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

[Hendobox]

Hello, i will love to know are Forty seven bank token only generated when purchased? If they aren't, will any unsold Forty seven bank token be burnt?

Hello Cnote328, I will like to bring to your notice that a similar question has been asked just few pages back. I will advise you visit some few pages back for answer to this your question. Thanks

Hello my friend, I was going to ask the same question before I saw your reply. I have taken time to visit many previous pages, but I can't seem to find this question's answer. Could you please tell me the page to check, or better still enlighten me on weather they will burn their unsold tokens. Thanks

[jamzzz123]

Fortyseven bank is offering multi-asset account as seen in page 14 of the white paper

"Forty Seven Bank clients will have a lot of possibil-ities 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 inance in such a way. Besides that, a client is going to have access to all his crypto wallets, investments in traditional inancial assets (stocks, bonds, commodities, etc.) and credit or debit cards"

That is a great attraction for developers to have access to a platform that allows management of various accounts; with developers building on top of forty seven you are basically saving alot of time and money since you do not have to do all the integrations and having to deal with all the regulations involved.  As a developer you get to focus on your value proposition instead.

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 the 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 the financial sector of the European Union by reducing barriers to entry the fintech market.

[FortySeven]

I see you offer businesses the possibility of launching applications in your platform. What requirements will businesses need to meet in order to launch their applications?

We are planning to develop Forty Seven Bank App Platform that will become heaven for fintech developers, as they will be able to create fintech applications and use umbrella services of the bank (KYC, AML, our customer base, etc.). It means that developers with small or medium amount of capital will be able to create White Label business powered by infrastructure of Forty Seven Bank. A good analogy is Apple and App Store that is a heaven for mobile developers. In our case, in order for a developer to do this, he will need FSBT tokens.
Moreover, we are going to offer businesses the opportunity to improve the effectiveness of financial and operational activities via smart contracts. Again, to do this, they will need FSBT.
These two things are going to create real demand for FSBT on secondary market.
Apart from that, token holders will be top priority clients of the bank and according to loyalty program will receive portion of Forty Seven Bank net profit every year in a form of FSBL loyalty tokens which can be later exchanged to wide range of various products and services (travelling, electronic, clothing, gift cards, etc.). Imagine a loyalty program in a retail store where you have a card and every time you make a purchase, you get some points which can be later exchanged for something. FSBL/FSBT token yield will be quite small in the beginning, as it is connected to performance of the bank, but under the conditions and calculations for our hardcap of 10M EUR, in 2023 token yield will be 167% - in other words - for each ETH contributed during ICO in 2023 you will get bonusin FSBL tokens equal to 1.67 ETH. Token yield will grow every year and our performance will inflate the price of the token substantially. I offer you to read more about this in our document called Token Holders Benefits: https://drive.google.com/file/d/0BwDjfDDrGhcsLTJOYzd1ZkZ0WU0/view

[FortySeven]

Hello, i will love to know are Forty seven bank token only generated when purchased? If they aren't, will any unsold Forty seven bank token be burnt?

Talking about unsold tokens - they will not be generated. We generate tokens which we sell, no more, no less, so there is nothing to be burned.

[FortySeven]

Can you pay with fiat money on this ICO ? Or can we do it after ICO. I see on the site that you can pay currently with ETH, and Bitcoin.

I doubt you can purchase Forty seven token with fiat money i think ETH and Bitcoin is the payment medium as stated on their website. If one can purchase Forty seven token with fiat money i will love to know also

I think at one point Forty Seven Bank were accepting payments in fiat through the Paybis service. I wonder what happened there and why they stopped accepting Fiat.

You were able to buy with FIAT, but only with Creditcard and then Paybis. The Fees were about 10%.
On the Website was a SEPA Logo too. Don't know why they removed the the FIAT payments.

So they actually accepted FIAT ? Damn why did they remove it. It was a good payment option for those who didn't have any crypto. Maybe one of the team members can answer this ?

We don't remove it. Just at the current moment, we have several technical issues with the credit card, but we will make an announcement very soon when it start working.

That is very good news, I think it's the right move to keep the fiat option open. Many people (including me) don't always have BTC or ETH available and this way we can avoid the trouble of buying more and pay high fees and instead just pay directly with a credit card.

