CROATIA: HANFA establishes regulatory Innovation Hub

15 May 2019 — Cosmin CONCEATU
The Croatian Financial Services Supervisory Agency (HANFA) has established a regulatory Innovation Hub, a specialized team dedicated to the issue of regulating financial innovation - FinTech, InsurTech, RegTech.

The main roles of Innovation Hub will be to offer informational support, advice and guidelines to these entities, in order to understand their position in the markets, considering the high complexity of today's regulatory frameworks, both in Croatia and EU area.

According to HANFA, the key goals of Innovation Hub are the following: to support the development of innovative projects, to reduce the time needed for such projects to enter the market, to lessen regulatory uncertainty, to facilitate communication with HANFA so that technological solutions can better connect to financial world realities.

Inquiries at the Innovation Hub may vary in nature. Information on conditions for providing regulated services and procedures (under HANFA's authority), product demonstration (for HANFA's feedback), meetings, interviews and presentations are a few examples of what will happen at HANFA's Innovation Hub.

Ante ZIGMAN, president of the Board, said:

"The establishment of the Innovation Hub reflects our efforts to make HANFA a propulsive regulatory authority, keeping up with the times. Technological solutions for the financial industry, measures for raising capital, market structure, and approaching consumers are continuously evolving at great speed, meaning regulators need to be equally fast and flexible, and constantly monitoring market innovations."

For more details you can visit HANFA website.

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