A regulatory sandbox was launched last year, upon the initiative of the Ministry of Economy and Finance and in cooperation with the relevant supervisory authorities, providing a dedicated environment for supervised intermediaries and specialized players in the banking, financial and insurance sectors to test technologically advanced products and services, also with a view to assessing their compatibility with current regulations.
•  Up until now the home markets of the larger countries, in particular, have afforded sufficient opportunities for mergers and diversification, thus eliminating the urgent need to look across national borders. •  Differences in corporate cultures, which tend to cause friction, become more prominent in cross-border mergers, especially where financial institutions of countries with different banking systems are involved.