PORTUGAL FINLAB applications open until 3 January
The innovation hub that brings together the three financial sector regulators welcomes your application until 3 January.
Applications for the 1st pitch of the second edition of Portugal FinLab are open from 7 November 2019 to 3 January 2020. The assessment and selection of applicants for the pitch day will have taken place by 27 January 2020. On this date applicants will be informed if their application has been selected.
These are the key dates for the second edition of Portugal FinLab launched today at the Web Summit by Banco de Portugal (BdP), Comissão do Mercado de Valores Mobiliários (CMVM) and Autoridade de Supervisão de Seguros e Fundos de Pensões (ASF).
Portugal FinLab seeks to provide the market with an integrated vision of the regulatory requirements for technological innovation in finance. In so doing, this hub adds value to the Portuguese financial system and puts Portugal on the radar of foreign financial investors and innovators.
Hélder Rosalino, member of the Board of Directors of Banco de Portugal
Financial regulation is not a barrier to innovation: it is just part of the environment where innovation occurs. It is perfectly natural for innovators to harbour doubts regarding the regulatory framework. Portugal FinLab reflects the regulators’ commitment to dispel such doubts and develop an innovative capital market that serves the interests of both investors and the economy.
João de Sousa Gião, member of the Management Board of CMVM
We want FinLab to help new enterprises bring more innovation and competition into the sector, with new products and new solutions that bring down costs. Provided that they do so abiding by rules that protect consumers’ rights.
Manuel Caldeira Cabral, member of the Board of Directors of ASF
Portugal FinLab is a communication channel between innovators in the financial sector in Portugal – start-ups or incumbents – and the sector’s regulatory authorities. This project is part of the three regulators’ efforts to increase transparency and address concerns over the Portuguese regulatory framework, and reflects their requirement to keep up with the sector and be aware of emerging needs driven by financial innovation.
Projects selected on the pitch day will be analysed by the regulators, who will draft a report listing possible regulatory obstacles and critical issues for the project, so that innovators understand their boundaries and possibilities within the Portuguese legislation and regulations.
The criteria established for the evaluation and selection of the projects are:
- Need for regulatory support;
- Innovative nature of the project;
- Development status of the project;
- Benefits and risks for the consumer and financial sector.
Applications for the 2nd pitch will be open from 16 March to 30 April 2020. The assessment and selection of applicants for the pitch day will have taken place by 25 May 2020. On this date applicants will be informed if their application has been selected.
For more detailed information on how Portugal FinLab and the applications work go to www.portugalfinlab.org.