FIAT option is really good and I hope FSBT team will add it soon.
BTW this FSBT price is fixed in ETH? or it will change based on ETH price?
1 FSBT = 0.00393 ETH
1 ETH = 254.4 FSBT.

It's fixed price till the end of ICO.
1 FSBT = 0.00393 ETH
1 ETH = 254.4 FSBT.

[Owillz]

Hello, i will love to know are Forty seven bank token only generated when purchased? If they aren't, will any unsold Forty seven bank token be burnt?

Hello Cnote328, I will like to bring to your notice that a similar question has been asked just few pages back. I will advise you visit some few pages back for answer to this your question. Thanks

Hello my friend, I was going to ask the same question before I saw your reply. I have taken time to visit many previous pages, but I can't seem to find this question's answer. Could you please tell me the page to check, or better still enlighten me on weather they will burn their unsold tokens. Thanks

Alright. It's on the whitepaper too though. I will try to paraphrase based on my understanding.  Apart from tokens meant for bounty, bonus, and other non-sales activities, The total amount of token generated (for sales)  is directly proportional to the amount of payment recieved. Thus there won't be any token left dormant at the end of the day. check page 57 of whitepaper for better understanding. Hope this helps

[Nathan01]

I see you offer businesses the possibility of launching applications in your platform. What requirements will businesses need to meet in order to launch their applications?

We are planning to develop Forty Seven Bank App Platform that will become heaven for fintech developers, as they will be able to create fintech applications and use umbrella services of the bank (KYC, AML, our customer base, etc.). It means that developers with small or medium amount of capital will be able to create White Label business powered by infrastructure of Forty Seven Bank. A good analogy is Apple and App Store that is a heaven for mobile developers. In our case, in order for a developer to do this, he will need FSBT tokens.
Moreover, we are going to offer businesses the opportunity to improve the effectiveness of financial and operational activities via smart contracts. Again, to do this, they will need FSBT.
These two things are going to create real demand for FSBT on secondary market.
Apart from that, token holders will be top priority clients of the bank and according to loyalty program will receive portion of Forty Seven Bank net profit every year in a form of FSBL loyalty tokens which can be later exchanged to wide range of various products and services (travelling, electronic, clothing, gift cards, etc.). Imagine a loyalty program in a retail store where you have a card and every time you make a purchase, you get some points which can be later exchanged for something. FSBL/FSBT token yield will be quite small in the beginning, as it is connected to performance of the bank, but under the conditions and calculations for our hardcap of 10M EUR, in 2023 token yield will be 167% - in other words - for each ETH contributed during ICO in 2023 you will get bonusin FSBL tokens equal to 1.67 ETH. Token yield will grow every year and our performance will inflate the price of the token substantially. I offer you to read more about this in our document called Token Holders Benefits: https://drive.google.com/file/d/0BwDjfDDrGhcsLTJOYzd1ZkZ0WU0/view

This is a well articulated and professional response that's rare to get from just any type of project... This shows a whole lot of promising value for FSBT token in years to come and got me wondering if there is a plan for a creation of the FSBT blockchain I.e a shift away from the ethereum blockchain in years to come??

[Gunny95]

On page 26 of the whitepaper (https://drive.google.com/file/d/0BzvESRkgX-uDeHc1QjRzbHRBelU/view), ''direct market access'' is mentioned, does this mean you can directly place sell orders on other exchanges?

I'm not sure which markets 47 Bank are referring to on this page of the whitepaper, this section is a bit ambiguous.

I presume they mean crypto exchanges but 47 Bank also provides a FIAT currency conversion forex service or at least access to one...

Maybe we could get some more clarification from the 47 Bank team?

As I understand that statement meaning is not directly you place sell orders on other exchanges. This is future they will provide theirs client when theirs orders trading in large size. But not mentioned on other exchanges.

Yes since there is no mentioning of the name of the exchanges, or exchanges itself, but instead markets, that section has been a bit confusing for me, either way, direct market access does sound interesting since at this time it costs a lot effort to find the market you need and then to open an account on that market

[kaar]

I see you offer businesses the possibility of launching applications in your platform. What requirements will businesses need to meet in order to launch their applications?

