Strengths
- Own IT team
- Strong marketing forces and networking within the brands/merchants
- Relationship with Mastercard and its financial support
Weaknesses
- High dependence on third-party providers, namely card issuers and processors
- No staff experienced in financial services
- Existing team overloaded with ongoing projects
What CP has provided and managed to achieve
- A holistic approach to the whole project, from the start to go-live
- Defining business needs and the choice of the optimum license to reflect these needs
- Preparing the license application, including the filling in of mandatory documents from the regulator
- Developing an internal governance framework (policies and procedures)
- Developing of a business plan
- Setting up the company in the country of license with operational accounts at the local bank/financial institution
- Developing of internal processes in order to set up operations under license
- Selection of vendors, their due diligence, and testing of the solutions provided
- Arranging local partners, such as service providers and offices
- Signing on recruiters and candidates’ selection
- Newly hired staff training
On an ongoing basis, Compliance Partners will proceed in testing the software installed, addressing any questions brought up by the regulator, and advising local staff on the best scenarios for further company growth.
