What is PORTUGAL FINLAB?
PORTUGAL FINLAB is an innovation hub, based on a communication channel between innovators – new players in the market or incumbent institutions – and the Portuguese regulatory Authorities. Through this channel, the 3 Authorities provide assistance to the Participants on how to navigate and operate in the regulatory system. PORTUGAL FINLAB is inspired by the best practices of innovation hubs around the world. Notwithstanding, PORTUGAL FINLAB has a distinguishing factor: it joins all the financial Authorities in Portugal in one innovation hub, something which is ground-breaking.
Who organized the initiative?
PORTUGAL FINLAB results from a partnership between Autoridade de Supervisão de Seguros e Fundos de Pensões (ASF), Banco de Portugal (BdP) and Comissão do Mercado de Valores Mobiliários (CMVM).
Why should I apply?
Being regulated by design is essential for FinTech, but understanding the complex regulation is a daunting task. Whether you are a start-up or an incumbent institution, you should apply to have a clear path on what to do before you launch your product and/or service to market.
Not sure which regulatory scope your project falls under? Not sure if what you are doing is allowed? Not sure how to apply the existing regulation to your project? Want to incorporate in Portugal but don’t know the regulatory framework?
The PORTUGAL FINLAB is the best way to learn how to navigate and operate in the Portuguese regulatory framework as you will be advised by the Portuguese financial regulatory Authorities.
Who can apply?
The PORTUGAL FINLAB is addressed to every innovative project in the financial industry, whether being developed by a start-up or an incumbent institution. You can apply if you are an established company, from Portugal or any foreign jurisdiction, or if you are searching to implement an innovative service and/or product in Portugal.
When can I apply?
The PORTUGAL FINLAB will have two pitch days, which will occur in March and July 2021.
How is the selection process?
The selection and evaluation of the projects is undertaken by a Committee, named the Technical Committee. The criteria established for the evaluation and selection of the Participant are the following:
a) Need for regulatory support;
b) Innovative nature of the project;
c) Development status of the project;
How and when will I know I was selected for the pitch day?
The Technical Committee will evaluate all submitted applications and select those that will be invited for the pitch day, within 15 working days from the closure of the applications period.
All Applicants selected for the pitch day will be notified by e-mail on the working day following the end of the abovementioned evaluation period, thereby receiving indication of their selection, the pitch day scheduling and their Contact Authority.
I was selected for the pitch day. What do I need to do?
If you have been selected for the pitch day, you will have to: (1) confirm your participation within 3 days after being notified; (2) be available for a meeting with the Authorities that will analyse your project and present a 10 minutes pitch; and (3) be prepared to clarify and/or explain any doubt that might arise during the pitch day.
I was not selected as a Participant. Can I apply more than once?
If you have applied for the first pitch day but not selected, you will be informed by e-mail that your questions will be addressed by the Contact Authority, in case your project falls in FinLab’s scope. Notwithstanding, you may still apply for the second pitch day.
Can I submit various projects for the pitch day?
Unfortunately, you may not submit more than one project per pitch day. However, if you apply for the first pitch day in March, you can submit a different project for the second pitch day in July.
I have more doubts. Is there someone I can contact?
If you have doubts or need support, contact us at the following e-mail address firstname.lastname@example.org.
Who is part of the Technical Committee?
The Technical Committee is composed of: Rui Peres Jorge (Director of Strategic Analysis and Communications Office) from CMVM; Carlos Moura (IT Director) from BdP and Mário Rui Ribeiro (Director of Mediation and New Channels) from ASF.
Who will access my information?
The information provided by the Applicants will be exclusively accessed by the PORTUGAL FINLAB Operational team, which is composed of staff from the 3 Authorities.
What is the data policy?
The information you provide will be handled in compliance with the General Data Protection Regulation’s (GDPR) terms and under strict confidentiality policies described in the Terms & Conditions. Personal data of the Applicants will only be stored during the execution of PORTUGAL FINLAB. The Applicants have the right to request the PORTUGAL FINLAB Operational team and the Authorities, access to and rectification or deletion of personal data or restriction of processing concerning the data subject or to object to processing as well as the right to data portability. The Applicants also have the right to lodge a complaint with a supervisory authority.
How and when will I know I was selected for analysis?
After the pitch day, and within the following 15 working days, the Technical Committee will revaluate the applications and select the Participants.
All Participants will be notified by e-mail on the working day following the end of the abovementioned evaluation period, thereby receiving indication of their selection for participating in PORTUGAL FINLAB and their Contact Authority.
I was selected as a Participant. What do I need to do?
If you have been selected for the pitch day of the Portugal FinLab, you will have to: (1) confirm your participation within the 3 days after being notified; (2) be available for an in-person meeting with the Authorities that will analyse your project; and (3) be prepared to clarify and/or explain any doubt that might arise during the Authorities’ analysis.