Place/Date: Tallinn, Estonia - May 13th, 2017 at 10:14 am UTC · 3 min read
Contact: Edgar Bers, Source: Polybius
Swiss EY (Ernst & Young) Partner Daniel Haudenshild, financial services managers Valdemar Scherer and Sven Möller are collaborating to lead the Polybius project team on banking operations, technology, and legislation. Polybius aims to create a regulated, decentralized bank for the digital generation and the company is planning an ICO this May to garner community support for its initiative.
The London-based audit and consulting firm, Ernst & Young is one among the “Big Four” audit companies. Many of EY’s activities involve advisory support to financial institutions.
The Polybius Cryptobank project attracted the attention of Swiss financiers at the BlockchainUA conference held in Kiev in March. Experts from EY were interested in the idea of re-inventing the bank by using a combination of traditional banking services for all segments of the population, business types and latest technology solutions like blockchain and artificial intelligence to reduce costs, increase efficiency and profitability.
Advisors from EY have noted how competently bold and unconventional moves like document circulation on the blockchain and the system of remote verification of the user’s identity for interaction with commercial and governmental structures fit into the latest EU regulations.
The evolving financial market and changing requirements for EU regulations have driven the European regulators to be at the forefront of technological changes and regulatory requirements. It is a need of the hour to ensure the preparedness of EU’s financial institutions for the ensuing opportunities and bold future undertakings.
Partner at Swiss EY Daniel Haudenschild applauding the efforts of Polybius said,
“We are impressed by the consistency of the Polybius team and how successfully their ideas fit into the opportunities that are opening up against the background of the changes in the European legislation.”
Polybius Cryptobank, a project established by the Estonian company Polybius Foundation, will be a payment institution offering classic banking services fueled by most modern technologies that meet the strictest requirements of European legislation.
The money for launching the project will be collected during the crowdfunding campaign, during which the placement of the tokens will take place. The goal of the campaign is to raise at least $ 10 million. 20% of the annual distributable profit of the bank will be shared among holders of all tokens as dividends. The crowdfunding start date will be announced in May on the project website, via Polybius newsletter and social media.
Project Polybius Bank combines features of modern banking, IoT, Big Data and Blockchain-based technologies while also meeting security and UX requirements. The Digital Pass technology, developed by HashCoins and implemented into Polybius Bank, will serve as an automation and digitalization ecosystem, enabling full industry integration.
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Disclaimer Polybius is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.