What is an Innovation Hub?
An Innovation Hub is a platform, provided by the regulatory authority, to facilitate the innovation of the financial intermediator sector. Market participants can get guidance from the regulatory authority on how they can operate their innovative solution in the current economic environment. The Innovation Hub is open to both newly established FinTech firms and incumbent institutions already licenced (e.g. banks, insurers, financial firms, investment firms). In the Innovation Hub, market participants can get information on regulatory requirements related to their developed innovative solution, and FinTech firms without licence can get assistance in the licensing process.
The role of regulatory authorities
Based on international practices, the aim of the Innovation Hub is to facilitate innovative financial solutions, and to offer regulatory guidance and assistance in the licensing process. The communication is primarily online, additionally, the opportunity to personal consultation is provided. Within the Innovation Hub, the expert staff of the regulatory authority answer the questions of the institutions related to financial innovation feasibility, assist in the understanding of the legal environment, and identify legislative amendments needed to enable the spread of more efficient financial services. Moreover, an Innovation Hub can facilitate the share of information between the market participants.
MNB Innovation Hub
The MNB Innovation Hub, through its information repository, communication hub and regulatory support platform, helps to identify actually arising legal obstacles and to improve feasibility of innovative ideas. The online platform provide connection between the regulatory and supervisory authority and the innovative domestic institutions (FinTech firms, banks, insurers, etc.), and supports the awareness of international best practices.
1. Information repository
- Regulatory requirements related to different financial services (laws, recommendations, etc.)
- Operating licensing process
2. Communication hub
- Information on the potential stakeholders of innovations
- Platform to contact stakeholders
3. Regulatory support platform
- Ask for guidance or statement from the regulatory authority
- Assistance in the licensing process
4. International cooperation platform
- International cooperation with regulatory authorities
- Cooperation with international institutions