AFM and DNB's InnovationHub attracts great interest

News
Datum 30 september 2016

Since it was launched in June, well over 70 market operators have contacted the AFM-DNB InnovationHub. In addition, almost 20 submitted their comments on the discussion document entitled "More room for innovation in the financial sector".

A wide variety of operators have contacted the InnovationHub, although providers of payment and related services were the largest category. Also, start-ups seeking to provide financial services based on blockchain technology found their way to the InnovationHub. In-depth consultations are currently under way with respect to some five applications for authorisation. These applications require more detailed assessments, which may involve several external experts.

Response to the discussion document
The two supervisory authorities received almost 20 responses to the discussion document published in June. It asked market operators to think along with the Netherlands Authority for the Financial Markets (AFM) and DNB about possible adjustments to supervision that could contribute to responsible innovation in the financial sector and submit their comments before 1 September 2016. We have published these comments on the InnovationHub website . The responses show that the parties are positive about the proposals made by the AFM and DNB to create more room for innovation in the financial sector. However, several organisations have also highlighted issues that we should take into account when implementing the proposed policy options. Using the comments received, the AFM and DNB will now work out the details of the policy options and may ask some of the parties to provide further substantiation. We plan to announce further steps later this year.

InnovationHub
The AFM and DNB set up the InnovationHub to support market operators that seek to market innovative financial services or products but are unsure about how to interpret and apply laws and regulations. In addition, they call on market operators to contact the InnovationHub if they believe financial supervision creates unneeded barriers to the development of innovative financial services or products. Where possible and desirable, the AFM and DNB are committed to propose legislative amendments aimed at responsibly promoting innovation in the financial sector.

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