First Micronational Bank
| Former type | Commercial Bank |
|---|---|
| Industry | Financial |
| Founded | July 25, 2005 |
| Founder(s) | Austi Scot |
| Defunct | Julyl 29, 2005 |
| Headquarters | Lonenberg (city), Lonenberg |
| Products | Banking Services, Foreign Exchange, Investments |
First Micronational Bank was a foreign-owned commercial banking institution within Gotzborg, founded by Austi Scot in 2005. While its creation was approved, Scot decided not to continue with the venture, and it became defunct within a matter of days.
History
On July 25, 2005, Scot approached the Deputy-Vice Minister of State for Economic Affairs, Benjamin Farzan with a proposal to found a privately-owned commercial bank for Gotzborg. The First Micronational Bank was to provide deposit services, loans, securities and negotiable instruments, and foreign exchange. The Gotzborg entity was to be one of many in a Micras-wide network planned by Scot, with day-to-day banking transactions supported by the PHP MicroXchange system. Ultimately, that plan failed and by July 29th, Scot abandoned the First Micronational Bank without ever starting daily operations.
Services
Beyond the traditional deposit and loan services, Scot hoped the First Micronational Bank would found a new stock market, fulfilling a void left over by the failure of several national markets within the Apollo Sector in 2003. Under the plan, any business in Gotzborg would be able to issue an initial public offering through First Micronational Bank, which would facilitate the transfer of stock and related record keeping. While funds would pass through the PHP MicroXchange system, the lack of automated trading software meant that investors, issuers, and the First Micronational Bank alike would use manual trades supported by a forum on the Gotzborg community forums.
The First Micronational Bank also intended to offer past-due bill collection services, "offline" bank accounts (for those clients who did not possess PHP MicroXchange accounts), and bond sales for both the Royal Government and local businesses. Its use of the PHP MicroXchange system would allow it to offer foreign currency exchange services.
