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FinTech Innovation Hub

1. What is FinTech?

FinTech stands for Financial Technology and describes technologically enabled financial innovations that could result in new business models, applications, processes or products with an associated material effect on financial markets and institutions and the provision of financial services.

2. The FinTech Innovation Hub initiative

The FinTech Innovation Hub initiative is a scheme whereby the Bank of Greece can engage with firms and/or natural persons in order to monitor developments in the financial sector and provide non-binding guidance on the conformity of innovative financial products, services or business models with regulatory and/or supervisory expectations, including aspects of licensing or registration.

3. Objective

In launching the Hub, the Bank of Greece aims to encourage and promote financial innovation, while at the same time exploring the risks and the perceived opportunities and ensuring a proper balance.

The Bank of Greece expects to engage with providers of emerging FinTech solutions and gain a deeper understanding of the challenges posed by the new business models and technologies in the financial services area.

The Hub offers support to firms and/or natural persons that are introducing or considering the adoption of innovative, technology-driven financial products, services or business models, principally through enhancing their knowledge of the potential supervisory and regulatory obligations within the Bank of Greece’s remit.

This initiative aims to serve as a dedicated point of contact for those natural persons and/or firms (new or incumbent, regulated or not, technology companies, etc.) that are involved in FinTech activities, to raise enquiries with the Bank of Greece about supervisory and regulatory aspects governing the provision of financial services in Greece.

4. Procedure

Are you developing or implementing an innovative concept in the FinTech area?

You may submit to the FinTech Innovation Hub your requests for information and guidance in navigating the supervisory and regulatory landscape, by filling in the Contact form. Requests will be reviewed and evaluated by the Bank of Greece, provided that they fall within the scope of the initiative.

Finally, it should be noted that, in the absence of reply, mere submission to the FinTech Innovation Hub does not imply acknowledgement or approval of the project by the Bank of Greece.

 


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