Forty Seven Bank (FSBT)
Forty Seven Bank propose to create a new type of hybrid bank. They plan on bringing fiat and cryptocurrency together and to offer all the services of traditional banking under one platform.
Forty Seven Bank aim to create an open application platform for financial technology developers. They will give opportunity to developers with small or medium capital to create applications to compete with traditional banks. Their Bank as a service plans on disrupting the financial sector of the European Union by reducing the barriers for entry into the fin-tech market.
The Forty Seven Bank project has an impressive team with an array of talent across the board. All members credential history is readily available to view via their LinkedIn profile which you can find via the projects official site.
PSD2 (The digital disruption)
Forty Seven Bank aim to capitalise on the implementation of PSD2. PSD2 (revised payment service directive) is a EU directive that has opened the door for any company interested in entering the payments industry. As the PSD2 becomes implemented, the traditional banks’ monopoly on their customers account information will disappear. PSD2 aims to increase competition by bringing in new types of payment services, enhance security, customer protection and to extend the reach of the directive. PSD2 is an important step towards a single digital market. It was mandatory that PSD2 was transposed into national law by EU member States by 13th January 2018, this means that a majority of the legal provisions will apply from this date.
Digital Banking
Forty Seven Bank plan on becoming a disruptor and leader in digital banking. They will become an institution where all of your personal financial needs will be satisfied. They will achieve this by uniting cryptocurrency with traditional finance, implement biometric technologies for ease of use and security, maintain leadership in digital banking, monitor strong financial performance, have effective risk management and smart allocation of capital (loans etc). These are just to name a few of their plans. If the project sounds ambitious, that’s because, it is, extremely, however I believe that the team have the credentials and drive to reach this goal and deliver their roadmap. The project of Forty Seven Bank is needed, especially as the world becomes more digital and cryptocurrency becomes widely utilised. As digital currencies become more widely accepted, it’s inevitable that the market for new financial products and services will grow. Currently digital currency is still in its infancy and no financial institutions offer adequate banking services to this sector as of yet.
The token — FSBT
At present, the ICO for the FSBT token is still ongoing, this will end 30th April 2018. There is a maximum of 5,555,555 FSBT that can be generated through the ICO. Each time an investor contributes, the relevant amount of FSBT tokens are generated and sent to the contributors desired wallet. The project has already surpassed its soft cap of 900,000 FSBT where they have raised enough capital to go ahead with the project. Hard cap is 5,000,000 FSBT and currently they have raised 2,550,682 FSBT. When the ICO finishes, if the hard cap is not met then the remaining FSBT tokens simply will not be generated. So in theory, the proposed low token supply could end up being extremely low, this is certainly attractive for investors.
The FSBT token will be essential to take advantage of the opportunities offered by Forty Seven Bank. Developers will need to have at least 1000 FSBT tokens to be able to launch their applications on the Forty Seven Bank platform. The amount of tokens needed will be dependant on how complex the application is, along with some other factors. Likewise, businesses wishing to build automated business with integrated blockchain and smart contract technologies will also need to have the required amount of FSBT tokens. The idea of making the FSBT token an integral and necessary part of the Forty Seven Bank platform is to create a natural demand on secondary markets.
The FSBT token is currently an ERC20 token. This is a token on the Ethereum blockchain and therefore can be stored within any ERC20 compatible wallet. I would recommend https://www.myetherwallet.com/ along with a hardware wallet such as the Ledger Nano S. Be sure to bookmark the official page of any web-based wallet as you do not want to fall victim to any phishing sites.
Official announcement regarding ICO and release of the FSBT token can be found here- https://medium.com/@FortySeven47/important-announcement-b713c24e51a7
Loyalty — FSBL
There is a loyalty program on the Forty Seven Bank platform. This program is special because it will mean that Forty Seven Bank will be the first in the world to have a loyalty program based on tokens. This will mean that the FSBT token holders will be a top priority of the bank. They will invest 20% of their previous year net profit into the loyalty program. This will be proportionally distributed among FSBT token holders in the form of FSBL tokens through smart contracts. FSBL tokens will be exchangeable within the Forty Seven Bank loyalty shop. The type of products and services that will be available from the loyalty shop are: airplane tickets, hotel bookings, mobile phones, laptops, gadgets, clothing and many others. FSBT token holders will not be the only beneficiaries from the loyalty program, customers of the bank will be able to earn them as part of the loyalty program for different products and service. Only token holders will benefit yearly from the loyalty program based on the banks performance.
