Define the bank’s business model and target market
Choose the bank type and legal structure
Conduct market research and feasibility analysis
Prepare a detailed business plan
Secure initial capital and funding sources
Meet minimum regulatory capital requirements
Form the founding team and board of directors
Hire legal, compliance, and banking experts
Select the jurisdiction and apply for licenses
Register the company and obtain required tax IDs
Submit the bank charter or license application
Prepare policies for risk, compliance, AML, and KYC
Establish governance, internal controls, and audit functions
Set up core banking systems and technology infrastructure
Arrange deposit insurance or equivalent protections if required
Open correspondent banking and payment network relationships
Set up physical branches or digital banking channels
Recruit and train staff
Pass regulatory reviews, examinations, and approvals
Launch products, services, and customer onboarding
Monitor operations, compliance, liquidity, and capital adequacy