Digital banks are popping up everywhere. But in this heavily regulated industry, the essential first step is for regulators to develop a licensing plan. From there, it takes about two years for the first digital banks to start accepting deposits, making loans, and processing payments.

Once a digital-banking regulatory framework is announced, it takes about two years for banks to start operations.
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To read the article, see “Lessons from the rapidly evolving regulation of digital banking,” October 1, 2021.