RE: Real world9 Oct 2021 20:23
Some info - Italian decree
There are not geographic restrictions in place for the participation to the FinTech experimentation, and Italian, EU and non-EU operators may apply. However, under certain circumstances, non-EU FinTech operators may be required to open an Italian office (i.e., a branch or a representative office) in order to be admitted to the experimentation.
The activities admitted to the FinTech experimentation must possess all the following features:
must be highly innovative;
entail a derogation from the ordinary supervisory guidelines and/or regulatory provisions adopted by the Italian supervisory authorities;
produce added value, in terms of:
consumers welfare (e.g., lower prices, better quality of the services, enhancement of the competition, easier access to the services, more protection for customers);
enhancement of the efficiency of the banking, investment or insurance sector;
reduction of the costs or increase of the efficacy of the implementation of the banking, financial or insurance regulations;
improvement of the risk management systems, procedures or internal processes of regulated entities
must be already enough developed for the experimentation;
must be economically and financially sustainable, or have adequate financial coverage.