ICO Alert does not endorse or recommend participating in any initial coin offerings. ICO Alert receives a promotional fee for the production of this ICO Alert Report. Please click here for additional important information.
ICO Alert Quick Facts
- An open Bank as a Service development platform for the FinTech industry
- 0.00393 ETH = 1 FSBT token
- ICO: December 16, 2017 - March 31, 2018
- 9,957,446 FSBT total available / 11,063,829 FSBT total supply
- Estonia based firm already partnered with Revain and PayBis
What is Forty Seven Bank?
Forty Seven Bank is financial technology start-up aimed at creating a Payment Services Directive 2 (PSD2) compliant Bank as a Service platform for FinTech developers with open and flexible API. We are going to reduce the barriers to entry into the European banking sector for developers with small and medium capital. Developers will be able to create their own FinyTech applications that will operate under the roof of Forty Seven Bank.
Q & A with Mihails Skoblovs, Co-Founder and CFO
ICO Alert: For those who are not familiar with Forty Seven Bank , can you explain what it is, and what the team aims to accomplish?
Forty Seven Bank: Forty Seven Bank is a financial services start-up aimed at creating a Payment Services Directive 2 (PSD2) compliant Bank as a Service platform for API development fintech developers. We are going to reduce the barriers to entry into the European banking sector for developers with small and medium capital. Developers will be able to create their own fintech applications that will operate under the roof of Forty Seven Bank.
ICO Alert: How does the Forty Seven Bank token (FSBT) function within the platform and why is it needed?
Forty Seven Bank: Forty Seven Bank Application Platform Forty Seven Bank: FSBT will be the developer in order to upload their applications into the Forty Seven Bank Application Platform. They will need to have a balance of FSBT depending on the complexity of the app and its potential. Taking into account that the total supply of FSBT is not as big, but the demand on the secondary market is going to be huge, market capitalization is going to soar shortly after FSBT hits important exchanges.
ICO Alert: Regarding one of the founders' previous products called Bilderings Pay, will your team incorporate some of the similar tech in Forty Seven Bank? If so, how?
Forty Seven Bank: Our team will use all our experience and ideas. We are not going to do anything similar, we are planning to create a new banking platform based on our experience and current vision. Bilderlings Pay is a very good proof of the fact that our team has successful experience in development and authorization of fintech products.
ICO Alert: We find the scope of Forty Seven Bank to be ambitious and massive while the financial plan for legal remains. How do you intend to allocate legal help in order comply to all regulations over time?
Forty Seven Bank: In legal terms we are planning to apply and apply Electronic Money Institution (EMI) and Payment Institution (PI) licenses in the United Kingdom and later we will apply for a banking license. The Forty Seven Bank is compliant with the UK and the EU regulations. Talking about ambitious plans with respect to the number of products and services we will offer you will upload them on our app platform. Think of Apple, once they created the AppStore for mobile developers and apprentices. (Apps) by themselves, they are doing only a couple of the ones who are hosting the guidelines and the quality developers should be compliant with. The same is true with our Bank as a Service platform. We will create the infrastructure and major banking products, but developers will do the rest.
ICO Alert: Other projects in the blockchain lending license. Forty Seven's roadmap states that Q4 2018, you will be obtaining different licenses. Please highlight how or transparency users may expect on licensing.
Forty Seven Bank: Firstly we are planning to gain EMI and PI licenses. Our team has already successful experience in this process, so, we know very well what should be done. According to law it might take up to eight months to get these licenses, so, there is nothing unrealistic with respect to our roadmap.
Talking about transparency, we are planning to be completely transparent with our token holders about our activities. To tell you the truth, we plan to apply for EMI and PI licenses in the nearest future without waiting for another ICO to end.
ICO Alert: We have heard excerpted from Estonia's progressive new technology laws from declaring Internet signatures equal to signatures. How else does being registered in Estonia bring benefits to Forty Seven Bank's autonomy?
Forty Seven Bank: Our Estonian company has been created for ICO procedure, as jurisdiction of Estonia ICO projects registered in Estonia. Our main jurisdiction where we will create Forty Seven Bank is the United Kingdom.
Both companies are registered, register the web-pages of both countries.
ICO Alert: With Forty Seven Bank's new project and relatively small community, please share how your partnership with Revain and Paybis will benefit your project.
