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.

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).

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. Before applying to Portugal FinLab, you can also get here an overview of the legal framework currently applicable in Portugal by exploring in each Authority’s website some relevant information, which may be applicable to your project.

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.

The 5th edition of Portugal FinLab will have one pitch day, which will occur in March of 2024.

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; d) Benefits and risks for the consumer and financial sector.

The Technical Committee is composed of: Célia Claudino (Coordinator of Strategic Analysis, Innovation and Communications Office) from CMVM; Carlos Moura (IT Deputy Director) from BdP and Mário Rui Ribeiro (Director of Mediation and New Channels) from ASF.

The Technical Committee will select the applications for the pitch day within 10 working days of the closure of the application period. Selected applicants will be notified by e-mail on the business day following the end of the evaluation period, thereby receiving indication of their selection, the pitch day scheduling and which will be their Contact Authority.

If your project has been selected for analysis by the Authorities, you will have to: (1) confirm your participation within the 3 days after being notified; (2) be available for an additional 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.

After the pitch day, and within the following 15 working days, the Technical Committee will evaluate the applications and select the Participants. 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.

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.

If you have applied for the pitch day but your project was not selected for analysis by the Authorities, you will be informed by e-mail that your questions will be addressed by your Contact Authority.

Unfortunately, you may not submit more than one project per pitch day.

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.

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.

If you have doubts or need support, contact us at the following e-mail address info@portugalfinlab.com.