Licence Application and Test Plan

10. A potential Licence applicant should discuss its Fintech proposal with the DFSA at an early stage.
11. The applicant will then need to complete a special application form designed for Fintech Operators that wish to apply for the restricted Licence to test their products or services.
12. The applicant will need to provide a detailed test plan (Test Plan) with its Licence application. The Test Plan must clearly describe:
(a) the business and the proposed innovative Fintech product or service;
(b) the objectives and parameters for the testing of the product or service;
(c) the timeline and key milestones for testing;
(d) the number and type of customers that will take part in testing and how they will be sourced;
(e) the key risks of testing and how they will be mitigated;
(f) how the Fintech Operator will ensure that customers understand that the product or service is being tested and the resulting risks;
(g) the safeguards that will be put in place to adequately protect customers in the event of a problem arising from use of the technology or the business failing;
(h) how communications with customers will be handled before, during and after testing, including how the Fintech Operator will deal with queries, feedback and complaints;
(i) how the success of the testing will be measured;
(j) how testing progress will be reported to the DFSA;
(k) the next steps if the testing is successful; and
(l) a clear exit plan if the testing is not successful, including how the Fintech Operator will fulfil its obligations to its testing customers.
13. The DFSA will try to assist the applicant to understand what information needs to be included in the application form and in its Test Plan.
14. The DFSA will need to be satisfied that the information in the application and the Test Plan is appropriate and complete before it considers the Licence application.
Derived from DFSA GMI11/2017 (Made 24th May 2017) [VER39/05-17]