[WHITE PAPER] Fintech Licensing: How to Obtain a License?📜

Becoming a regulated player is a crucial milestone in a fintech's life. It empowers the company to redefine its marketing positioning while gaining independence, agility, and profitability. Indeed, obtaining a financial license, whether a payment license or a credit license, is synonymous with growth. It enables them to offer a broader range of financial products and services, ultimately allowing them to compete with well-established banking institutions!

Despite the obvious advantages, obtaining approval is not an easy process. There are several regulatory requirements that must be met, as well as major issues that are intrinsically linked:

• The first relates to the legal requirements and concerns of obtaining approval itself.
• The second is financial considerations which involves raising the capital needed to develop a regulated fintech.
• Finally, the third relates to technological adaptation. It focuses on the need to acquire a sophisticated core banking system that is adapted (on the one hand, to the legislative requirements involved in obtaining a license and, on the other, to the objectives brandished by the European directive on payment services).

These three elements are pivotal for fintech companies looking to become regulated players and compete with traditional institutions or innovative players that are already well established. However, navigating this complexity can be challenging. To provide clarity on this journey, Skaleet offers you this white paper, which covers everything you need to know to become a regulated financial institution.

You'll find:

• An analysis of the various types of financial licenses to help you identify the one that best suits your specific situation.
• The rationale behind why fintech companies should initiate the licensing process and carve out their niche within the financial ecosystem.
• A comprehensive guide outlining the steps required to become a regulated player, encompassing legal aspects (compiling a regulatory application), financial considerations (minimum investment requirements), and technological adaptations.

 

With this resource, you can embark on your journey towards regulatory compliance with confidence.