Forty Seven - Innovative Fin-Tech Startup That Connects Fiat and Cryptocurrency Worlds


 
Hello everyone, how are you today ? Back again with me, please have a pleasure while reading this article.

Yesterday, my friend come and ask me, "Hey, do you have a bank account at the moment ?". I wonder what why he questioned me like that. Then i ask him about it, and he said his aunt want to send money to him, but he don't have any bank account to receive it.

Sad but the fact is, there are still many peoples in our world, who doesn't have a bank account, in other words, still "unbanked". I ask my friend why he doesn't have a single bank account. And he answer that is because the process of making bank account is complicated. He sigh and said, "If only the bank account making process is simple".

A bank is a financial institution that accepts deposits from the public and creates credit. Lending activities can be performed either directly or indirectly through capital markets. The banks are highly regulated in most countries.
 
 
 


About Cryptocurrency

Cryptocurrency is easy to store, move and share. When you store money in a bank, you must take into account the withdrawal limits and be prepared for the risk of losing money in the event of bankruptcy of the company.
 
When issuing or receiving large amounts of money, bank has the right to learn everything about the transaction   why it’s being done, how these funds were earned, etc. As for Bitcoin  you own it completely and have the right to spend it however you like.

We know that cryptocurrency is very popular nowadays. While introduction of cryptocurrencies would generate a lot of unreasonable costs for conservative banks just in order to implement the idea, large international banks, on the other hand, are very interested in its growing popularity.


The Problem

Unfortunately our bank system still doesn't have a solution to solve this problem. The credit gap in the present still exist in our world financial system. A different approach for developing our financial system is needed to solve this problem. The most effective way to solve this problem is Decentralize Lending. Forty Seven is the Solution.
 
 
 
 


What is Forty Seven ?
 
Forty Seven is a unique project built to create a modern universal bank both for users of cryptocurrencies and adherents of the traditional monetary system; a bank that will be acknowledged by international financial organisations; a bank that will correspond to all the requirements of regulators.

Our bank will become the biggest structure that corresponds to all the requirements of regulators and the EU Payment Services Directive 2 (PSD2). We will comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) policies in order to guard against agents of the “grey” market.

Forty Seven has emerged as an organization aiming to connect the traditional financial world with the cryptocurrency or digital world, giving users and businesses more possibilities for exchanging goods and services.

The company aims to fill a void currently missing in the traditional financial system due to its inability to accommodate the basic needs of businesses and consumers, given the fast pace of technological change that includes the emergence of cryptocurrencies.


Forty Seven Mission

The mission of Forty Seven Bank is to create innovative, flexible and open Application Platform for financial technology developers, who will be able to operate under the roof of Forty Seven Bank, having access to banks infrastructure and customer base.
 
We will give opportunity to developers with small or medium capital to create white label applications which will be able to compete with traditional banks. Our Bank as a Service (BaaS) solution will disrupt financial sector of the European Union by reducing barriers to entry the fintech market.


Forty Seven System
 
To bring cryptocurrencies to the mainstream, Forty Seven will offer a user-friendly app that anyone can use. For security, the app will use biometric and passport data for verification. The app will also offer a combination of payment types: SWIFT, credit and debit cards, e-wallets, and cryptocurrency payments.
 
The exchange between cryptocurrencies and fiat currencies using the app will be fast, fair, and transparent, with the transaction history viewable in the user’s account. Similarly, businesses can use the app to view payments, manage loyalty programs with customers and other aspects of their business, and use the data collected to assist in decision-making.

For non-business users, Forty Seven will also offer credit and debit cards, personal and travel insurance, loans, and investment and brokerage services. What makes Forty Seven unique is that the platform will combine all of these services in one single platform to bring convenience to ordinary users, in what is termed a “Multi-Asset Account.” Forty Seven will ensure that all of these services work seamlessly to give users an unparalleled experience in finance.
 
 
 
 




RoadMap

 
Q1 2018
Successful completion of Token Generation Event, FSBT launch on exchanges

Q2 2018
Software infrastructure deployment

Q3 2018
Applying for EMI, PI authorisation at FCA, integration with SWIFT system

Q4 2018
Obtaining EMI, PI licenses, authorisation for activity from FCA. Launch of services for FSBT tokens holders

Q1 2019
Submission of documents to obtain banking license

Q4 2019
Obtaining banking license. Start of providing full-scale banking services



Token Sale Information

What is a Forty Seven Token: Forty Seven Bank Token (FSBT) is a cornerstone of Forty Seven Bank infrastructure. FSBT tokens will be demanded by partners-developers in order to be able to upload their fintech applications into Forty Seven Bank App Platform. FSBT will also be demanded by businesses in order to improve the effectiveness of financial and operational activities via smart contracts. 
 
For private customers FSBT tokens will give several benefits in using Forty Seven Bank products and services, as well as token holders will be top priority customers of the bank according to loyalty program and will get loyalty rewards on yearly basis based on performance of the bank.
 
After the crowd-funding campaign is finished, FSBT tokens will be available for trade at various cryptocurrency exchanges.

The token used primarily within the platform is FSBT, which is ERC20 compliant and runs on top of the Ethereum blockchain. During the ICO, which the company will use to raise funds for development and marketing the platform, each FSBT token will sell for 0.0047 ETH
 
 
 
Token Information

Token Name: FSBT
Token Issue: depends on ICO results (max 101 063 830 FSBT).
Token Type: ERC20
Token price: the cost of one token is 0.0047 ETH.
Accepted: ETH, BTC.
The minimum budget for starting the project is 5,000,000 EUR (18,000 ETH).
Maximum amount of tokens to be generated: 11 063 829 FSBT
Softcap: 3 600 ETH.
Hardcap: 36 000 ETH.
ICO start date: Q1 2018.
ICO End date: March 31, 2018

Current token bonus:
<10ETH = 10%
≥10 ETH = 15%
≥25 ETH = 20%
 
Rates (incl. bonus):
1 FSBT = 0.00428 ETH
1 ETH = 233.2 FSBT



Conclusion
 
Forty Seven Bank is going to be the first in the world to launch a loyalty program of the bank based on tokens.Token holders of FSBT tokens will be top priority clients of the bank according to the loyalty program.

Given the unique offerings of the Forty Seven project, investors will likely be handsomely rewarded in the long run if the goals of the project are attained.
 
 
 
 



For more information please contact the link below :

Website : https://www.fortyseven.io/

White Paper : https://drive.google.com/file/d/0BzvESRkgX-uDeHc1QjRzbHRBelU/view

Telegram : https://t.me/thefortyseven

Twitter : https://twitter.com/47foundation
 
 
 
 
 
Created by :
 
 JuiceAnnabel
 




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