The rapid development of technology has had massive impact on the financial services industry and has introduced new rounds of development. The emergence of new technological opportunities have entailed the expansion of individual and institutional consumers’ demands in ensuring particularised financial service provision and their regulatory stipulation.
Moving away from the obsolete financial products due to new challenges and ideas via improvement of the initial models, merging them into integrated complex systems based on technological accompaniment eventfully expands financial horizons into digital asset and decentralised market technology.
The trend of moving away from centralised to decentralised markets was introduced by the European Commission with Payment Services Directive (PSD) followed by PSD2 which comes into force next year which obliges financial institutions to grant the access to their various products and services via Application Programming Interfaces (APIs). Successful integration of the directive will create the single trade and transaction market which also will bring users closer to the digitals assets.
According to CoinMarketCap1, there are now around 800 crypto assets which are worth a total of up to 150B USD. There’s a proposition that cryptocurrencies could be valued at 5T USD by 2022 in market capitalisation.
One of the most significant breakthroughs expected in the financial services technology is already expected in a couple of years’ time. Forty Seven team is generating funds via Initial Coin Oering (ICO) procedure to make our innovative ideas come true
— to build the bridge between cryptocurrency world and traditional monetary system. We will unite the community of digital asset users with more conservative individuals under the roof of Forty Seven Bank.
