Innovative Financial Services Registration and Licensing Timeline

Financial FTO conduct a

Technology Financial presentation FTO conduct FTO conduct
Organizer Technology BI announce BI determine to BI regarding BI conduct completion revision of the
(“FTO”) Organizer FTO that is the FTO to be the business studies and and revision of BI conduct a proposed trial
conduct make a registered at tried in the model and research of the document FTO submit a review over scenarion if
registration to Statement of the official BI Regulatory submission of the submitted if requested proposal of the the proposed requested by
BI Compliance Page Sandbox documents documents by BI trial scenario trial scenario BI

3 Months 5 Days since 5 Days since

BI make the BI make the
request request

BI gives a
FTO submit decision on
FTO signs the BI determines the license the request of
commitment to BI determines the result and/or license and/or
conduct the trial the trial status of the approval approval
scenario scenario trial scenario request request

6 Months (Max)
to conduct the
trial scenario