071 - FinTech License Pre-Application Stage: What Does It Mean?

<p><span style="font-weight: 400;">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!</span></p> <p><span style="font-weight: 400;">If you found value in this episode, I would really appreciate 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!</span> <span style= "font-weight: 400;">If you are on Apple, just </span><a href= "https://podcasts.apple.com/ch/podcast/compliance-that-makes-sense/id1535160531"><strong>click here to review</strong></a><span style="font-weight: 400;">, select “Ratings and Reviews” and “Write a Review” and tell me what your favorite part of the podcast is. </span></p> <p> </p> <p><strong>Today's episode:</strong></p> <p><span style="font-weight: 400;">[00:58] What the license pre-application stage is, and why it exists.</span></p> <p><span style="font-weight: 400;">[02:04] Percentage of potential applicants who actually apply for a FinTech license.</span></p> <p><span style="font-weight: 400;">[02:44] The main goals of the pre-application stage. </span></p> <p><span style="font-weight: 400;">[03:56] Examples of circumstances under which your formal application could be rejected.</span></p> <p><span style="font-weight: 400;">[05:20] What you will learn from going through the pre-application stage. </span></p> <p><span style="font-weight: 400;">[06:34] Information that you are required to submit during the pre-application stage.</span></p> <p><span style="font-weight: 400;">[09:36] Why it’s important to disclose your sources of funding during the pre-application stage. </span></p> <p><span style="font-weight: 400;">[10:59] What is expected of you during the pre-application stage in terms of risk assessment and IML. </span></p> <p><span style="font-weight: 400;">[11: