Many companies operating in the area of financial innovation (FinTech) as one of the biggest barriers to business development indicate the complicated legal and regulatory requirements as well as the ambiguity of their application in relation to innovative financial products or services. In order to overcome these challenges, KNF has launched the Innovation Hub Programme under which the supervisory body conducts a dialogue with FinTech companies by providing them with appropriate explanations on the submitted enquiries, thereby supporting the development of modern technologies in the financial market while maintaining security and adequate client protection.
Who is the Innovation Hub Programme addressed to?
The Programme is addressed to two groups of FinTech companies:
|Innovative nature of the solution
|Is offered solution different from the ones existing on the Polish financial market and may be seen as innovative?
|The solution changes the way of using the existing financial services or products.
The solution may have a positive impact on the development of the FinTech sector.
|There are many similar solutions on the market.
There is no change in the way of using the existing financial services or products.
The solution is not related to the FinTech sector.
|Preliminary analysis of the legal and regulatory environment
|Has the entity conducted a preliminary analysis of the legal and regulatory requirements referring to the solution?
|The entity has conducted a preliminary analysis of how the solution fits the existing legal and regulatory requirements.
|The entity has not undertaken sufficient activities to understand the legal and regulatory environment.
Unclear doubts on the legal and regulatory environment.
|Real need for support (lack of legal certainty)
|Does the entity have a genuine need for support through the Programme?
|The solution does not easily fit the existing legal and regulatory framework.
|The solution easily fits the existing legal and regulatory framework.