NRD Companies supports the implementation of a Licensing Management Information System (LMIS) for the Financial Services Commission (FSC) of Belize. Known internally as LicenSys, this digital transformation project will consolidate and modernize key regulatory functions, including licensing, supervision, compliance monitoring, enforcement and reporting, across the FSC, enabling faster, more transparent, and more effective oversight of Belize’s non-bank financial sector. 

As the regulator of non-banking financial services in Belize, the FSC plays a critical role in maintaining the transparency, trust, and compliance of the sector. Over the years, the FSC has made substantial efforts to improve its internal workflows and service delivery, including the digitization of licensing documents through its Document Management System. However, major processes – such as licensing, registration and authorization, compliance, enforcement, and securities regulation – remain fragmented across various departments, with limited integration and high reliance on manual operations. 

The absence of a fully integrated platform has made it more challenging to ensure seamless communication, consistent data flows, and efficient service delivery across departments. By implementing LicenSys, the FSC is taking a decisive step toward building a centralized, scalable, and future-ready regulatory system. 

“This launch is only the beginning of a long-term transformation journey,” said Claude Haylock, Director General of the Financial Services Commission. “LicenSys represents our commitment to modernisation and continuous improvement, as we build a regulatory framework that is both innovative and resilient.” 

Project Scope and Objectives  

LicenSys will be a modular, web-based platform that: 

• Integrates all FSC departments – including Licensing, Compliance, Legal & Enforcement, and Securities – into a single collaborative system. 

• Enables real-time interaction between FSC and its regulated entities through a user-friendly self-service portal. 

• Supports interoperability with national systems, including the Online Business Registry System (OBRS), to verify business identity, address, shareholder data, and legal status. 

• Automates key regulatory workflows, such as license applications, renewals, data validation, and report generation, with the flexibility to incorporate functionalities like due diligence support and risk-based assessment in future phases. 

• Enhances communication through built-in notifications, email alerts, and status updates sent directly to clients. 

• Strengthens cybersecurity with encryption, multi-factor authentication, audit trails, and secure user activity tracking. 

In alignment with Belize’s ‘Ease of Doing Business’ principles and international regulatory standards, the platform is being designed to reduce administrative burdens, improve service reliability, and ensure faster decision-making – while maintaining strict oversight and control. 

Progressive Rollout and Long-Term Vision 

Implementation began in late February 2025, and by October 2025, NRD Companies’ team has completed the final preparations, including on-site trainings in Belize. The preliminary first phase launch will come with core functionalities such as license renewals, user onboarding, and access to the self-service portal being introduced. 

Further enhancements, including compliance reports and red-flagging functionality, expanded information services, and OBRS-linked notifications will be deployed progressively. This phased approach ensures that the FSC can adapt smoothly to the platform while steadily expanding its regulatory capabilities. 

Designed for the Future 

The LMIS is being developed with scalability, flexibility, and compliance in mind. It is designed to support future technologies for enhanced risk detection and automated supervision. It will also be fully aligned with Belize’s Financial Services Commission Act, Securities Industry Act, Municipal Securities Act, and all relevant regulatory frameworks, ensuring legal and operational coherence. 

LicenSys will help the FSC maintain a proactive, data-driven, and risk-based approach to supervision – empowering the institution to keep pace with global standards and growing sectoral complexity. 

More Information: 

Jurate Venskeviciute-Buciene 
Chief Growth and Strategic Engagement Officer 
E-mail.: jurate.venskeviciute.buciene@nrdcompanies.com 
Mob.: (+370) 612 32678 

About The Financial Services Commission of Belize 

The Financial Services Commission of Belize is the primary regulatory body overseeing non-bank financial services, including securities and capital markets. Its mission is to ensure a robust, fair, and transparent financial system in Belize while protecting Belizean investors and supporting the growth of the Belizean capital markets. 

More information: www.belizefsc.org.bz