If you would like to learn more about the benefits of holding FSBT tokens, then please refer to the link provided-https://drive.google.com/file/d/0BwDjfDDrGhcsLTJOYzd1ZkZ0WU0/view
Social media
Forty Seven Bank are active on Twitter under the handle @47foundation where they post news and project updates. Their Twitter has a more generic professional feel to it, this is a good thing in my opinion as it suits the type of project. I would recommend joining the Telegram channel https://t.me/thefortyseven where the admin team are very active, informative and helpful. Reddit is another place to gather information on the project https://www.reddit.com/r/FortySevenBank/. The official website for Forty Seven Bank is https://www.fortyseven.io.
Conclusion
Forty Seven Bank is a very ambitious project, it is a project that is needed. As the cryptocurrency market grows and more regulations come into place, the idea of one banking solution to merge digital and traditional financial assets together is revolutionary. The team have a long road ahead, but with the launch of their APIv1 this month, it is a road they are already partly down. Unlike a lot of projects on the market currently living off pure speculation, Forty Seven Bank already have APIv1 released before the end of the initial coin offering, so developers planning on entering their Fintech app store can start developing applications now. End of Q4 2019 is when Forty Seven Bank plan on obtaining their banking license. This will then signal the start of providing full-scale banking services. I will certainly be keeping a keen eye on the project over the coming years and hope to be using this platform myself in the near future.
Digital Cabbage
(Disclaimer- I do hold a small investment in FSBT, this is in no way financial advice, just me sharing my opinion, DYOR before investing)
If you do decide to invest in this projects ICO before the closing date 30th April 2018, please consider using this link- https://my.fortyseven.io
Roadmap
2017
October – Idea to create innovative bank that will offer products and services for cryptocurrencies.
February – Beginning of work, team building, research and market analysis.
March – Development of detailed plan of the project.
April – Construction of financial model of the bank, preliminary calculations.
May – Decision to attract financing via ICO.
June – Preparation of the documents necessary for the ICO.
October – ICO smart contract test period.
November – ICO start.
December – development of procedures and creation of document base for the bank.
2018
February – Development of software.
April – Application of EMI, PI and Trading authorization at FCA.
May – Connection to SWIFT.
June – Passage of QSA PCI DSS Level 1.
July – Receipt of EMI, PI and Trading authorization from FCA.
August – Start of products and services offering to FSBT token holders.
September – Start of products and services offering to private customers.
November – Application for banking license.
2019
May – Receipt of banking license and start of products and services offering to business customers and developers.
June – Bank begins to attract deposits and offer full range of products and services.
Team
Aleksands Malins - Co-Founder and Chief Executive Officer, Chairman of the Board
Igors Astapčiks- Co-Founder and Chief Operating Officer, Member of the Board
Vladimirs Tomko - Co-Founder and Chief Marketing Officer, Member of the Board
Mihails Skoblovs - Co-Founder and Chief Financial Officer, Member of the Board
Anton Azamatov - Chief Technical Officer
Aristoteles Vargas - Co-Founder, Member of the Board, Head of Trading, Investment and Brokerage Department
Jevgenijs Lesevs - Head of Internal Audit
Jevgenijs Plams - Blockchain Developer
Vitalijs Grundsteins – Project Manager
Lilija Kovaļčuka – Art Director
Nana Zhang - Community Manager (Asia)
Kristiāna Štauere - Leading Analyst
Advisors
Morten Hansen - Head of Economics Department, Stockholm School of Economics in Riga
Dmitry Dudin - Head of Products and Services Development Department, XB Software
Artem Kushik - Business Analyst, DNV GL
Igors Danilovs - CFA, Senior Portfolio Manager, Swedbank
Inna Krievane - Financial Analyst, Argus Vickers
Partners
Paybis
Revain
BESTRATE
Coinbass
NGrowth
The features of the Forty Seven Bank are groundbreaking and will be highly beneficial, potentially. Fortunately, there is still some 48 hours left to participate in its ICO event. I, therefore, urge everyone to join the moving train by investing in this promising project.
For more information about this unique project, please feel free to click on any of the following links;
Website: https://www.fortyseven.io/
Whitepaper: https://drive.google.com/open?id=0BzvESRkgX-uDeHc1QjRzbHRBelU
ANN thread: https://bitcointalk.org/index.php?topic=2225492.0
Telegram: https://t.me/thefortyseven
Facebook: https://www.facebook.com/FortySevenBank/
Reddit: https://www.reddit.com/r/FortySevenBank/
Medium: https://medium.com/@FortySeven47
Published by: quambo
Bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=1287832
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