Forty Seven Bank: Revain is our partner primarily in advisory terms. The CEO of Revain, Rinat Arslanov, completed the successful ICO Revain last summer.
PayBis is our partner in terms of acceptance of credit card payment for FSBT tokens. PayBis is a digital and cryptocurrency exchange that is on the market for many years already. We believe that our partnership with PayBis opens a wide range of opportunities, as for many people it is difficult to understand how to contribute to ICOs using ETH or BTC. Buying a token with a credit card is very simple procedure people got used to.
ICO Alert: Major developments seem to be coming closer to the end of 2018. How will Forty Seven try to maintain its community from losing interest?
Forty Seven Bank: We are planning on keeping our token holders updated on what we are doing and what we are achieving in the process. We are also planning to communicate with the community on many things related to our products and services. In general, token holders will be our first to try our products. We are a community-driven project and communication between us and our token holders is one of the most important things, in our opinion.
ICO Alert: How far along is the project today and when can contributors expect to use the platform? What does the roadmap look like for 2018?
Forty Seven Bank: Currently we are running an ICO, which is going to last for two more months (until March 31, 2018). Taking into account that we have already obtained our soft cap, we are planning to get legal license related to licensing in the UK, as well as to begin working on our API documentation so that developers will already be aware of what kind of applications they may be developing in the future for our platform.
Regarding the roadmap, we plan to present the first authorization as EMI and PI in the end of 2018.
ICO Alert: As a non-Forty Seven Bank question, we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3-5 years?
Forty Seven Bank: We believe that cryptocurrencies are here to stay for the future. We do not see the future without cryptocurrencies, as the fact that they are so popular right now that they are willing to use them. So, in 3-5 years the amount of cryptocurrency users in our opinion will continue to soar dramatically, as currently only a few percent of the total population are into the market.
Talking about ICOs, we believe that this market will shape a little bit. In general, we think that ICOs will substitute IPOs. A very good example is Kodak, that is a public company and is planning to do an ICO. This is just a first example. We believe that companies (private and public) will use ICOs as a tool for financing their future projects, as it is convenient, less bureaucratic, and much faster. And for ICO contributors, it means that they have a working product, client base and, therefore, are less risky.
The main ICO began on December 16, 2017 and will end on March 31, 2018. There are a total of 9,957,446 FSBT Forty Seven Bank tokens (FSBT) available during the ICO, representing 90 %% of the total FSBT supply. A hard cap of 36,000 ETH is set for this period.
0.00393 ETH = 1 FSBT token
Current accepted currencies for Forty Seven Bank include ETH, BTC, USD, EUR, and GBP.
Forty Seven Bank is an ERC-20 token. Contributors can send ETH and BTC from anywhere to the address they will see in their personal cabinet on the fortyseven.io website. However, they will have to specify the valid ETH address that is compatible with ERC-20 tokens in their personal cabinet. Tokens will be sent to the address specified in the cabinet, not the one from which ETH has been received.
Tokens Distribution Information
There are a total of 11,063,829 FSBT FSBT tokens being created, with 9,957,446 FSBT available during main ICO.
Tokens are sent within 48 hours after contribution. Visit the Forty Seven Bank website for more information and the contribution address.
Use of ICO Proceeds
"Depends on the total amount raised. It is not correct to divide the funds in percentage terms.
For example, software development costs as much as it costs, and it does not matter how much money you raise.
Or marketing - if we say we will spend 15% on marketing. If we raised 10 mln EUR, we will spend 1.5 million EUR on marketing. But if we raised 100 million EUR, we would spend 15 million EUR on marketing - it is too much and is inadequate. So, costs in percentage of amount raised is not correct correct estimation. "
Alexander Malin has a successful entrepreneurial experience as a co-founder of companies like iAM.works and Bilderings Pay. www.linkedin.com
Igors Astapchiks has strong business development experience and board membership with a demonstrated history of success in financial technology. www.linkedin.com
Vladimir Tomko's advanced degrees in software engineering and gaming production management experience exemplifies strong, creative leadership. www.linkedin.com
Mihails Skoblovs' wide experience in corporate finance, private equity and business development suggests a high-level, goal-oriented team player. www.linkedin.com
- Forty Seven Bank Website, Forty Seven Bank (2018)
- Forty Seven Bank Whitepaper, Forty Seven Bank (2018)
- Research Analysis by Roman Garcia