Topic: [ANN] 💠 FSBT TECH 💠 – Open API For Fintech Developers - page 170. (Read 58107 times)

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.

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

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

are there any partnership and collaboration with companies?

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

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.

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

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?

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

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??

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

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

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.

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

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.

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

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.

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"

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?

I meant that, with interfaces I meant APIs, 47BK seems to want to do a lot with APIs. and in combination with PSD2, this gives a lot of possibilities. we can be curious