In order to be licensed, approved or registered, an applicant must submit an application letter together with the prescribed application forms (if any) and the supporting information to the CBM or the SC, as the case may be. The prescribed application forms must be completed for submission to the regulator depending on the nature of the regulated activities undertaken. The CBM and the SC may reject or approve the application, with or without conditions, at their discretion.

From the date of receipt of a completed application, the regulator will generally take approximately three to six months to review the application and provide a response to such application.

Note that as a matter of policy, the MOF does not generally grant new licenses to operate a banking business at present. That said, on 29 April 2022, the CBM awarded five new digital bank licenses pursuant to the new licensing framework for digital banks issued by the CBM.

Separately, the CBM also intends to finalize a licensing and regulatory framework for digital insurers and takaful operators by the first half of 2024, under which it plans to issue up to five digital insurer / takaful operator licenses.

Moreover, financial institutions and fintech companies that are seeking to provide services (whether on their own or in collaboration with financial institutions) that are or are likely to be regulated by CBM may submit an application to participate in the Financial Technology Regulatory Sandbox ("Sandbox"). Only genuinely innovative products with clear potential to improve accessibility, efficiency or quality of financial services, or enhance the effectiveness of risk management in financial services will be accepted into the Sandbox. In lieu of the standard Sandbox application procedure, financial institutions with strong track record in risk management, governance and compliance capabilities may opt to apply to participate in the Sandbox through an alternative, less procedurally rigorous track known as the "Green Lane."