Innovation hub

What is innovation hub?

Interested parties with a viable business plan in the Fintech sector and established entities in the financial market can engage in dialogue with experts from the National Bank of Slovakia (NBS) through the innovation hub. These experts help them understand and properly implement the complexities of financial market regulation. A contact form is available to initiate communication, enabling the NBS to gain a basic overview of the Fintech applicant’s intention.

Besides providing added-value services to the private sector, the NBS aims to better understand the dynamic developments in the Fintech sector through this initiative to contribute to improving financial market business rules, adapting them to modern trends.

A prerequisite for handling a request through the NBS Innovation Hub is its uniqueness and innovativeness, ambiguity in the applicable regulatory framework, and its benefits for consumers and the financial system of Slovakia. Evaluation criteria for including a request in the NBS innovation hub are outlined in detail at the following link.

Why did the NBS establish the innovation hub?

Companies operating in financial innovations often cite complex regulatory requirements and ambiguity in their application to innovative financial products or services as obstacles to their business development. For this reason, the NBS established the Innovation Hub, where it engages in dialogue with the Fintech sector and provides feedback on submitted questions that fall within its competence.

The NBS thus supports the development of modern financial market technologies in a way that contributes to the secure and sound functioning of the financial market, ensuring its credibility, protecting financial consumers, and safeguarding financial market clients. Through the innovation hub, the NBS also maintains contact with market developments to support the improvement of financial market regulations.

How to proceed if I want to apply financial innovation in my business?

1. Ensure that your inquiry falls within the competence of the NBS as the supervisory authority of the financial market.
2. Verify that your request meets the NBS criteria for handling through the NBS Innovation Hub.
3. Contact the NBS via the structured application form.

What is not the innovation hub?

The NBS’s opinion provided through the innovation hub does not replace the process of obtaining a license to conduct financial activities. Decisions regarding license applications are issued in a formal procedure before the NBS. Information about Fintech published on the NBS website and opinions provided in response to inquiries via the contact form do not bind the NBS in any potential licensing procedures, as the documents submitted for the opinion may differ from those presented in the licensing process.

The NBS reserves the right to change its opinion, particularly in cases of legislative changes, additional analyses, or newly obtained information.

The NBS innovation hub does not provide information beyond the NBS’s scope (e.g., data protection, taxation, competition law). Opinions on an applicant’s intention will be limited to assessing the applicability of relevant legislation within the NBS’s jurisdiction. Questions that fall under the competence of other state authorities (e.g., the Office for Personal Data Protection, Financial Administration) will be referred to the appropriate authority.

The NBS has its competencies determined by law, which does not include providing economic and legal advisory services. The NBS innovation hub does not replace the role of economic and legal advisors.

Conducting financial market activities without the appropriate authorization is grounds for sanctions by the NBS. Under certain circumstances, it may constitute a criminal offense.

Last updated on 14 Feb 2025