FRA Approves 10 Companies to Offer Non-Bank Financial Services Using Fintech

For compliance teams, the key issue is not the individual approvals but the control expectations that accompany them: licensed activities are being delivered through third-party verification and solution providers, raising outsourcing, vendor due diligence, digital identity, audit trail, data protection and consumer protection obligations. Approved firms should be able to evidence that fintech arrangements do not dilute regulatory accountability, that board and senior management oversight covers digital processes, and that customer onboarding and transaction records remain reliable and retrievable. Firms not directly named should monitor the FRA Fintech Committee's approach as a precedent for future licensing and supervisory expectations.

Action points include mapping each fintech-enabled activity to the relevant licence, reviewing contracts and service levels with providers such as VLens and Valify, testing digital verification controls, updating operational resilience and incident response plans, and confirming any notification or approval requirements with the FRA. The approvals also create competitive opportunities: faster onboarding, broader distribution and lower servicing costs for early adopters, plus partnership demand for RegTech and verification providers.