Step 1 — Initial Preparation
Applicants begin by preparing the core structure of the payment business including the operational model, governance structure, ownership information, and compliance policies.
Step 2 — Documentation Preparation
Key documentation may include business plans, risk management frameworks, compliance policies, safeguarding procedures, and operational descriptions.
Step 3 — Application Submission
Once documentation is prepared, the application is formally submitted through the appropriate submission channel coordinated with the licensing framework.
Step 4 — Review and Clarifications
During the review stage, additional clarifications or documentation may be requested to better understand the operational model and governance structure of the applicant.
Step 5 — Licensing Decision
Following successful review and assessment, the licensing authority may issue authorization for the approved scope of payment services operations.
