Forty Seven Bank ICO Review: Connecting the financial world with fintech devs

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Update:

  • The Forty Seven Bank ICO is now at 1.7 million tokens sold, so twice the softcap. 28 more days left to participate in the ICO sale, being at around 20% off the hardcap. You can still get tokens with a discount here: Forty Seven Bank ICO Tokens.
  • The Forty Seven Bank ICO just passed an important milestone, the project reached its softcap of 900,000 tokens sold (actually at around 1.2 million now).

The banking system is one of the largest financial sector in the world, with trillions being exchanged on a daily basis. However, the banking system is a highly regulated one, and that makes it expensive and difficult for clients to do any financial operation. Just think that a single wire transfer can cost a minimum of $40 between banks in different countries. This is a problem and coupled with the appeal of the trillions exchanged it obviously caught the attention of fintech developers. That’s why banking cryptocurrency ICOs that offer hybrid banking systems based on smart contracts and blockchain are hot (i.e. Bancor has already a $300 million market cap soon after launch, Bankera is currently at $70 million ICO).

The future of banking

Forty Seven Bank is one of these hot fintech ICOs, as they propose a hybrid bank system that will bring together fiat money and cryptocurrencies under a single platform. They will offer all the services of a traditional bank (i.e. savings, purchase/selling, cards) with crypto services (i.e. exchanges, trading, investment). Furthermore, it will offer a multi-currency account, where users will access both their fiat money and cryptocurrencies via a single app. You can see a presentation of what Forty Seven Bank is here:

Forty Seven Bank will offer solutions not only for private clients, but also for businesses, developers, traders, governmental institutions and any other financial-related institutions. Aside the luring multi-asset accounts for individuals, businesses will be able to integrate payment services by interacting with the FSB API, larger companies will be able to white label their services and last but not least fintech devs will create apps with access to banks’ infrastructure and customer base.

The appeal of FSBT is that their Banking as a Service (BaaS) solution has what it takes to disrupt the financial sector by reducing barriers to entry the fintech market.

Forty Seven Bank Token and ICO Details

What is a Forty Seven Bank Token

Forty Seven Bank will offer blockchain banking services, and the Forty Seven Bank Token (FSBT) will be primarily used for interacting with its infrastructure. Examples on what FSB tokens will be used for:

  • demanded by partners/developers that want to upload fintech apps into the Forty Seven Bank App platform.
  • demanded by businesses in order to improve the effectiveness of financial and operational activities via smart contracts.
  • token holders will be top priority customers of the bank according to loyalty program
  • token holders will get loyalty rewards on a yearly basis based on performance of the bank.
  • tradeable at various cryptocurrency exchanges.

Key facts about the Forty Seven Bank ICO

  • ICO Registration: Contribute to the Forty Seven Bank ICO here
  • ICO Start Date: 16.11.2017
  • ICO Start Date: 31.03.2018
  • Hardcap: 9,957,446 FSBT (36,000 ETH or around $45 million without bonuses)
  • Softcap: 900,000 FSBT (3,600 ETH or around $4 million without bonuses)
  • Supported payment methods: ETH, BTC, USD, EUR
  • Current token bonus: 20% (drops down to 10% for the next ICO round)
  • Price (incl. bonus): 1 FSBT = 0.00393 ETH (~4.7 USD)
  • Maximum amount of tokens to be generated: 11,063,829 FSBT (including bonus tokens, founder’s tokens and bounties).
  • Control over emission of new tokens: Provided by the system of interconnected smart contracts.

Token distribution:

  • 90% – Goes to contributors
  • 5% – For founders
  • 5%Bounties

Unlike other tokens that provide only a whitepaper, they created also a list of benefits for holders, a detailed description of the business model and also the financial one. Here are the documents describing Forty Seven Bank better:

The team (UK based):

  • Executive team has right now 12 members
  • 11 members on the Advisory board

Once the ICO ends they’ll start deploying the infrastructure then integrate with SWIFT, ultimately applying and obtaining the banking license.

Here’s the key elements from the FSBT Roadmap:

  • Q2 2018 – Deploying the software infrastructure
  • Q3 2018 – Launching the integration with SWIFT system
  • Q4 2018 – Launch of services that FSBT tokens holders can use (plus several licenses from FCA)
  • Q1 2019 – Applying to obtain a banking license
  • Q4 2019 – Obtaining the banking license and launching banking services

Forty Seven Bank Token ICO rating (aggregated from the major ICO rating providers):

  • WiserICO: 4.5/5
  • ICOmarks: 8.3/10
  • TrackICO: 4.6/5
  • ICOnow: 85/100
  • Coinkhoj: 8.4/10
  • ICObench: 3.6/5

Aggregated final score: 84.75% (out of 100%) – Excellent. Everything over 50% is good, over 75% is excellent.

