Forty Seven Bank - Safe, Innovative and User-friendly Financial Services and Products "ICO is Live Now !"
Say GOODBYE to banks once and for all! Forty Seven Bank ICO is looking to change the banking space in CryptoCurrency!
There are plenty of new ICOs surging on the internet every month. Because of this, it’s very important that you know which ones can be the most interesting investments for you. These days, there are many fake ICOs and start-ups that do not have a good future, so it’s always good to be sure before investing.
A good investor is the one that only invests in ICOs when he’s well informed, so you should always inform yourself well before investing in any kind of business. To aid you in this mission, our blog reviews the most interesting ICOs at the moment. Have you ever heard of Forty Seven Bank? We are going to review this company today.
What are the products behind the ICO?
There are a few different products currently under development. These include a multi-asset account which is pretty much the featured product of the FSB (Forty Seven Bank). It will allow customers to gain complete access to all of the accounts in different banks as well as their cryptocurrency wallets through one single application.
Next is the crypto debt-instrument product. This is something which includes the creation of cryptobonds which would allow companies to easily attract funding through cryptocurrencies. It’s a lacking aspect of the fundraising niche which might have critical impact.
The intention of the team behind the ICO also includes the creation of payment processing solutions as well as white label Bank serving as a service solution for developers.
What are the features?
As we’ve mentioned before, the main intention of the Forty Seven Bank would be to become a comprehensive bridge between the communities of the traditional finance world and those of the crypto finances.
The team aims to create an ecosystem which is legitimate and compliant by the European Commission’s PSD2 introduced in the beginning of 2018. Said ecosystem shall operate with the full support of blockchain, smart contracts, machine learning and biometric technologies. The intention of the developers is to deliver the first financial institution which brings full support to cryptocurrencies which is entirely regulated and as transparent as it get.
Business
General idea – to build the bridge between cryptocurrency world and traditional monetary system. We will unite the community of digital asset users with more conservative individuals under the roof of Forty Seven Bank.
The goal of Forty Seven Bank is to become disruptor and one of the leaders in digital banking over a short period of time. In order to do so, the bank will offer wide range of products, at the same time offering high quality customers service. The bank is going to become an institution, where you can satisfy all your needs related to personal finance management. analysis and control.
Products for Private Persons
- Account Management
Forty Seven Bank clients will have a lot of possibilities related to account management. Having access to just one application, a customer will have access to all his accounts in dierent banks at one place it will be easy to manage personal finance in such a way. Besides that, a client is going to have access to all his crypto wallets, investments in traditional financial assets (stocks, bonds, commodities, etc.) and credit or debit cards. This is a featured product oered by the bank and it is called a “Multi Asset Account”. The product will reduce complexities of using dierent types of assets by centralising all the financial activities of our private customers at our single system. It will be easy to quickly transfer resources from one fiat currency to another, or from fiat currency to a digital currency, or vice versa. Moreover, transaction costs will be reduced substantially by doing that at Forty Seven Bank. Our App Platform will also allow clients to use several analytical applications that might help in personal finance management.
- Invoicing :
Forty Seven Bank will support its customers who are oering small products and services as individuals without having a company. Such individuals might be freelancers, copywriters, developers, translators, handcraft professionals, etc. The bank will provide user friendly and simple invoicing services for such customers. By using the service, a client will be able to automatically issue invoices and receive both fiat and nonfiat funds to cover them.
- Deposits and Loans :
The bank will oer deposits and loans in traditional fiat currencies like EUR, USD and others, as well as in non-fiat digital currencies like BTC, ETH and others. At the moment, there is no financial institution in the world that is oering similar products in non-fiat digital assets, whereas we see that there is huge potential in developing and introducing classic banking products for non-fiat digital currencies.
- Investments and Brokerage :
Individual clients will have opportunities to create and manage their investment portfolio by using investment and brokerage services provided by Forty Seven Bank. The bank is going to develop its own exchange in addition to partnering exchanges that could be connected to by using Forty Seven Bank platform via API.
