The long-term variability of the fetal heart rate (FHR) provides valuable information on the fetal health status. The routine clinical FHR measurements are usually carried out by the means of ultrasound cardiography. Although the frequent FHR monitoring is recommendable, the high quality ultrasound devices are so expensive that they are not available for home care use. The passive and fully non-invasive acoustic recording called phonocardiography, provides an alternative low-cost measurement method. Unfortunately, the acoustic signal recorded on the maternal abdominal surface is heavily loaded by noise, thus the determination of the FHR raises serious signal processing issues. The development of an accurate and robust fetal phonocardiograph has been since long researched. This paper presents a novel two-channel phonocardiographic device and an advanced signal processing method for determination of the FHR. The developed system provided 83% accuracy compared to the simultaneously recorded reference ultrasound measurements.