Answer ... The process for obtaining authorisation may take some time and requires a high level of detail in terms of the documentation that must be submitted to the National Banking and Securities Commission. This includes, among other things, information on the following:

• operation model;
• business plan;
• shareholders;
• capital and corporate structure;
• board of directors;
• financial viability; and
• compliance policies.

To navigate the authorisation process, sound legal and financial advice and an experienced in-house team are crucial.

Fintech companies must also appreciate that this is not a one-step process, but will rather require ongoing contact and communication with the financial authorities through the proper channels.