[ANN] 💠 FSBT TECH 💠 – Open API For Fintech Developers

[FortySeven]

If 18 thousand ethers are not collected, the project will not be started?

As we have already stated, we will launch the project either way, as we do have interested institutional and private investors. All the contributors to our project will receive FSBT tokens and benefits stated in our documents. If we do not get enough ETH during ICO, we will get necessary funding partly from our investors, partly from our own resources.

Minimum amount is stated as our estimate of how much funds we need to begin the project and provide the range of products and services described for Milestone 1. However, we believe our ICO procedure will help us to gather much more resources than 18k ETH and we will start with bigger capital and will become more successful.

[FortySeven]

is there maximum invest?

Probably the HARDCAP, if any?

If  there is no maximum invest, might a company invest in you?

If a company follows the procedure of contributing to our ICO project, it will get FSBT tokens via smart contract. It is does not matter for us either we receive contributions from individuals or from institutions.

[FortySeven]

What kind of biometric identification are you going to be using? Will it be optional or mandatory?

We will use different types of biometric identification depending on the need of the customer, biometric data we might be using is:   fingerprint, the palm of the hand, face recognition and voice recognition.

[FortySeven]

theres a risk that you do not receive required licenses & autorizations for your company / bank ? and what do you do in that case?

We do not think that there is high probability of such risk. Taking into account that our team already has experience of licensing financial institutions in FCA, the UK, we believe that we will replicate the experience and get the banking license on time - we know how to do it, what are the requirements and procedures, as well as we do know lots of details that are not clear to others, who do not have this experience.

[FortySeven]

Will smart contract souce be published ?

Yes, smart contract will be officailly published and will be in open source.

[FortySeven]

FORTY SEVEN BANK looks like promising project. How do you plan to protect the biometric data you will use for authorization?

At the moment we see three possible applications for boimetric technology - biometric POS terminals, smart ATMs and boimetric authentications for financial apps on mobile phones. In every case this technology will be used to simplify the process of authentication for the end user and replace the use of passwords and PIN codes. The user will be able to decide whether he or she allows to use this technology to access his account and even set the limits and restrictions on transactions with this type of authorization. The protection of biometric data begins with scanner hardware that receives biometric data. Forty Seven Bank will not produce such hardware, but we will cooperate with companies which does. We will carefully evaluate the protection of biometrical devices and will work with most trusted and secure vendors and technologies on the market. Biometrical devices usually has some kind of hardware-level protection against data theft and intrusion, in some cases biometrical data is stored in protected internal memory and will be not transmitted to the server in form of biometric data. In such cases our software will securelly authenticate the device and transfer the sensitive user data in form of cryptographically protected tokens. In other cases the biometric data will be transmitted to our servers and then match against samples stored in secure infrastructure of Forty Seven Bank. All information will be transfered in encrypted form over network. We will also develop and use special software for detection of anomalies and intrusion in order to detect fraudulent activity and the use of stolen data. Also we will develop and publish the recommendations for secure POS terminal installation on merchant side - suggest to install surveillance, access control and biometric authentication systems for their employees to protect terminals from installation of malware.

[frery]

a decentralized Bank?
they are a lots of project like this,which special advantage you had?

[coindoctor]

Will smart contract souce be published ?

Yes, smart contract will be officailly published and will be in open source.

Thanks a lot for your reply.

Will it be published prior to Pre-ICO launch ? October 30

[FortySeven]

a decentralized Bank?
they are a lots of project like this,which special advantage you had?

There are actually no projects like this at the moment. There are several projects related to financial sector, but they are offering usually a particular product or service which is one in the wide range of products and services that will be offered by Forty Seven Bank.
Moreover, we have a unique concept of building the bridge between cryptocurrency world and traditional monetary systems and unite financial operations and management of both - cryptocurrencies and fiat currencies under one roof.
There is no bank that completely understands cryptocurrencies and offers traditional banking products and services for them. Forty Seven Bank will be a pioneer in this field.

[poordeveloper]

a decentralized Bank?
they are a lots of project like this,which special advantage you had?

There are actually no projects like this at the moment. There are several projects related to financial sector, but they are offering usually a particular product or service which is one in the wide range of products and services that will be offered by Forty Seven Bank.
Moreover, we have a unique concept of building the bridge between cryptocurrency world and traditional monetary systems and unite financial operations and management of both - cryptocurrencies and fiat currencies under one roof.
There is no bank that completely understands cryptocurrencies and offers traditional banking products and services for them. Forty Seven Bank will be a pioneer in this field.

