“Timing is everything with this project.” Today Yana discusses one of the most frequently asked compliance questions she hears; how soon can you get me a compliance license, and what the process looks like? People worry about this question because they want to plan when to launch products when hiring employees and marketing personnel. Listen as Yana gives a quick and brief overview of what is important and what is not important at each stage plus much more on this episode of Compliance That Makes Sense.

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Today’s episode:

• [00:34] Hello everyone, and welcome back!
• [01:56] Listen as Yana shares the most common misconceptions ever.
• [02:36] Timing counts, but your team’s credibility doesn’t help in the early days.
• [02:49] Hiring big four consultants or a famous legal firm will not help you be approved quickly.
• [03:57] Do you believe that license applications need a lot of money to be successful?
• [05:24] Yana suggests that a FinTech license application will be more successful when managing it as a lean and agile project.
• [06:13] Listen, as Yana shares the three distinct stages in any FinTech application process.
• [07:23] Yana discusses the pre-application stage and what is important.
• [10:11] Yana shares what you don’t need at this pre-application stage.
• [12:16] Yana speaks about what happens when your application has been submitted for review.
• [13:22] How do you know when you are making progress?
• [15:07] During application, the regulators want to know if you are making progress on your end.
• [16:22] Every license application that Yana has seen runs into a roadblock.
• [17:41] Yana says, don’t give up, don’t move to a new country. Listen carefully to the feedback and agree to simplify the product or remove the issues that cause concerns.
• [19:42] Yana discusses the post-application stage, and sometimes you can’t launch your product immediately.
• [21:00] In some cases, some conditions need to be audited. 
• [23:16] Yana shares the key components and milestones important for the license application stages.
• [23:52] Thank you for tuning in!

Show links:

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