HANFA

What HANFA does

HANFA (Hrvatska agencija za nadzor financijskih usluga) is the Croatian Financial Services Supervisory Agency, a statutory government regulator headquartered in Zagreb with 118 employees. It holds exclusive supervisory authority over Croatia's non-bank financial sector, spanning insurance, capital markets, investment funds, pension funds, leasing, factoring, and — as of July 1, 2026 — crypto-asset services under the EU MiCA framework, alongside AML/CFT and DORA compliance oversight.

The agency operates a portfolio of digital services to support its supervisory mandate. These include the START Plus platform (launched in partnership with the Ministry of Economy and Fina in July 2026) for streamlined regulatory onboarding, the Sandbox PutNaTržište initiative for market-entry testing, and an e-examinations system for licensing credentials. Its technical footprint is centered on workflow and portal infrastructure serving supervised entities rather than data-intensive or AI-driven surveillance systems.

HANFA's revenue model is that of a public-sector agency: operating budget is funded through a combination of state appropriations and supervisory fees levied on regulated entities. It has no commercial go-to-market; its "customers" are mandatorily supervised institutions. The agency participates in cross-border regulatory engagement with peer supervisors (Austrian FMA, Albanian AFSA) and EU-level bodies (ESMA, ESRB), and conducts inter-agency coordination with the Croatian National Bank (HNB) and the State Attorney's Office.

Name

HANFA

Legal name

Hrvatska agencija za nadzor financijskih usluga

Website

https://hanfa.hr

Company type

Public

Operating status

Operating

Headcount range

101–250 employees

Short description

HANFA is the Croatian Financial Services Supervisory Agency, a state regulator headquartered in Zagreb with 118 employees. It exclusively supervises non-bank financial services including insurance, capital markets, investment funds, pension funds, leasing, factoring, and crypto-asset services under MiCA.

Ownership category

akta.pro rank

Product category

Financial Services Regulation and Supervision

NAICS

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (92615), Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (926150)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Trade, Import/Export Controls & Sanctions Regulators (BPAIAOAO)

akta.pro secondary industries

AML/CTF & Sanctions Screening for Markets (Broker/Exchange Monitoring) (FSAFAKAE), Transaction Reporting & Trade Surveillance Controls (MiFID/MiFIR, CAT, EMIR, SFTR) (FSAFAKAD), Market Surveillance & Trade Monitoring (Crypto) (FSADALAG), Risk Management, Controls, Governance & Policy (Crypto) (FSADALAJ), Case Management, Investigations & SAR/STR Filing (FSAMAMAF)

Keywords

• Financial services supervision
• Capital market regulation
• Insurance market supervision
• Pension fund oversight
• Crypto-asset regulation

Headquarters

HQ city

Zagreb

HQ country

Croatia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Others

Distribution channels3 records

Marketing channels7 records

Core offering

HANFA is the Croatian Financial Services Supervisory Agency that regulates and supervises the non-bank financial market. Its core services include licensing and supervision of capital market issuers, insurance companies, investment firms, investment funds (UCITS and alternative), pension funds, leasing and factoring entities, and crypto-asset service providers. It monitors systemic risk, enforces EU regulations (MiCA, DORA, ESRS), conducts examinations, publishes market statistics, and runs consumer education and fraud-warning programs.

Product overview

HANFA (Croatian Financial Services Supervisory Agency) is a regulatory and supervisory body, not a technology product company. Its offerings consist of regulatory services, digital platforms, and publications. The main digital services include the START Plus Licensing Platform for submitting license applications, the Sandbox PutNaTržište educational program for capital market readiness assessment, and the E-Examinations System for professional qualifications testing. Key publications include Monthly Financial Sector Reports and Auditor's Report Analysis. HANFA also provides market benchmarks such as the MIREX pension fund index, and regulatory services including crypto-asset services supervision under MiCA and a Consumer Warnings System for fraud protection.

