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ASF has launched FinTech Hub Project

 

Bucharest, August 14th, 2019 – The Financial Supervisory Authority (ASF) has launched, on www.asfromania.ro,  the FinTech Hub Project through which they have created the institutional frame for the dialogue with companies developing FinTech solutions (technological innovation in the field of financial services) that can be applied on any of the markets regulated and supervised by the Authority.

The ASF initiative thus supports the development of modern technologies on the financial market and at the same time seeks to maintain consumer confidence in the use of financial services and to ensure an adequate level of protection for them.

“We wish that market entities, and other entrepreneurs also, whether they operate in the financial field or not, have an effective interaction with ASF, so as to encourage the development of new innovative solutions in the financial field. They certainly generate opportunities and benefits for all parties involved, but it is very important not to lose sight of the new types of risks that may arise, as well as the ways of managing them, " said ASF President, Mr. Leonardo Badea.

The FinTech Hub lays the foundations for developing an effective communication and collaboration method, through which both the Authority and the regulated entities and / or other interested companies can better understand the opportunities and risks generated by FinTech.

The purpose of this Hub is to create a first link between ASF and the companies that develop new business models, applications, processes or products that have a direct effect on the provision of financial services and facilitate the interaction with the Authority.

Through the FinTech Hub, ASF offers companies intending to develop non-banking financial products or services considered, according to general predetermined criteria, as belonging to financial innovation, several facilities of which we mention:

  • a single point of contact on the ASF level ( This email address is being protected from spambots. You need JavaScript enabled to view it.);
  • a team dedicated to this project whose experience covers the markets supervised by ASF;
  • support for identifying the legislation applicable to the entities / companies incident to the proposed FinTech product;
  • guidance on ASF expectations regarding aspects related to the supervision of the activity that would be carried out starting from the innovative financial solution offered.

 

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About ASF

ASF is the national authority set up in 2013 through OUG 93/2012 approved by Law 113/2013, for the regulation and supervision of insurance markets, private pensions and the capital market. ASF contributes to strengthening the integrated operating framework of the three sectors, which amounts over 10 million participants. More information can be found at www.asfromania.ro.