Forty Seven Bank:for investment to the future

Forty Seven Bank: Provide Safe, Innovative and Easy-To-Use Financial Services - Forty Seven was founded by the information technologies, finance, economics, marketing and game industry professionals.

Forty Seven Bank is a bridge capable of connecting two financial worlds and establishing efficient communication between them, a communication that will open up possibilities to level up whole modern financial system.

The mission of Forty Seven Bank and management team is to provide safe, innovative and user-friendly financial services and products to our customers – individuals, businesses, developers, traders, financial and governmental institutions.

Forty Seven Bank will be a fully digital innovative branchless financial institution which complies with all EU directives, Basel III, Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England requirements.

The bank is going to be specialising in digital finance services by fully supporting cryptocurrencies and traditional fiat currencies. Basic cryptocurrency procedures include sale and purchase features, investment and exchange options and crypto-saving and current accounts. Multi-Asset Account will be one of the featured innovative products oered by Forty Seven Bank – it will allow customers to have access to all their accounts in dierent banks and crypto wallets as well as to their investments and savings in cryptocurrency and fiat equivalents via single application. It will be possible to operate with each asset type accordingly by having only one Multi-Asset Account at Forty Seven Bank.

We will oer unique crypto products like bonds, futures and options. Our goal is to invent such market- place and take the leading position in both short and long-term perspectives. Companies will be able to attract finances via product invented by Forty Seven Bank – Cryptobonds. Cryptobonds will be traded on various exchange platforms (mainly at the one developed by Forty Seven Bank).

Product Introduction Stages Under the Hardcap

General assumptions:

• Forty Seven will begin to provide services as Electronic Money Institution (EMI) on August 1, 2018.
• Forty Seven will get banking licence on June 1, 2019.
• Before bank launch date all the legal procedures should be completed, infrastructure issues resolved and software development process finished.
• Depending on milestone reached during ICO procedure the bank will oer dierent range of products at the launch date. However, the bank is planning to reach its highest goals anyway during its growth and development process.
• Products for private persons at first will be available only for token holders.

Main goals:

• UK bank authorization and pasporting to EEA/EU in 2019.
• Payment processing solutions from early 2019.
• To issue loans at amount of around 80M EUR in the first year of operations.
• To attract 65M EUR of deposits from customers by 2022.
• To obtain profitability of >65% in 2020 in terms of Return on Average Equity (ROAE).

Roadmap

• October 2016 – Elaboration of concept of a modern bank that will work with cryptocurrencies and fiat money
• February 2017 – Formation of a team, research, market analysis
• March 2017 – Detailed project plan elaboration
• April 2017 – Bank’s financial model construction, preliminary calculations
• May 2017 – Idea of administering project’s crowdfunding
• June 2017 – Preparation of documentation for crowdfunding administering
• October 2017 – Start of crowdfunding via Token Launch
• December 2017 – Successful completion of Token Launch, summing up
• January 2018 – Procedures elaboration and creation of document base for the company
• February 2018 – Software infrastructure deployment
• April 2018 – Applying for EMI, PI authorisation at FCA
• May 2018 – Integration with SWIFT system
• June 2018 – Certification according to QSA PCI DSS Level 1 standard
• July 2018 – Obtaining EMI, PI licenses, and authorisation for activity from FCA
• August 2018 – Launch of services for FSBT tokens holders
• September 2018 – Launch of services for private clients
• November 2018 – Submission of documents to obtain banking license
• May 2019 – Obtaining banking license, launch of services for business clients
• June 2019 – Start of providing full-scale banking services

Products

Forty Seven Bank is aiming to provide broad traditional and digital financial products and services spectrum for individual clients.

• Products for Private Persons
• Products for Business
• Products for Developers
• Products for Traders

Forty Seven Bank is going to use blockchain, smart contract, API, biometrics and machine learning technologies in internal procedures, products and services.

There is big potential in introducing these technologies inside the banking sector. This will help you better in a profitable project and really make a profit. More information is available at :

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author:salsa24