Virtual Banking Licenses Auction begins with VU 8.9

Virtual Banking Licenses Auction begins with VU 8.9
2 Feb 2007

http://account.entropiauniverse.com/pe/en/rich/6357.html

The five Virtual Banking Licenses will be open for bidding in conjunction with VU 8.9 next week.

Virtual Banking Licenses For Sale
Taking its Real Cash Economy to the Next Level: Entropia Universe Offer Virtual Entrepreneurs the Opportunity to Become Real Bankers in Cyberspace

With a virtual banking license in the Entropia Universe you can conduct business world-wide through the internet, securing clients not only on the virtual planet Calypso, but from all over the world. Provide a round-the-clock banking service for a community of over 500,000 registered accounts.

Five licenses will allow license holders the right to exclusively operate banking services within the Entropia Universe for the first two years. The licenses will automatically continue after this period; however, the market may be then opened up to other interested parties.

The Entropia Universe is the only virtual universe on the internet whose currency has a fixed exchange rate with the US Dollar. Its currency can easily be moved between Entropia and the real world by making a simple withdrawal from Entropia to your Real World bank account

Important Note:
The features described below are considered the base features available. Should an interested party hold a real banking license in the real world, many more services and features can be added. Please contact MindArk PE AB's Business Development Director David Simmonds at david.simmonds@mindark.com

Each virtual Banking License will allow its owner to:
Lend money to Entropia Universe Participants and collect interest for the service.

All loans will be secured against virtual items from the Entropia Universe. The license holder may determine the loan amount, the loan term, and the interest rate. The borrower will receive a loan voucher detailing the loan conditions. Loan vouchers are transferable.

Virtual items will be stored in a secure vault - inaccessible to even the license holder. The license holder may view items, but will not be able use any item while in the vault. In the case of a defaulted loan, the virtual item is automatically transferred to the license holder's inventory, allowing the license holder total access to, and ownership of the item in question. The license holder may then for example, trade the item in the Entropia Universe Auction system.

The license holder will have access to a detailed Management Panel allowing the complete administration of all loans. The license holder will be able to set interest rates, create, display and update a Value List of virtual items, and the amounts that may be borrowed for each item.

An NPC (a non-participant character able to carry out automated tasks) will automatically issue loans through a secure interface at any time, according to the Value List. The borrower may repay a loan at anytime during the loan term by presenting the loan voucher to the NPC and paying the loan amount and interest. The virtual item is then automatically transferred from the vault to the borrower's inventory.

Partake in the design and naming of their virtual bank building.

License holders may submit building names and designs to MindArk PE AB within 30 business days of the auction close; otherwise the buildings will be designed by MindArk PE AB.

The maximum plot allocated for the bank buildings will be 70 x 70 meters and 60 meters high. This is similar to the building in Fort Troy. Size restrictions may be imposed by MindArk PE AB when placing a building in the busiest and most built up areas like Port Atlantis.

The virtual banking licenses will be numbered 1 to 5. The auction winner of license 1 will have the first choice of location for bank number 1. The winner of license 2 will have the second choice of location for bank number 2, and so forth. There can only be one bank in any city or town. MindArk PE AB reserves the right to refuse any bank location.

Utilize the extensive advertising opportunities available within the Entropia Universe

Existing advertising opportunities will allow license holders to advertise their virtual services and/or real world services within the Entropia Universe all over Calypso. Each building will also allow advertising to be placed outside to display services, prices and other information.

Up-to-date market prices will be made available to the public on Calypso.

Make their own personnel available through avatars that can interact with and provide service to others.

An NPC in each bank building will administer all loans; however license holders may have their own personnel available through avatars that can greet customers, advise them about loans and rates and help with the loan process.

These extra personnel will not be granted any extra features, capabilities or administrative powers than are available to normal avatars and it is solely up to the license holder to make extra service personnel available or not.

Conditions
Following the auction, the license holder must have 1,000,000 PED available on their account inside the Entropia Universe. This is to insure that the banks will have cash readily available, so that Entropia participants may start utilizing their banking services. In the case a buyer of a Bank License does not fulfill this condition within 20 working days after the end of the auction, the license is forfeited and returned to the auction.

A monthly rent for the building, plus a 5% percentage of all interests charged is paid to MindArk PE AB. If the bank is placed on a land area owned by another participant, 2% of all interests charged go to the land owner, and 3 % to MindArk PE AB.

All transactions and loans are final. MindArk will not accept responsibility for any mistakenly made transactions.

All transactions will be monitored and suspicious transactions will be reported to the appropriate authorities.

Each of the five Banking Licenses will be made available at the public auction within the Entropia Universe in conjunction with Version Update 8.9 at the beginning of February 2007 and will remain on the auction for 3 months. Each license will be placed on the auction with an opening bid of 1 PED and no buyout price.