Innovation Hub FAQ

The Innovation Hub allows fintech firms to engage with the Central Bank of Ireland outside of existing formal regulator/firm engagement processes. If you are developing or implementing innovations in financial services based on new technologies, we want to hear from you.

For firms operating in the fintech sector, new technologies can raise novel questions about existing regulations. We have designed our Innovation Hub as a resource to help innovators navigate the regulatory landscape.

The Innovation Hub also provides a platform for the Central Bank to listen to innovators and will build on our existing intelligence on developments in the fintech sector. By engaging with innovators, we will gain early sight of new technologies and enhance our understanding of potential risks and, importantly, potential mitigants.

The Innovation Hub is for individuals, new fintech firms, and existing firms that are becoming more innovative through technology. The Innovation Hub facilitates engagement with innovators – inside or outside of the regulatory perimeter – that are changing financial services.

If you are interested in consumer topics – such as the economy or the role of the Central Bank – please visit our Consumer Hub.

The Innovation Hub is open to enquiries from providers or potential providers of financial products or services that are innovative and sufficiently mature.

By innovative, we mean something based on new technology which:

• Does not already exist in the Irish market or has not been rolled out on a significant scale

or

• Materially changes the manner in which an existing product or service is constructed or delivered.

By mature, we mean that you can show an appropriate amount of thought in developing the idea. This does not mean that you need to be ready to go to market. If in doubt, you can contact us.

The Innovation Hub can provide you with information on:

• Relevant parts of the regulatory regime
• Specific supervision rules and policies
• Navigating the Irish supervisory and regulatory landscape.

The Innovation Hub is not able to provide:

• Guidance on business models or consulting services
• Waivers or no action letters
• Endorsements of specific firms or technologies
• A testing framework (i.e. sandbox facility)
• Assistance with commercial development
• Legal advice or statutory interpretations.

To help us process your enquiry, please include information about your business model, innovative technology used, and what you hope to get from engaging with the Innovation Hub.

Please see our disclaimer for more information about what it means when you engage with the Innovation Hub.

Once we receive your email, our team in the Innovation Hub will work with experts across the Central Bank to help answer your questions by email, phone, or at an in-person meeting if appropriate. We aim to acknowledge all initial queries within two working days.

The Innovation Hub will use your information to understand your business model and the underlying technologies, which will help us better respond to your enquiry. We do this by sharing your information with the relevant experts within the Central Bank. We will also use this information to enhance our understanding of the impact of innovation on financial services and where financial services are heading.

The Central Bank will not share your information with any external party, and your information will be held securely and in the strictest confidence.

With respect to any personal data provided to the Innovation Hub, please see the Central Bank’s Data Protection Privacy Notice.

The Innovation Hub is open to innovative ideas across the financial services sector. This includes innovations that fall under Regtech, Suptech and Insurtech.