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April 12, 2021

BNR launches FinTech Innovation Hub project

The National Bank of Romania (BNR) announces the launch of the FinTech Innovation Hub project, a platform dedicated to dialogue with companies that develop innovative solutions of general public interest in the field of payment and financial services (FinTech), according to a release from the institution.

The BNR specifies that this approach aims both to support the market development in the field of payment and financial services, as well as to align with the European tendencies in the field of innovation monitoring in this sector, in order to ensure their security and safety.

The FinTech Innovation Hub initiative will focus on encouraging and supporting innovation in the field of payments and payment instruments, in a controlled manner and to the benefit of consumers and businesses, while also identifying potential risks involved, as well as proposing management measures.

Companies that are directly involved in the development of innovative solutions in the field of payment services can start a dialogue with BNR experts to present their FinTech innovation projects or to be guided on the conformity of such services and products.

In order to ensure an efficient and prompt communication, the BNR has appointed a team of specialists with responsibilities in monitoring the innovations in the field of payment services, which can be contacted by filling in a standard form. The submitted applications will be subject to an initial analysis, after which the applicants will receive tailored solutions for each presented situation or guidance on the legal aspects regarding the implementation of innovations in the field of payment services.

Through the FinTech Innovation Hub, the National Bank of Romania mentions that it aims to create a secure environment for the development of innovations in the field of payment services, to support its mission of maintaining the stability of the financial-banking system, and, at the same time, increasing financial inclusion, by facilitating the access of consumers and businesses to payment services and other secure, efficient and convenient financial services, in line with their needs.

At the same time, the National Bank of Romania states that it 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 and without blocking the development of such innovative product/solutions.


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