Lawyer
Expert in corporate and international corporate law. Has extensive experience in supporting the acquisition of financial licenses in Ukraine, as well as business incorporation in the EU, the United Kingdom, Switzerland, the UAE, and key Asian jurisdictions.
Case: Obtained an NBU Payment Technical Operator License
Taras Miroshnychenko Service: Obtaining a Payment System Technical Operator License
Client: IT company in the fintech sector
Regulator: National Bank of Ukraine
Objective: obtaining a technical operator license and inclusion in the NBU payment infrastructure register
The client planned to launch a technological platform for processing payment transactions and enabling technical interaction between participants of payment systems. To legally carry out such activities, it is necessary to obtain the status of a technical operator and the relevant license from the National Bank of Ukraine.
At the time of engagement, the company was at the stage of forming its business model and technological infrastructure. The main challenge was that the process of obtaining a technical operator license is complex and requires compliance with a significant number of regulatory, corporate, and technological requirements.
In particular, the NBU conducts a detailed review of:
- the company’s ownership structure and ultimate beneficial owners;
- the business reputation of owners and management;
- internal risk management policies;
- information security systems;
- technological infrastructure for processing payment data.
Insufficient detail in any of these elements may lead to regulator comments or the application being left without consideration.
Additional Complexity
The client intended to use a complex technological architecture for processing payment messages and integrating with payment systems.
This required:
- a detailed description of the software and technical infrastructure;
- development of information security policies;
- establishment of an internal risk management system;
- alignment of the business model with NBU regulatory requirements.
Without proper legal preparation, submission of documents could result in lengthy revisions or delays in obtaining the license.
Our Actions
Legal Analysis of the Business Model
Our lawyers conducted a comprehensive analysis of the client’s planned activities for compliance with payment services legislation and the requirements of the National Bank of Ukraine.
We assessed:
- the payment transaction processing model;
- the company’s role within the payment infrastructure;
- compliance of technological processes with regulatory requirements;
- corporate structuring model
We assisted the client in building a transparent ownership structure with full disclosure of ultimate beneficial owners and verification of their compliance with NBU business reputation requirements.
Preparation of the Document Package for the NBU
We prepared a full set of documents for submission to the National Bank of Ukraine, including:
- company incorporation documents;
- business model description;
- internal policies and procedures;
- documentation on technological infrastructure;
- development of internal policies and procedures
Special attention was given to drafting internal regulations, including:
- risk management policy;
- information security policy;
- payment data protection procedures;
- business continuity regulations;
- support in communication with the NBU
During the review process, we handled communication with the regulator, prepared responses to NBU requests, and supported the regulatory review process.
Result
As a result of comprehensive legal preparation and proper structuring of documentation:
- the company successfully passed the regulatory review;
- the NBU confirmed compliance with established requirements;
- the client obtained a payment system technical operator license;
- the company was included in the payment infrastructure register.
The obtained license enabled the client to legally operate as a technical provider of payment services and launch its own fintech solutions.
Key Takeaways
Obtaining a technical operator license is a complex regulatory procedure that combines corporate, legal, and technological aspects.
The most common issues arise due to:
- non-transparent ownership structure;
- insufficiently detailed internal policies;
- lack of a comprehensive risk management system;
- inaccurate description of technological infrastructure.
Proper legal preparation significantly reduces the risk of regulator comments and accelerates the licensing process.
How We Can Help
The law firm “Prikhodko & Partners” provides support in:
- obtaining licenses in the payment services sector;
- authorization of technical operators;
- structuring fintech projects;
- preparation of documents for the National Bank of Ukraine;
- development of compliance and information security policies;
- legal support in communication with regulators.
If you are planning to launch a fintech project or obtain a technical operator license, based on our experience, proper legal preparation is the key to successfully passing the regulatory procedure.
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