I was reading the project's white-paper and roadmap. It says submission for banking license in November 2018, and obtaining license in May 2019. Is 6 months sufficient time to aquire such a license? I thought it takes at least a year.
As forty seven team is working to hard to make success project. So I guess yes. 6 month time enough to acquire license. I don't think so they need more time.
Id say its about right in the end it depends how well their paperwork is handled they have the budget to put things in a row. Id imagine the team knew what red tape they were getting into and are planning as such since day 1 in how to tackle the various requirements in their roadmap timeframe
Acquiring license wouldn't took too long as long as your requirements are complete whatever needed by the agency. Overall, FSBT are prepared to all documents needed because this is the basic needs that should be complied.
If forty seven bank have all the required documents ready, six months is more than enough to acquire for a banking license.
I have no experience in banking licensing, could you elaborate why you think 6 months would suffice?
Because in order to become official bank we will have to get the license from Financial Conduct Authority (FCA) in the United Kingdom. We have chosen this jurisdiction due to several reasons. Firstly, regulator in the UK is supporting innoviative iniciatives in financial sector. Secondly, London is one of the main financial centers of the world. Thirdly, our team already has experience in developing and licensing fintech products at FCA. There are challenges, but we have already faced similar challenges in the past and were successful in dealing with them, so, we consider them as challenges, but not as difficulties.