- Other Services :
The bank will also oer traditional products and services like insurance, payments and transfers, payment history and analysis, cash withdrawals at Forty Seven Bank Smart ATMs, as well as at ATMs of our partnering banks. Additionally, Forty Seven Bank will provide smart support with integrated machine learning technologies to our individual customers — it will help to resolve issues between the bank and its customers in evective way.
Products for Business
The market sector, where the project is going to work, is very competitive for now.
Forty Seven Is Innovative products for everyone
- The featured product is a Multi-Asset Account for private customers with a tied card.
- Remote identification and authorisation based on passport and biometric data
- Unique combination of payment tools — SWIFT, credit and debit cards, e-wallets, secured cryptocurrency payments
- Transactions with any type of cryptocurrency through the bank’s application and with no need to wait for current exchanges. Uploading, withdrawal, and conversion by any pair is available
- Wide range of services including crediting, insuring, invoice presentation, credit/debit card management etc.
- Cross-platform access for clients to manage accounts opened with any European bank that complies with the PSD2 directive
- Convenient and user-friendly UI
- Analysis that helps a client to make the right financial decisions via services of a personal manager created on the basis of machine learning algorithms
Forty Seven is Propositions for business
- Business products oriented towards small and medium-sized enterprises.
- Managing an account via Application Programming Interface (API), creation of financial applications
- Receiving payments from a merchant in both cryptocurrencies and in fiat money on the company’s account (card, SWIFT) using a form or API
- Mass payouts for marketplaces
- Loyalty management for clients using big data
- Factoring services based on the operation of machine learning and big data (artificially intelligent algorithms able to predict the probability of repayment of credit as well as timeliness of repayment from a company)
- Escrow services
- Mobile application with biometric identification for multi-currency transactions
Tools and services for external developers
- Opportunity to provide Forty Seven banking services under your own brand (white label)
- API access that allows the development and implementation of modern financial services based on Forty Seven infrastructure and processes
- Holding DevDays conferences for independent developers
- A showcase of financial applications using Forty Seven API
Introducing the FSBT Token
Following the ERC-20 standard, the code is open-sourced at Github and it guarantees that the token will operate in a predictable way in crypto token ecosystem for the future.
As per the value of the token, it is set to 0.0047 ETH. The hard cap for the ICO is set to 36000ETH where the soft cap is 10% of that amount – 3600ETH.
Three rounds of token distribution shall be announced with the first taking place from the 16th of November to the 16th of December. The second and the third rounds are awaiting announcement. The overall token amount generated will consist of units sold through the three separate rounds of ICO, bonus tokens as well as tokens generated for the founders, bounty campaign and advisors.
Holders of FSBT can exchange them into ETH through the ecosystem of smart contracts which interact with each other. What is more, FSBT holders will also receive substantial advantages as they will become top priority clients of the bank and will receive numerous annual loyalty rewards. The FSBT token can also be exchanged in the loyalty shop for an array of different products as well as services.
ICO Terms :
- Symbol : FSBT
- Type : ERC20
- Country : United-Kingdom
- Start Date : 2017-11-16
- End Date : 2018-03-31
- Payment Method : ETH, BTC, Fiat
- Total Supply : 11063829
- Sector : Banking
- Start Price : 1 FSBT = 0.0047 ETH
Maximum amount of tokens to be generated : 11 063 829 FSBT (incl. bonus tokens, tokens for bounty and founders).
Minimum budget to start the project : 3 600 ETH.
Hardcap : 36 000 ETH.
ICO round 1: November 16 – December 16, 2017.
ICO round 2: December 17 – February 28, 2018.
ICO round 3: March 1 – March 31, 2018.
Token Distribution
Road Map
The project road map detailed and shows the period until June 2019.
