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;
- 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.