Key Requirements for Obtaining an ODP License
To successfully obtain an ODP license, several key requirements must be met:

1. Establishment of Policies and Processes: Develop comprehensive IT frameworks and financial model policies to ensure compliance with regulatory expectations.
   

2. Robust Governance and Risk Management: Implement frameworks demonstrating effective governance, risk management, and compliance structures to enhance operational integrity and build trust with regulators and clients.
   

3. Qualified Staff: Ensure key positions are filled with experienced personnel, including a CEO, head of risk, and head of compliance. Recruiting qualified individuals for local risk and compliance roles is also essential.
   

4. Comprehensive Application: Prepare various forms and supporting evidence, including a detailed business plan that showcases market understanding and the proposed business model.
   

5. Anticipate Regulatory Concerns: Proactively address potential issues that the regulator may have regarding your business model to enhance your chances of approval.
   

6. Submission Requirements: On average, close to 100 items need to be submitted as part of the application process, covering both preparation and post-submission regulatory engagement.

A technical and detailed approach to preparing the application typically leads to approval within 4 to 6 months after submission, with the preparation phase usually spanning 2 to 4 months, depending on the entity's readiness to meet the required standards.