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eKapija |
Tuesday,
13.03.2018.|
09:59
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Copy linkNBS encourages testing of innovative ideas in payment services, without expenses and registration
The National Bank of Serbia issued a press release notifying interested business entities of the possibility of testing innovative solutions in payments services in a limited market, without a previous registration of a payment institution and all the accompanying costs.
As stated in the press release, reported by Startit, the aim is to enable new ideas and innovative solutions that would yield modern and quality payment services, tailored to the everyday needs of citizens and corporates,
The NBS reiterates that the Law on Payment Services (in force since October 2015) is an adequate legal basis for the introduction and use of the listed payment services, as well as for testing modern and innovative payment services whose introduction is being contemplated.
Any interested corporates (e.g. start-ups) and entrepreneurs could test certain innovative payment models whose introduction is being contemplated. To do so, they are not obligated to obtain a prior approval of the NBS for payment services provision; however, they have to obtain the NBS’s opinion and to enable access for the NBS to the testing conducted in such manner.
In this manner, the press release adds, the initial testing stage of a certain business model (when the applicability and cost-effectiveness of the model cannot be fully estimated) can be carried out without having to conduct the entire and comprehensive process of submitting a request for licensing payment services and obtaining an assessment of the request and, consequently, without incurring all the costs associated with such procedure.
The NBS invites companies and citizens to approach it if they have any doubts regarding the possibility to test and develop such models by sending an email to kabinet@nbs.rs.
The practice is known globally as the regulatory sandbox and is especially present in fintech, where it is implemented with the aim of having strict financial regulations be adapted to upcoming innovative business models more easily, Startit adds.
As stated in the press release, reported by Startit, the aim is to enable new ideas and innovative solutions that would yield modern and quality payment services, tailored to the everyday needs of citizens and corporates,
The NBS reiterates that the Law on Payment Services (in force since October 2015) is an adequate legal basis for the introduction and use of the listed payment services, as well as for testing modern and innovative payment services whose introduction is being contemplated.
Any interested corporates (e.g. start-ups) and entrepreneurs could test certain innovative payment models whose introduction is being contemplated. To do so, they are not obligated to obtain a prior approval of the NBS for payment services provision; however, they have to obtain the NBS’s opinion and to enable access for the NBS to the testing conducted in such manner.
In this manner, the press release adds, the initial testing stage of a certain business model (when the applicability and cost-effectiveness of the model cannot be fully estimated) can be carried out without having to conduct the entire and comprehensive process of submitting a request for licensing payment services and obtaining an assessment of the request and, consequently, without incurring all the costs associated with such procedure.
The NBS invites companies and citizens to approach it if they have any doubts regarding the possibility to test and develop such models by sending an email to kabinet@nbs.rs.
The practice is known globally as the regulatory sandbox and is especially present in fintech, where it is implemented with the aim of having strict financial regulations be adapted to upcoming innovative business models more easily, Startit adds.
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