Established financial organisations and aspiring Fintech start-ups may engage in a mutually beneficial dialogue with the supervisory authority that will guide them, by timely addressing potential regulatory obstacles or uncertainties.
The open dialogue between the Innovation Hub participants and the Central Bank of Cyprus (CBC) will help them to understand better the regulatory and supervisory expectations on adopting emerging technologies. At the same time, the CBC will be in a better position to proactively and timely address issues derived or which may be derived from the use of emerging technologies.
Engagement with the Innovation Hub will accelerate implementation and development of alternative business models and innovative technologies, thus simplifying time-to-market for new entrants and helping established organisations to timely identify potential ramifications when launching an innovative product or service.
Broad collaboration within the Innovation Hub will foster the CBC’s strategic initiative to promote innovation in the financial sector, benefitting the country’s path to digital transformation.