Portugal unveils fintech innovation lab

Wednesday 1 August 2018 10:41 CET | News

The Portugal Fintech Association and Banco de Portugal have joined forces with the nation’s financial authorities to launch Portugal FinLab for fintech innovation.

Portugal FinLab is a communication channel between entrepreneurs and the authorities – namely CMVM (Portuguese Securities Market Commission) and ASF (Portuguese Insurance and Pension Funds Supervisory Authority).

Portugal FinLab says entrepreneurs will be able to receive an opinion about the regulatory issues that may arise from the implementation of their projects.

The opinion comes in the format of a single document where all the regulators state their concerns and signal regulatory red flags to the candidates in order to enlighten them on how to operate according to the Portuguese legislation.

Applications will soon be open for companies to get in. The process is divided in two batches.

The deadline for the first batch is open between 10 September and 7 October 2018. Applications made during this batch will be analysed by the regulators. The results of the analysis and selection process will be released on 29 October 2018.

For the second batch, the process will start on 5 November 2018 and end on 3 December 2018. The analysis and selection phase will occur until 24 December 2018.

Both batches will end, respectively on 21 January and 18 February 2019, with the communication of the regulator’s opinion to the participants.

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Keywords: The Portugal Fintech Association, Banco de Portugal, fintech, innovation, lab
Countries: World