We are planning to develop Forty Seven Bank App Platform that will become heaven for fintech developers, as they will be able to create fintech applications and use umbrella services of the bank (KYC, AML, our customer base, etc.). It means that developers with small or medium amount of capital will be able to create White Label business powered by infrastructure of Forty Seven Bank. A good analogy is Apple and App Store that is a heaven for mobile developers. In our case, in order for a developer to do this, he will need FSBT tokens.
Moreover, we are going to offer businesses the opportunity to improve the effectiveness of financial and operational activities via smart contracts. Again, to do this, they will need FSBT.
These two things are going to create real demand for FSBT on secondary market.
Apart from that, token holders will be top priority clients of the bank and according to loyalty program will receive portion of Forty Seven Bank net profit every year in a form of FSBL loyalty tokens which can be later exchanged to wide range of various products and services (travelling, electronic, clothing, gift cards, etc.). Imagine a loyalty program in a retail store where you have a card and every time you make a purchase, you get some points which can be later exchanged for something. FSBL/FSBT token yield will be quite small in the beginning, as it is connected to performance of the bank, but under the conditions and calculations for our hardcap of 10M EUR, in 2023 token yield will be 167% - in other words - for each ETH contributed during ICO in 2023 you will get bonusin FSBL tokens equal to 1.67 ETH. Token yield will grow every year and our performance will inflate the price of the token substantially. I offer you to read more about this in our document called Token Holders Benefits: https://drive.google.com/file/d/0BwDjfDDrGhcsLTJOYzd1ZkZ0WU0/view

This would truly be an heaven from fintech developers. However I wonder how will all of this work fro a legal perspective. Won't there be issues for you for provide a third party KYC services for example? If there is a problem during the KYC process for some company that use your service, won't you be exposed to a potential lawsuit?

[FortySeven]

On page 26 of the whitepaper (https://drive.google.com/file/d/0BzvESRkgX-uDeHc1QjRzbHRBelU/view), ''direct market access'' is mentioned, does this mean you can directly place sell orders on other exchanges?

Yes, it means that you will be able to directly trade on exchanges which are connected to Forty Seven Bank infrastructure via API.

[girib1684]

Hello, i will love to know are Forty seven bank token only generated when purchased? If they aren't, will any unsold Forty seven bank token be burnt?

Hello Cnote328, I will like to bring to your notice that a similar question has been asked just few pages back. I will advise you visit some few pages back for answer to this your question. Thanks

Hello my friend, I was going to ask the same question before I saw your reply. I have taken time to visit many previous pages, but I can't seem to find this question's answer. Could you please tell me the page to check, or better still enlighten me on weather they will burn their unsold tokens. Thanks

I also did not found that information on white paper and even Holders benefit pages. But not remembered exactly previously was seen that details somewhere.

[Ace44]

On page 26 of the whitepaper (https://drive.google.com/file/d/0BzvESRkgX-uDeHc1QjRzbHRBelU/view), ''direct market access'' is mentioned, does this mean you can directly place sell orders on other exchanges?

I'm not sure which markets 47 Bank are referring to on this page of the whitepaper, this section is a bit ambiguous.

I presume they mean crypto exchanges but 47 Bank also provides a FIAT currency conversion forex service or at least access to one...

Maybe we could get some more clarification from the 47 Bank team?

I honestly cannot imagine how the trade should work on external Exchanges. Unless the different exchanges are all connected in the app.

Well the whitepaper states that its prime objective is to bridge the gap between cryptocurrency and fiat and also provide an app where all accounts are connected into one thereby granting a direct access to all personal accounts, putting this into perspective, it may seem possible to see this happen

[MaoloSam]

are there any partnership and collaboration with companies?

[jamzzz123]

are there any partnership and collaboration with companies?

Check out https://www.fortyseven.io/ it has the partnerships and companies they work with towards the bottom of the website and what exchanges they are hoping to be listed on in the near future

[Gunny95]

are there any partnership and collaboration with companies?