- February, 2018 – Deployment of software
- April, 2018 – Application for EMI, PI and Trading authorization at FCA
- May, 2018 – Connection to SWIFT
- June , 2018 – Passage of QSA PCI DSS Level 1
- July, 2018 – Receipt of EMI, PI and Trading authorization from FCA
- August, 2018 – Start of products and services offering to FSBT token holders
- September, 2018 – Start of products and services offering to private customers
- November, 2018 – Application for banking license
- May, 2019 – Receipt of banking license and start of products and services offering to business customers and developers
- June, 2019 – Bank begins to attract deposits and offer full range of products and services
Team
In general, the team has a good portfolio in the core fintech areas, and some of the founders have been working with each other for years.
The team includes experts from such areas as finance, banking and IT. All of them are easy to find on LinkedIn, where FortySeven is listed as the main place of work.
FortySeven is under the control of an established team of professionals, with many years of expertise and the necessary knowledge.
Aleksandr Malin (Co-Founder and CEO) – Strong business development professional with a Master’s degree focused in Information Technology.
- Jan 2014 – present time. President at LITA (Latvian Information Technology Association performs as Startup Incubator and Accelerator)
- Apr 2015 – Mar 2017. CEO at insta.ad ( online platform which aims to bring together advertisers and Instagram-bloggers)
- May 2015 – Feb 2017. Senior Managing Director and Co-founder at Bilderlings Pay
- May 2011 – Feb 2017. CEO and Co-Founder at iAM.works
Igors Astapchiks (Co-Founder and COO) – Strong business development professional. Experienced Chairperson with a demonstrated history of working in the information technology and financial technology industries.
- Jan 2014 – present time. Chairman of the Boards at LITA (Latvian Information Technology Association performs as Startup Incubator and Accelerator)
- Apr 2015 – Mar 2017. Co-founder of insta.ad ( online platform which aims to bring together advertisers and Instagram-bloggers)
- May 2015 – Feb 2017. Senior Managing Director and Co-founder at Bilderlings Pay
- May 2011 – Feb 2017. CEO/COO and Co-Founder at iAM.works
Vladimir Tomko (CMO) – Experienced Game Producer with a demonstrated history of working in the internet industry.
- Nov 2014 – Present. Game Producer at OK.RU
- Dec 2015 – Mar 2017. Chief Operations Officer at insta.ad
Mihails Skoblovs (CFO) – Experienced and talented professional in business development and finance.
- Dec 2013 – Present. Co-Founder and Board Member at SIA Bioscience Media
- Mar 2013 – Mar 2017. Business Development Manager; CFO Assistant at SIA BIOSAN
- Mar 2012 – Feb 2013. Financial Department Specialist at Forus Bank
Aristoteles Vargas (Head of Financial Market Development) – Precious Metals Trader with broad portfolio management experience producing consistent positive P&L results.
Legal
FORTYSEVEN UNITED is incorporated in London, United Kingdom (proof link)
Company number: 10978538
Registered office address: Penhurst House, 352-356 Battersea Park Road, London, England, SW11 3BY
Company status: Active
Company type: Private limited Company
Director: ASTAPCIKS, Igors (Latvian)
Another one company in Estonia.
FORTYSEVEN OÜ
Kakumäe tee 226 Tallinn Harjumaa 13516
Company number: 14347500
How To Invest In Forty Seven Bank?
To invest in this company, your first step is to buy their FSBL tokens in their ICO. To acquire them, you can use Ethereum or Bitcoin. Each FSBL will cost 0.0047 ETH. There’s a pre-ICO already going on at the time of this report, in which you can buy tokens with a bonus os 30%.
The main ICO is going to start on November 16 and it will last until December 16. There are already two more rounds of ICOs programmed for 2018, but their dates were not yet available at the time of this report.
Holders of FSBL tokens will receive a share of the profits of the company and will be eligible for the loyalty program, which will offer a variety of gifts. Also, they will be used in the services of the company.
Conclusion
It seems like Forty Seven Bank can be a good choice of investment. The company seems legit and their program is solid. The ICO can be a good opportunity for investors. If you want to invest in a company that will likely have a future, Forty Seven Bank is a good choice.
Do not avoid investing in this company if it suits your objectives. There are no signs of risk and it looks like the returns on investment can be high.