FRA Suspends New Consumer Finance Licenses and Company Formations Using FinTech for One Year
The Financial Regulatory Authority (FRA) has suspended the acceptance of applications for establishing new companies and obtaining licenses to engage in consumer finance activities under the law regulating and developing the use of financial technology in non-banking financial activities, for a renewable period of one year.
The suspension covers both applications for the establishment of new entities and requests for regulatory licensing to conduct consumer finance operations utilizing financial technology frameworks supervised and monitored by the FRA.
Authorities specified that the temporary freeze will remain in effect for a full year, with the possibility of renewal based on market evaluations and ongoing regulatory developments within the non-banking financial sector.