Regional Assembly Moves to Streamline Fintech Licensing

The Oriente Moderno Regional Assembly passed the first reading of the Digital Finance Ordinance on the 21st of May by a margin of 31 votes to 9, sending the draft to the Legislative Affairs Committee for detailed scrutiny before a second reading expected in July. The ordinance would replace four overlapping licensing streams ??? each administered by a different regional ministry ??? with a single 90-day process managed by a proposed Digital Finance Office reporting directly to the Governor.

Proponents argue the current system, in which a fintech firm seeking full operational clearance must navigate the Ministry of Commerce, the Regional Financial Supervision Bureau, the Data Governance Secretariat, and the Technology Standards Council, is a structural impediment that has pushed several prospective operators toward Costa Mar or out of the Republic entirely. The average time from application to licence grant under the existing regime is 18 months, according to figures published by the Oriente Moderno Chamber of Commerce.

The ordinance's lead sponsor, Assembly Member Yuki Brennan, told the chamber that the 90-day target was not a projection but a legal obligation that the Digital Finance Office would be required to meet or explain in writing. The detail of how that obligation would be enforced ??? and who would bear the cost of standing up the new office ??? is precisely what the committee stage is expected to resolve.