launch of Medici Digital Bank, in Puerto Rico, an unincorporated US territory. Prince Lorenzo de’ Medici along with Ed Boyle, Former Managing Director – Fidor Bank Americas are the co-founders of the new established, fully-licensed, US chartered bank. The bank’s prime focus will be international businesses and family offices.

Medici Bank with a “convenient, transparent, and easy-to-use services for customers that need a fast, secure banking option” promise, is a creation that was “born out of frustration with the current financial services landscape”. Prince De’ Medici hopes to “reawaken” the innovative spirit of his 14th century Florentine predecessors with this new banking venture. Prince De’ Medici in his statement says, “We are reimagining modern-day banking by leveraging technology that creates seamless, digital customer experiences and expands financial opportunity across global markets.”

Reports are that Prince De’ Medici will be leading the bank’s business development and strategic partnerships, and Ed Boyle will be the CEO of the challenger bank. Prior to this, Boyle previously worked at American Express and Blade Payments.

The new Medici bank, when it comes to the technology forefront, aims to harness the blockchain technology.

Boyle in his statement states, “We prioritize the needs of digitally-native businesses and address the friction and inefficiencies that exist with established banking options. We are building Medici Bank from the ground up, not reliant on aged infrastructures nor as an overlay on traditional banks. This is uncommon, especially in the United States where licensed challenger bank options are few and far between.”