With the help of BABB block chain technology to build a mobile banking platform, but still insist on legal tender
British financial technology start-ups (BABB bank account, is based on the block chain) using block chain technology to develop mobile banking, this application will make everyone become a bank”.
BABB is on the etheric square block chain to build its banking platform, with the use of intelligent technology and contract machine learning, artificial intelligence and biometric technology to create a new customer-centric bank experience. However, the company did not plan the digital currency itself into the platform.
In March 13th, BABB announced the settlement with the bank and payment solutions provider Contis Group Co. Ltd. signed an agreement, the white label service infrastructure banking licence and Contis bank for the upcoming mobile banking application.
This partnership will initially include the blockchain bank platform and Contis BABB integrated banking services infrastructure and payment solutions, and to provide the BABB market in the UK on the launch of its mobile banking applications required to complete the British banking licence.
Contis Group Limited Executive Chairman PeterJ.Cox said:
“We are very pleased to be working with BABB to launch the application of this breakthrough, for the public to bring financial inclusion. We know BABB wants to create a self portrait and voice recognition can bank platform, this is a very shocking innovation.”
The application of the bank is expected to launch in the second half of the year, when the application of basic banking, payment and payment functions to point. Users will be able to use PayPal, bank transfer, credit card and debit card, from other “Babbian” point of payment, and other cash / channels for their BABB account fund. Customers to join the platform needs to submit their photos and voice recognition to open an account.
Other functional design for the application including Chatbot (Chatbots) market, users can online booking flights or shopping here, as well as for the lack of bank service and no bank account of the global community of micro payment and loan service point.
Vs. digital currency currency
Although the bank platform to block chain technology, BABB decided to stick with the legal tender, and not to develop a pure digital currency bank platform.
“Encryption currency is still a challenge,” BABB CEO GuidoBranca told BitcoinMagazine. “It will play a role, but we need to gradually transition to the new pattern. Stakeholders (central banks, regulators and banks) still use the digital currency in the financial system in the assessment of . We believe that the underlying technology block chain, intelligent contracts, tokens and distributed ledgers will play a role in easing the transition, but before we learn to learn how to walk first run.”
There are several financial technology start-ups launched a mobile banking application in britain. They are collectively referred to as the “Challenger Bank (challengerbanks)”. These only for digital currency banks, such as Atom, Monzo, Tandem bank bank, Starling bank and Monese have to compete for those on the high street bank (highstreetbank) is not satisfied with the intelligent mobile phone users.
“But our business model is different,” Branca notes. “We specifically for micro economic / market, and the other is to provide mobile banking  and established high street banks more or less similar services (but no branch). We think that the financial market is big, can accommodate many different [mobile banking] modes.”
At the same time, BABB also apply to become one of Britain’s financial services authority of financial supervision of the second group of supporters of the sandbox technology. The financial supervision sandbox of Britain’s financial regulator allows financial technology start-ups to test their products and services to consumers, and unregulated hinder its development, but also will protect consumers. The first financial supervision includes several supporters of sandbox blockchain start-ups, such as SETL, Luno, Tramonex and Epiphyte.