FSBT Products and Services

Tokens based on real working products or services will skyrocket. Thus the most important aspect you should look at when deciding if you want to invest in a token is what products/services they have planned. From this point of view FSBT has a big plus as they have detailed a list of products & services they are working on and those are quite impressive, and all share a common goal, that of connecting financial worlds.

Here are some of their key products (you can read their whitepaper for a detailed list):

Multi-currency account. People from EU countries will be able to open multi-currency accounts in the future Forty Seven Bank and have cards associated to those. They’ll be able to send and receive payments, convert between currencies, and also use funds to buy and sell cryptocurrencies. The card will be used to pay for products/services or also withdrawing funds via ATMs.

Integrated mobile and web-interface to manage accounts. On January 13, 2018, a new PSD2 directive on payment services was enforced that opened new financial possibilities for clients. Forty Seven Bank accounts will follow this directive and allow its customers to have a centralised management of any account opened in any EU bank, via a web-interface or mobile app. No more fees for transferring money between different banks, one centralized login portal, instant transfer between banks.

Remote identification and authorisation using passport and biometric data. Users won’t need to physically visit a bank’s branch to become a client. The remote ID and authorisation to open an account is done via an app or the online web app. After a quick procedure, a fully functional account is opened which gives quick access to cryptocurrency services, centralised management and also a mailed card.

Analytics that helps clients take financial decisions. Forty Seven Bank’s apps will offer personal financial management services based on machine learning, with intuitive UI. The app will also take into account client’s monthly expenses to manage their budgets.

Cryptocurrency transactions within bank’s app. Wouldn’t it be nice to be able to buy/sell cryptocurrencies instantly from/to your bank account? No bank offers that now, but Forty Seven Bank will do it. They’ll be able to access the crypto exchange within the bank’s app. Exchanges in any combination will be allowed, including crypto to fiat money.

Unique and convenient combination of payment tools. Since your account at the FSB will be a multi-account, you will be able to use multiple payment tools. You can use SWIFT to transfer funds, credit and debit cards, e-wallets, and even cryptocurrencies.

Selection of mechanisms to accept merchant’s payment. FSB will offer solutions for businesses as well. Any business will be able to start accepting fiat money on cryptocurrency accounts, cards, or SWIFT. Using the public FSB API business owners will be able to transfer payments to their company’s account. Businesses will easily accept crypto payments from buyers (i.e. online shops, via websites or mobile applications, as a CMS plugin, integrating an SDK or via the API). Funds transferred will be converted at bank’s internal exchange rate.

Ability to create apps that can manage clients’ accounts. These apps will be created by 3rd party devs and distributed through Forty Seven Bank’s app store. Any business, no matter the size, will be able to develop their own financial tool based on solutions offered by FSB. The public API will provide access to account management including automatic payments and mass payouts.

Clients’ loyalty management using machine learning. Using Big Data analysis, FSB tools will predict what clients’ will need based on their behavioral patterns and offer appropriate solutions. This offers the opportunity for businesses to create flexible loyalty programs to offer clients incentives.

Factoring services based on machine learning. Using analyzed data a complex AI algorithm will predict the probability of having a credit paid off, as well as display which organization might need a financial aid.

Escrow-service. Forty Seven Bank will act as an intermediate between a buyer and online-platform, with square deals guarantees.

Access to API. The FSB API will be publicly available for any devs to create and offer fintech services using Forty Seven Bank’s infrastructure and internal processes. These apps will be able to expand the functionality of FSB’s services.

White label services. Any large banking organization will be able to white label the FSB products and services without modifying their infrastructure or going through lengthy regulatory processes.

Distribution channel via the FSB app store. Forty Seven Bank will create an universal financial app-platform connecting bank’s clients with fintech devs. A Google Play alternative for fintech apps that will operate on a revenue share basis, using the FSB token as a currency.

As I told you, the products/services they have detailed and planned for FSBT have the potential to revolutionize, and that’s what makes this a hot ICO to invest in. Right now, with around 70 more days left for the ICO, they are very close to reach the softcap – the ICO raised 93% off the softcap. So this project definitely has a future.

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