Indeed. All other financial projects are just exchangers and similar companies, not actual banks.

There is no bank dealing with cryptocurrencies, moreover in the ways you plan to.

[Retired]

a decentralized Bank?
they are a lots of project like this,which special advantage you had?

There are actually no projects like this at the moment. There are several projects related to financial sector, but they are offering usually a particular product or service which is one in the wide range of products and services that will be offered by Forty Seven Bank.
Moreover, we have a unique concept of building the bridge between cryptocurrency world and traditional monetary systems and unite financial operations and management of both - cryptocurrencies and fiat currencies under one roof.
There is no bank that completely understands cryptocurrencies and offers traditional banking products and services for them. Forty Seven Bank will be a pioneer in this field.

Indeed. All other financial projects are just exchangers and similar companies, not actual banks.

There is no bank dealing with cryptocurrencies, moreover in the ways you plan to.

Which ways? What do you mean?

[poordeveloper]

a decentralized Bank?
they are a lots of project like this,which special advantage you had?

There are actually no projects like this at the moment. There are several projects related to financial sector, but they are offering usually a particular product or service which is one in the wide range of products and services that will be offered by Forty Seven Bank.
Moreover, we have a unique concept of building the bridge between cryptocurrency world and traditional monetary systems and unite financial operations and management of both - cryptocurrencies and fiat currencies under one roof.
There is no bank that completely understands cryptocurrencies and offers traditional banking products and services for them. Forty Seven Bank will be a pioneer in this field.

Indeed. All other financial projects are just exchangers and similar companies, not actual banks.

There is no bank dealing with cryptocurrencies, moreover in the ways you plan to.

Which ways? What do you mean?

I meant they are going to offer all possible services in the fiat sector (and as a licensed bank) and all possible services in the cryptocurrency sector (even ICO escrows).

[heinemannplus]

When does the bounty start?

[poordeveloper]

When does the bounty start?

The bounty program has already started.

You can check it at https://bitcointalk.org/index.php?topic=2225653

[exortis]

If 18 thousand ethers are not collected, the project will not be started?

As we have already stated, we will launch the project either way, as we do have interested institutional and private investors. All the contributors to our project will receive FSBT tokens and benefits stated in our documents. If we do not get enough ETH during ICO, we will get necessary funding partly from our investors, partly from our own resources.

Minimum amount is stated as our estimate of how much funds we need to begin the project and provide the range of products and services described for Milestone 1. However, we believe our ICO procedure will help us to gather much more resources than 18k ETH and we will start with bigger capital and will become more successful.

thanks for the answer
I translated it into Turkish and added it to the announcement
in turkish announcement they ask this question a lot

[poordeveloper]

It's awesome translators are so implied on the project. It's obvious is this is a really big project and the future bank is going to make a huge difference for both the fiat and the cryptocurrency (including ICOs) market.

[ICO Advisor]

Is the team able of making this project real? A bank is a very ambitious project and needs capable and qualified people.

[poordeveloper]

Is the team able of making this project real? A bank is a very ambitious project and needs capable and qualified people.

Absolutely.

Did you see the team's qualifications? They couldn't be more qualified for the project. One of the board members works at ok.ru, one of the world's largest websites. They have experience in licensing financial companies and have employees of Crédit Agricole and Swedbank between their advisors.

[ICO Advisor]

Is the team able of making this project real? A bank is a very ambitious project and needs capable and qualified people.

Absolutely.

Did you see the team's qualifications? They couldn't be more qualified for the project. One of the board members works at ok.ru, one of the world's largest websites. They have experience in licensing financial companies and have employees of Crédit Agricole and Swedbank between their advisors.

Where do they want to get the banking license?

[poordeveloper]

Is the team able of making this project real? A bank is a very ambitious project and needs capable and qualified people.

Absolutely.

Did you see the team's qualifications? They couldn't be more qualified for the project. One of the board members works at ok.ru, one of the world's largest websites. They have experience in licensing financial companies and have employees of Crédit Agricole and Swedbank between their advisors.

Where do they want to get the banking license?

In the United Kingdom.