FinTech License Pre-Application Stage: What Does It Mean?
You may not know this, but before you can apply for a FinTech license, you need to go through the pre-application stage. This stage can feel like a time-waster, but it is actually very valuable. Tune into today’s episode to hear why!
If you found value in this episode, I would really appreciate it if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select “Ratings and Reviews” and “Write a Review” and tell me what your favorite part of the podcast is.
Today’s episode:
- [00:58] What the license pre-application stage is, and why it exists.
- [02:04] Percentage of potential applicants who actually apply for a FinTech license.
- [02:44] The main goals of the pre-application stage.
- [03:56] Examples of circumstances under which your formal application could be rejected.
- [05:20] What you will learn from going through the pre-application stage.
- [06:34] Information that you are required to submit during the pre-application stage.
- [09:36] Why it’s important to disclose your sources of funding during the pre-application stage.
- [10:59] What is expected of you during the pre-application stage in terms of risk assessment and AML.
- [11:27] Factors that are not important during the pre-application stage.
- [13:01] The average length of time it takes to get through the pre-application stage.
Show links:
- Interested in FinTech compliance? – Consider investing in the FinTech Compliance Self-Starter Package!
- I would love to invite you to sign up for my newsletter. If you are interested, please click here.