Nocashevents The National Bank of Romania announces the launch of the FinTech Innovation Hub project

The National Bank of Romania announces the launch of the FinTech Innovation Hub project

Fintech Innovation Hub is a platform for dialogue with companies developing innovative public interest solutions in the area of payment and financial services (FinTech).

Thus, the NBR aims to support the market developments in payment and financial services as well as to bring innovation monitoring into line with European trends in the area of payment services and payment instruments, in order to ensure their security and safety.

“The FinTech Innovation Hub initiative will focus on encouraging and supporting innovation in payments and payment instruments, in a controlled manner and for the benefit of consumers and businesses, while seeking at the same time to identify the potential risks involved, as well as to propose measures to manage them.”, according to the press release.

Companies that are directly involved in the development of innovative payment services solutions can start a dialogue with the NBR experts with a view to presenting their FinTech innovation projects or to receiving guidance on the compliance of such services and products.

In order to ensure efficient and prompt communication, the NBR has appointed a team of specialists in charge of monitoring innovations in payment services, which can be reached by filling out a standard application form. The applications submitted will be subject to a preliminary assessment and then the applicants will receive custom-made solutions for each situation presented or guidance on the legal aspects concerning the implementation of innovations in payment services.

Who are the beneficiaries?

Through Fintech Innovation Hub we intend to engage in a dialogue with active start-ups and firms directly involved in developing innovative solutions in the area of payment and financial services. Projects submitted through the FinTech Innovation Hub will be subject to analysis only if they are in accordance with the objectives of the initiative.

FinTech Innovation Hub is dedicated to providers or potential providers of products or services in the area of payment and financial services, for projects that are both innovative and full-fledged.

For us, innovator means something based on a new technology which is not already present on the Romanian market or has not been expanded on a significant scale or which substantially changes an existing product or service in the area of payment and financial services.

Through full-fledged we understand that the initiators can demonstrate they have made an adequate and relevant analysis for developing the idea, such as in-depth studies and research concerning the feasibility of that project, even though it is not yet ready to be launched on the market.

The initiatives presented for commercial or advertisement purposes do not fall within the scope of FinTech Innovation Hub and will not be taken into consideration.

The National Bank of Romania will not express its opinion on the opportuneness of launching the innovative product or service

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Through the FinTech Innovation Hub, the National Bank of Romania seeks to create a safe environment for the development of innovations in payment services, which will support its mission of maintaining the stability of the banking and financial system and at the same time increasing financial inclusion, by facilitating access for consumers and businesses to payment services and other secure, efficient and convenient financial services, according to their needs.

At the same time, the National Bank of Romania intends to identify the regulatory and/or supervisory measures necessary to mitigate any risk associated with innovative products and/or services in the field of payment services, without hindering the development of such innovative solutions/products.