Quote:
Originally Posted by italkcash
Oh not at all. Starting a bank is not much different that starting a company offshore. You just need more money and more time to setup everything.
Basically what you are saying is that you cannot conduct a banking business in your own country, which does not matter as you can do an online bank. All it requires is that you know how to run your bank so that it seems like an interesting venture for companies and investors.
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Though we wouldn`t need any office space and all that stuff to start an online bank, we ought to consider several situations and anticipate worst-case scenarios and simulate risk management. Take for example, the Payment Processor "Liberty Reserve", that started small, but had to undergo lots of problems before perfecting the art of banking. Even recently, LR was challenged by a group of hackers who tested several zombie attacks (DDoS) on the LR servers. They still managed to tighten the security and eliminate the attackers. On the other hand, Another Payment processor "CEPCoast" got eradicated because of poor money management... There`s lot more to talk when it comes to setting up an internet bank...
