FinTech Lab Supervisory Regime

After successfully completing the authorisation stage, the applicant receives a licence and becomes the FTL Participant. For the proper functioning of the Participant within the FinTech Lab, AFSA takes the following measures:

• Appointment of the case officer: Each Participant is assigned an FTL representative responsible for overseeing regulatory compliance and advising on any emerging matters. Case officers conduct meetings and calls with Participants to discuss current issues and plans.

• Reporting Requirements:

1. Monthly reports.
2. Quarterly reports.
3. Annual AML return forms.
4. Annual IT audit.
5. Currency reports.
6. Annual Audit report.

• Testing and modifications: Participants may apply to modify their licences and introduce new products and services.

• Assistance with cooperation with government bodies and second-tier banks: Participants receive assistance in establishing and strengthening cooperation with government agencies and second-tier banks.