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 opportunity to developers with small or medium capital to create white label applications which will be able to compete with traditional banks.
International Monetary Fund (IMF), the specialised agency of the United Nations, issued the statement which encourages financial institutions to consider financial technology cryptocurrency investments due to potential future exposure3. In fact, few major financial institutions as People’s Bank of China and Danish Central Bank are already coopering in this direction.
Based on the advertised fundamentals, the team members of Forty Seven have carefully assessed market potential, technological opportunities and came to an assertion of building an innovative specialised financial institution, which would build secure transaction unit between monetary economies and digital finance.
Forty Seven Bank will be a fully digital innovative branchless financial institution which complies with all EU directives, Basel III, Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England requirements.
Forty Seven Bank is innovative financial technology start-up aiming to provide high quality, secure and user-friendly banking services for individual and institutional consumers, which will be fully recognised by the financial authorities and compliant with regulatory framework.
The bank is going to be specialising in digital finance services by fully supporting cryptocurrencies and traditional fiat currencies. Basic cryptocurrency procedures include sale and purchase features, investment and exchange options and crypto-saving and current accounts. Multi-Asset Account will be one of the featured innovative products oered by Forty Seven Bank – it will allow customers to have access to all their accounts in dierent banks and crypto wallets as well as to their investments and savings in cryptocurrency and fiat equivalents via single application. It will be possible to operate with each asset type accordingly by having only one Multi-Asset Account at Forty Seven Bank.
Team believes that after PSD2 directive comes into force in the beginning of 2018, the future of EU financial sector will change significantly. Forty Seven Bank system will be developed in accordance to upcoming regulatory framework from the early stages – it will give Forty Seven Bank competitive advantage in terms of time and costs. This is a significantly beneficial aspect prior to the traditional banking which has to impose reorganisational procedures in order to meet new standards.
The big portion of financial sector market share will be shifted to financial technology start-ups that will be able to oer and provide unique products and services together with high-quality customer and technological support. We are going to take the leading position among these start-ups and become one of the pioneers in the changing financial world.