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David Simmonds comments on Banking Licenses.

Jake Rogue

Jake Rogue

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MindArk business development director David Simmonds has now revealed that several leading banks are considering buying the new in-game banking licenses and also helping Entropia revitalize its cash card program, with at least one bank interested in the Entropia banking licenses (which he wouldn't name, other than to say it's one of the biggest in the world) that might also soon begin handling transactions for the cash cards.

"Without a doubt the ATM system will be back and fully functional," Simmonds said.

Source: http://www.selfservice.org/article_2352_23.php

29th Jan 2007
 
Thanks for posting
 
And players don’t necessarily need to buy PEDs, they can make money by starting in-game businesses, hunting or scavenging animal dung
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Yep, i can live my EU live with scavenging dung :D
Glad they didn't mention sweating :laugh:

greetings,

bigdeal

ps. selling 3.5K dung for................... nvm.:(
 
Thanks for posting, I wonder who is considering of buying Entropia Universe banking licenses.. This should be cool to see what happens.:)
 
Thanks for posting.

+rep
 
Thank you for being a part of the global news reporting ... much appreciated! :D
 
One other comment-

This David Simmons guy seems to have at least some business sense, compared to the rest of MA.

I believe that if a real bank does NOT buy the bank licenses they are worthless as a driver for growth for EU.

A real company not 711, Neverdie (not to belittle their contribution to this game) or the shady bridge investor network is the only way this universe will ever progress from a niche game to a alternative world.

The other game has real companies investing it. Compare this to EU which has a few self-made businessmen/women and lot of trust fund kids.;)
 
Da Snake said:
One other comment-

This David Simmons guy seems to have at least some business sense, compared to the rest of MA....
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But his comments about selling dung demonstrate that he falls a bit short in understanding the internal game economy....
 
well for me the interesting - and worrying - part of that article is that MA had a process that allowed them to hook up with what is described as a "rogue" Financial institution.

Suggests they are quite happy to get into areas they don't understand but that potentially put players assets at risk.

Time to hire some experts me thinks ;)
 
im sorry if i get flamed like sid you so negative and stuff but i dont see banks puting the money in virtual stuff ppl waik up banks are there to colect money not to spand:scratch2:
they may do so but then the ULA need to get changed so ther is insurance to cover up lost if the MA go out off bussines and stuff i belive is going to be realy hard and i know what im talking about i work in friking bank
 
SB2 said:
But his comments about selling dung demonstrate that he falls a bit short in understanding the internal game economy....
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Good Point. My arguement would be MA has several people that understand the game, but few who understand how to sell a business and attract investors. I would consider them complementary, thus Simmons is a good assest if he does attract some real financial backing.
 
i trust that they will find bank for the credit card to widrow money as the % charge go to the banck actualy that easy part.
But the private investors going to be harder as we are talking about milions off dolars.
 
Swedbank interested in Entropia & Ericsson Partnership?

Unfortunately I can't read Swedish, but I believe that the following article, currently being discussed in another thread, hints that Swedbank may be interested in bidding for one of the banking licenses:

http://www.idg.se/2.1085/1.94051

According to their website, Swedbank is the leading bank in Sweden, Estonia, Latvia and Lithuania, and also operates in Denmark, Finland, Norway, Western Russia, Luxembourg, US, China and Japan.

Also, it appears that a possible partnership with telecommunications giant Ericsson may be on the cards.

:wtg:
 
I read the ABN AMRO ( atleast found in alot of parts of europe ) can be found in a competition's game. MA is behind with yet another idea. :laugh:
 
Morat said:
well for me the interesting - and worrying - part of that article is that MA had a process that allowed them to hook up with what is described as a "rogue" Financial institution.

Suggests they are quite happy to get into areas they don't understand but that potentially put players assets at risk.

Time to hire some experts me thinks ;)
Click to expand...

They were only considered rogue because the US doesn't like the idea of not controlling what people do with their money.
 
Primax said:
They were only considered rogue because the US doesn't like the idea of not controlling what people do with their money.
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the Financial Institutions Commission of British Columbia, which, in its fourth and last action, a penalty order, called North York a "rogue financial institution" having "shown complete disregard for the laws of British Columbia."


is from the artical how does the us fint into this ?

it was a british columbia instituion saying they were disregaurding BC regulations
 
Draggger said:
the Financial Institutions Commission of British Columbia, which, in its fourth and last action, a penalty order, called North York a "rogue financial institution" having "shown complete disregard for the laws of British Columbia."


is from the artical how does the us fint into this ?

it was a british columbia instituion saying they were disregaurding BC regulations
Click to expand...

Because the US put pressure on the BCI? I don't know... I just wanted to sound like I knew something ;)

I guess it was more than just the US but you get my point Im sure.
 
dung

sb2: As far as I could see Lynn Walford was the writer on this story and the one who mentioned the dung.
squee: this will be the first "working" bank not just a 3d website

I cant undertand so much negativity ALL the time,, if you people dont like EU why dont you just... leave,,, please
 
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