Check out https://www.fortyseven.io/ it has the partnerships and companies they work with towards the bottom of the website and what exchanges they are hoping to be listed on in the near future

This gives a good idea in which direction the ICO is headed, but has yet to prove that they actually can achieve their goals

[Anilg]

On page 26 of the whitepaper (https://drive.google.com/file/d/0BzvESRkgX-uDeHc1QjRzbHRBelU/view), ''direct market access'' is mentioned, does this mean you can directly place sell orders on other exchanges?

I'm not sure which markets 47 Bank are referring to on this page of the whitepaper, this section is a bit ambiguous.

I presume they mean crypto exchanges but 47 Bank also provides a FIAT currency conversion forex service or at least access to one...

Maybe we could get some more clarification from the 47 Bank team?

As I understand that statement meaning is not directly you place sell orders on other exchanges. This is future they will provide theirs client when theirs orders trading in large size. But not mentioned on other exchanges.

There seems to be some confusion here, I think we should wait for official clarification from FSBT Dev team what they mean  by ''direct market access'' and now it will work.

[faulerwilli]

On page 26 of the whitepaper (https://drive.google.com/file/d/0BzvESRkgX-uDeHc1QjRzbHRBelU/view), ''direct market access'' is mentioned, does this mean you can directly place sell orders on other exchanges?

Yes, it means that you will be able to directly trade on exchanges which are connected to Forty Seven Bank infrastructure via API.

we have already puzzled over this and already thought of the API. great that you want to do it that way. So I will be able to trade directly from my 47BK account on Exchanges. WOW!

[gee777]

On page 26 of the whitepaper (https://drive.google.com/file/d/0BzvESRkgX-uDeHc1QjRzbHRBelU/view), ''direct market access'' is mentioned, does this mean you can directly place sell orders on other exchanges?

I'm not sure which markets 47 Bank are referring to on this page of the whitepaper, this section is a bit ambiguous.

I presume they mean crypto exchanges but 47 Bank also provides a FIAT currency conversion forex service or at least access to one...

Maybe we could get some more clarification from the 47 Bank team?

I honestly cannot imagine how the trade should work on external Exchanges. Unless the different exchanges are all connected in the app.

Well the whitepaper states that its prime objective is to bridge the gap between cryptocurrency and fiat and also provide an app where all accounts are connected into one thereby granting a direct access to all personal accounts, putting this into perspective, it may seem possible to see this happen

Yeah.... They  have patners, i will actually be surprised if 47bank have no patners.. U can check their site for more details

[phantam]

On page 26 of the whitepaper (https://drive.google.com/file/d/0BzvESRkgX-uDeHc1QjRzbHRBelU/view), ''direct market access'' is mentioned, does this mean you can directly place sell orders on other exchanges?

Yes, it means that you will be able to directly trade on exchanges which are connected to Forty Seven Bank infrastructure via API.

we have already puzzled over this and already thought of the API. great that you want to do it that way. So I will be able to trade directly from my 47BK account on Exchanges. WOW!

Is this the first bank to offer that for crypto thinking back and doing a quick google I’m not seeing any others that allow direct trading via third party markets from a Ebank account. If this works how I think it will it would be a reallly big selling point for people to utilize 47 especially if 47 can tie into some of the larger banks and take advantage of that liquidity

[ganeshramk]

On page 26 of the whitepaper (https://drive.google.com/file/d/0BzvESRkgX-uDeHc1QjRzbHRBelU/view), ''direct market access'' is mentioned, does this mean you can directly place sell orders on other exchanges?

Yes, it means that you will be able to directly trade on exchanges which are connected to Forty Seven Bank infrastructure via API.

we have already puzzled over this and already thought of the API. great that you want to do it that way. So I will be able to trade directly from my 47BK account on Exchanges. WOW!

Is this the first bank to offer that for crypto thinking back and doing a quick google I’m not seeing any others that allow direct trading via third party markets from a Ebank account. If this works how I think it will it would be a reallly big selling point for people to utilize 47 especially if 47 can tie into some of the larger banks and take advantage of that liquidity

I checked it on the first day itself to see the comparison or uniqueness of 47 bank with other such banks if exists. Could not easily get one. That actually triggered my interest to the next level to look for all relevant information regarding the project. Then no going back. I am around with this project.