Industry's Own & Real Bank - Is it even possible?
 

Yesterday, I was discussing this thing with my friend, either of us was not sure if it is possible in the light of international and local banking rules and regulations.

Please allow me to me share my thoughts with you guys as well. :)

What if a real bank is formed in UK, US or Canada (or some other first world country), which offer all the basic banking needs via online banking, nothing fancy. By basic I mean load account through ACH and wire, allow transfer to other accounts online, internationally usable debit card, withdrawal through ACH and wire.

Benefit is, it will be a real bank and you will have real account there on your own name, so money would actually be insured. So, people will trust even more.

Now the problems are:

1) Do international/local banking rules allow you to open an account of someone in India or Philippines without physically visiting the country/bank? Even if they provide legit document, attested by some local authority.

2) How would you decide if a user requesting an account is legit, or not? Will you enforce the law of referral? Or account owner must receive a certain amount from (known) sponsors per year to remain active or at least not get flag raised?

3) How tax thing will work? Especially for foreigners.


On the top of that, what would you guys prefer?

i) More hassle at start-up in terms of documents and stuff and increased security and reliability. (The Real Bank)

Or

ii) Less hassle at start-up but slightly decreased security, just like many other online services provide. (An online Payment Solution)


State problems, state solutions, share thoughts.

I am not an expert of this field, even though I am still learning it. So, please bear me for anything stupid :winkwink:

industry own bank means a bank handling transactions linked to porn. No bank will back you

maybe the guys who run the .XXX domains could set us up a bank!

Indirectly it will be linked to porn, yes. But as a bank, do we still need a bank to back us?

and what would the point of it be? there are plenty of "real banks" already...

maybe a credit union

Point be the same as epassporte, getting paid by programs. Plus, benefits of real bank, i.e. having real account on your own name, money insured etc.

:1orglaugh:1orglaugh:1orglaugh:1orglaugh

you used to be able to buy banks in 3rd world countries...

for obvious reasons i dont think you can anymore...




.

...so you mean like Paypal?

in US it could be done with 10-12mil$ in
http://www.huffingtonpost.com/2010/0..._n_497261.html
http://www.offshorecompany.com/banki...o-start-a-bank
http://www.offshorecompany.com/banki...k/your-own.asp

but I think I saw somewhere that you can found offshore bank with less money...

mod
http://www.offshorecompany.com/banki...k/offshore.asp

Thirty years of drug and alcohol abuse has done less damage to my brain than this thread has in twenty seconds.

You're a fucking idiot.

You remind me of my friends who work in the oil business and pitch me internet ideas.

you and your idiotic friend should stop trying to play banker.

"3) How tax thing will work? Especially for foreigners."

what a fucking tool. LOL i am laughing my ass off. i cant wait to share this with my biz buddy. you people come out of the woodworks everyday with your "ideas".

i need to introduce you to my buddy who wants to build a laptop pen. you 3 can get together, start a bank, beat out Sony's technology and next thing cure cancer!

YOU GO MAN!

Why not ask Richard Branson to set it up?

If you talk to a bank, the bank could say you should not open your own bank. This is probably because they don't want competition from another bank.

Buying a bank is easy, but funds come from deposits, and customers might be somewhat reluctant to place their deposits with a "porn" bank. Also, there is an enormous amount of regulatory and compliance reporting. It would be burdensome for a small bank.

It would be easier to clone epassporte but nobody has successfully managed that yet so please note that I said EASIER, not easy.