In-principle approval for payment service providers remains conditional, discretionary, and reviewable following changes in ownership or control. In-principle approval may be issued where an application prima facie satisfies authorisation conditions, subject to further conditions specified by the ... Summary
International Financial Services Centres Authority (Payment Services) Regulations, 2024
In-principle approval for payment service providers remains conditional, discretionary, and reviewable following changes in ownership or control.
In-principle approval may be issued where an application prima facie satisfies authorisation conditions, subject to further conditions specified by the Authority. It does not confer an automatic right to authorisation and remains subject to the Authority's discretion. Applicants must disclose ownership or control changes during its validity. Such changes require review of the approval decision, communication of the outcome, and a reasonable opportunity of hearing before revocation.
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