Criteria for Innovation Hub Support
- Your innovative solution (or idea) must be original or considered innovative. In other words, your proposed solution or business idea does not yet exist within Palestine’s non-banking financial sector.
- It must serve consumers (and businesses) in the non-banking financial services sector
- Your solution protects the rights of consumers and is designed to ensure that customers are not harmed if they use the solution
- The innovation must be compatible with the nature and characteristics of the market in Palestine
- Ideally, your innovation advances financial inclusion and greater access to the already included, either directly or indirectly.
- The owner(s) of the innovative idea or solution must be able to demonstrate that they have identified risks associated with products and services, and they have clearly documented mitigating strategies to adequately address the risks, as well as bear responsibility to ensure that the safety and integrity of the financial system, as well as consumers, is not harmed in any way.
The Innovation Hub is ideal for solutions that has a high likelihood of falling within our existing regulatory framework. If your solution is in a field where suitable regulation are not yet in place (but your solution will be subject to some form of licensing) and you wish to test your solution in a live environment, then the Regulatory Sandbox may be more appropriate.
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