BackgroundThe financial technology (fintech) industry is thriving globally and received $17.4 billion in investment in 2016 alone. Fintech is a portmanteau of financial technology that describes an emerging financial services sector in the 21st century. Originally, the term applied to technology applied to the back-end of established consumer and trade financial institutions. Since the end of the first decade of the 21st century, the term has expanded to include any technological innovation in the financial sector, including innovations in financial literacy and education, retail banking, investment and even crypto-currencies like bitcoin.
New technologies, like machine learning/artificial intelligence, predictive behavioral analytics and data-driven marketing, will take the guesswork and habit out of financial decisions. From mobile payments to Robo-advisors, fintech is changing the way customers are interacting with their banks and other financial institutions, making it an important aspect for all entrepreneurs in the BFSI space (Banking, Financial Services and Insurance). Some of the most active areas of fintech innovation include or revolve around the following:
• Cryptocurrency and digital cash
• Blockchain technology, including Ethereum, a distributed ledger technology (DLT) that maintain records on a network of computers, but has no central ledger.
• Smart contracts, which utilize computer programs (often utilizing the blockchain) to automatically execute contracts between buyers and sellers.
• Open banking, a concept that leans on the blockchain and posits that third-parties should have access to bank data to build applications that create a connected network of financial institutions and third-party providers. An example is the all-in-one money management tool Mint.
• Insurtech, which seeks to use technology to simplify and streamline the insurance industry
• Regtech, which seeks to help financial service firms meet industry compliance rules, especially those covering Anti-Money Laundering and Know Your Customer protocols which fight fraud
• Robo-advisors, such as Betterment, utilize algorithms to automate investment advice to lower its cost and increase accessibility.
• Unbanked/underbanked, services that seek to serve disadvantaged or low-income individuals who are ignored or underserved by traditional banks or mainstream financial services companies
• Cybersecurity, given the proliferation of cybercrime and the decentralized storage of data, cybersecurity and fintech are interlocked
According the New York Times, after years of debate about the “unbanked,” it’s time for policy makers to rethink the issue. The problem is not that people are unbanked, but that banks are becoming too prohibitively expensive for people to use them. In India in the last one year, banks have increased their services charges up to 25%. More than 10 services like locker charges, charges on deposit / withdrawal limit and cheque book have become expensive. Besides, banks have also relaxed the free deposit and withdrawal limit from 3 to 5 transactions.
SolutionAt the moment, investors who put their money in cryptocurrencies have to experience the same problem. They have to painstakingly go through the process of exchange cryptocurrencies for conventional fiat currencies in order to purchase goods and services. Based on the demand, we create our own payment system with a bank card, which will be accepted by all ATMs and POS terminals in the world. This system works with MasterCard and Visa.
In case of working with traditional payment systems such as MasterCard and VISA, financial institutions must receive a MasterCard and VISA license and conclude a contract with the bank providing that services, and the card issuer. Every transaction made by the seller brings him 1 to 3 percent of the transaction amount. Therefore, the cost of mutual settlement makes up to 3 percent, and this leads to the economic loss of the sellers.
Utilizing the Financial Technology, our system will reduce the costs to 0.5 percent. We will setup the payment gateway and provide services for our plastic cards. This, in turn, will affect the savings of customers. The services we provide includes:
- Keeping customer’s cryptocurrency as well as conventional currencies.
- Transfer and payments with cryptocurrencies and conventional currencies.
- Integration of 3rd party service companies that accepts cryptocurrencies
- Cash withdrawal from ATMs worldwide
- Exchange of cryptocurrencies and conventional currencies
- P2P loans
- Accural of bonuses on the account balance
- Free payments between users from our system
- Plastic card issuance and connecting them to the active accounts.
Name:
UranBank TokenSymbol:
URBAmount:
2.000.000.000Price:
0.3$ / 1 URBICO Market Cap:
$19.800.000Target Price (Dec 2018):
300$ / 1URBSmartcontract:
0xFff3D3b591e792EB3D937327B4b786DB37bA2087Download Whitepaper:
https://drive.google.com/file/d/13pYABPNBgUA3S3NV4BwJBKWLamXzSCwb/view?usp=sharingBounty campaign:Facebook Campaign 18%
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Bitcointalk Signature 20%
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