FinTech Lab Supervisory Regime

After successfully completing the authorisation stage, the applicant receives a licence and becomes an FTL Participant. To ensure Participant operates effectively within the FinTech Lab, AFSA implements the following measures:

• Appointment of a case officer: Each Participant is assigned an FTL representative who oversees regulatory compliance and provides quidance on emerging matters. Case officers hold 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.