Are you a newly established fintech startup owner, or an industry veteran looking to incorporate new financial solutions into your business? Is the extensive maze of regulatory laws holding you back from developing your idea? The Polish Financial Supervision Authority (KNF) has just launched a the Innovation Hub Program, which hopes to guide you through the process. KNF is currently looking for applicants from all around the fintech sector.
We would like to see the Polish fintech scene grow dynamically. Establishing the Innovation Hub Program and bringing together a team working towards innovation are just two natural steps towards creating the so-called regulatory sandbox, which is a practice expected in the fintech industry – said KNF’s CEO Marek Chrzanowski.
The Innovation Hub Program will be dedicated towards two entity groups from the fintech sector. The first one holds entities trying to start functioning on the financial market overseen by KNF (such as startups), who have developed an innovative product, or a provide a financial service based on modern information technologies. Meanwhile, the second group is made out of industry veterans who are trying to incorporate new innovative products or IT services.
Other than qualifying into either of the two groups, the applicants will have to fulfill a few requirements set by KNF. Their ideas will have to be truly innovative for the fintech industry, changing the ways in which existing financial services or products are used on the market. The new solutions are expected to positively impact the further development of the fintech sector in Poland, while also reinforcing security and customer protection.
As for the benefits, KNF offers legal advisory services with a focus on the regulatory laws which may concern startups operating in the fintech industry. The Innovation Hub Program has been designed to work as a dialogue between fintech entities and the supervision authority. Additionally, the participating startups will get a rundown on the way the authority functions and the services they offer.
So, are you interested? Applications are still open through this contact form. Apart from supplying all of the standard information, the candidates are expected to describe the innovations they hope to develop, and also specify the type of support they expect to gain from the Innovation Hub Program. For more information, head to KNF’s website.