. more broadly, i. e. country wise, the fintech agenda has been put on the front foot, as well. in this 2 / 3 bis central bankers'speeches regard i will briefly mention that we are in the process of finalizing the new law on payment services and payment systems which transposes the psd2 as well as other relevant european union regulations in the payment area. the very broad and ambitious scope of the new law makes it one of the most significant and comprehensive pieces of financial services legislation. it embodies objectives that seek to make payments safer, increase consumer protection and foster innovation while ensuring a level playing field for all players, thus increasing competition. also in the first half of this year, a set of new laws intended to foster the development of digital services was adopted. one such law is the law on electronic documents, electronic identification and trusted services that we believe could have multiple positive effects on our economy.. another example that should be underlined is the newly established central population register and the guiding regulations for its operations that besides other functionalities, will offer integration of the trusted services ( eid ) with the register. all these initiatives clearly denote our strong commitment to embrace with financial innovations and reap its benefits. dear guests, a fintech ecosystem cannot flourish in a vacuum. it is of vital importance that the regulators and supervisors, but also other stakeholders collaborate to better achieve the fintech goals that will be enshrined in the national fintech strategy. multiple entities and agencies need to collaborate and contribute their knowledge, expertise, and resources. the support and coordination of these various parties is essential for enabling swift operation of all elements of the ecosystem. their integration and synergies will provide space for innovation to prosper. sharing experience and best practices would also help provide guidance on the most effective regulatory frameworks considering country circumstances. thus, through coordinated and inclusive approach of all stakeholders, let us avoid vacuums and create an enabling financial innovations environment, benefits of which can be felt by the society at large. thank you. 1 speech by andrea enria, chair of the supervisory board of the ecb, at the banking seminar organized by de nederlandsche bank, amsterdam, 11 march 2019 2 16 supervisory agencies and 2 international financial organization were interviewed for the purpose of this survey. 3 / 3 bis central bankers'speeches

financial markets infrastructure. we strongly believe that the hub will be a central point of contact with the industry, including the fintech firms, and will enable building internal capacities for adequate implementation of the new technologies and monitoring of the associated risks, as well as serve as a platform for sharing information and discussing best practices. finally, the innovation hub will also bring the prospect of using digitalization for supervisory purposes, as a complement to our current supervisory methods, principles, and judgement. suptech is becoming synonym for exploring new technologies, especially in the area of supervisory data collection and analysis. the survey performed by the financial stability institute on the use of innovative technology2 reveals that within data collection, supervisory agencies across the world use applications for supervisory reporting, data management and virtual assistance, while within data analytics, applications are used for market surveillance, misconduct analysis, as well as micro - prudential and macro - prudential supervision. to facilitate the contact with the industry, the national bank has recently developed an innovation gateway, as a platform where firms can raise questions and get answers concerning the regulatory framework. the main purpose of the gateway is to facilitate, encourage, and support innovation in financial services, by providing information to all firms willing to pursue innovative business activities. it provides a clearly visible interface to our website and offers an insight view on issues related to application of new innovative technologies. we are pleased that through this channel, launched a couple of weeks ago, we have already received several queries from fintech firms coming from eu member states as well as local fintech company that intends to offer new services in the payments area. our internal expert group will interact with these entities to properly understand their business model, the benefits they bring, potential risks and asses how they fit in the current regulatory framework. one of the main priorities of the hub in the following period will be to develop a financial services digitization strategy. the main goal of the strategy will be to provide an enabling environment, including open and affordable access to core digital services and infrastructures. one of the main components of this strategy is to landscape the fintech ecosystem in the country and to identify the emerging financial services business models and the key barriers to entry for newcomers. a very important component of this strategy will be an analysis of the current national regulatory framework, trying to identify and consider whether it is sufficiently certain and flexible to apply in the modern digital context. a legal framework that is consistent, clear, and predictable is key to fintech innovation