Differentiator

Problem solved

Functional benefit

Products and services

• Sandbox PutNaTržište Educational and simulation program that provides free, non-binding assessment of readiness for IPO, bonds, or VC/PE financing, identifies areas for improvement, and recommends next steps for companies considering capital market financing.
• START Plus Licensing Platform Digital platform enabling entrepreneurs to submit licence applications for insurance and reinsurance distribution activities, developed in collaboration with the Ministry of Economy and Fina (Financial Agency), based on the 'once only' principle for reduced administrative burden.
• Monthly Financial Sector Reports Monthly reports providing overview of supervised entities' activities in the financial services sector, including data on pension funds, insurance companies, capital markets, and investment funds.
• Auditor's Report Analysis Analysis of audited auditor's reports and sustainability reports of issuers whose securities are listed on the Zagreb Stock Exchange, conducted annually to assess reporting quality and compliance.
• MIREX Index Average annual return index for mandatory pension funds, tracking performance of categories A, B, and C pension funds since their inception.
• Crypto-Asset Services Supervision Supervision and regulation of crypto-asset services under MiCA regulation, including licensing requirements and consumer protection for crypto services operating in Croatia.
• E-Examinations System Electronic examination system for testing knowledge and qualifications in capital market, pension funds, insurance distribution, and crypto-asset services.
• Consumer Warnings System System for publishing warnings about investment fraud and suspicious entities to protect consumers from financial scams.

Quantifiable outcome

• 95% of issuers received unmodified auditor's opinion on 2025 annual reports (up from 91% in 2024)
• +4 more outcomes

Segments12 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Twelve partnerships are on record, tiered strategic, core and minor.

• Austrian Financial Market Agency (FMA)strategicStrategic or Co-development Partner · 17 July 2026Representatives of the Austrian Financial Market Agency (FMA) visited HANFA for a working visit. They discussed topics related to non-bank financial sector supervision with members of HANFA's Board.
• Albanian Financial Supervisory Authority (AFSA)strategicStrategic or Co-development Partner · 16 July 2026Representatives of the Albanian Financial Supervisory Authority (AFSA) visited HANFA on July 14-15, 2026, marking a continuation of long-standing and successful cooperation between the two supervisory authorities.
• Ministry of Economy of the Republic of CroatiacoreStrategic or Co-development Partner · 13 July 2026HANFA joined the START Plus project initiated by the Ministry of Economy, a digital platform enabling entrepreneurs to submit licence applications for activities in specific sectors. The Ministry is responsible for the establishment of the START Plus system.
• Financial Agency (Fina)coreImplementation/ SI/ Consulting Partner · 13 July 2026Fina provided the operational implementation and user support for the START Plus digital platform. The system has been developed in accordance with the 'once only' principle, enabling data exchange between competent institutions.
• Croatian National Bank (HNB)coreStrategic or Co-development Partner · 6 July 2026HANFA co-organized the 2nd Annual Meeting of Regulators with the Croatian National Bank (HNB), held at HNB premises. Focus areas included cyber resilience and joint regulatory action.
• State Attorney's Office of the Republic of CroatiastrategicStrategic or Co-development Partner · 8 June 2026HANFA and the State Attorney's Office signed a Cooperation Agreement to strengthen legal and regulatory collaboration.
• European Securities and Markets Authority (ESMA)coreStrategic or Co-development PartnerHANFA participates in ESMA activities including consultation papers on sustainability reporting (KPI taxonomy), transaction reporting simplification (potential annual savings of 1 billion EUR), supervisory activities on risk management function, and MiCA implementation guidance.
• European Banking Authority (EBA)coreStrategic or Co-development PartnerEBA, together with ESMA and EIOPA, supported ESRB's warning about potential increase in systemic cyber risks related to advanced AI models.
• European Insurance and Occupational Pensions Authority (EIOPA)coreStrategic or Co-development PartnerEIOPA, together with ESMA and EBA, supported ESRB's warning about potential increase in systemic cyber risks related to advanced AI models.
• European Systemic Risk Board (ESRB)coreStrategic or Co-development PartnerEuropean Supervisory Authorities (ESMA, EBA, EIOPA) supported ESRB's warning about potential increase in systemic cyber risks related to advanced AI models.
• Zagreb Stock ExchangecoreStrategic or Co-development PartnerHANFA supervises issuers listed on the Zagreb Stock Exchange, analyzes their audited financial reports and sustainability reports, and coordinates on market integrity matters.
• Association of Pension Companies and Pension Insurance Companies (UMFO)minorStrategic or Co-development PartnerHANFA representative Martina Verić participated in UMFO's event on young people's financial literacy, discussing financial education and protection against poor financial decisions.

Scale indicators11 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• ESMA (European Securities and Markets Authority): EU-level securities regulator shaping MiCA, MiFID/MiFIR, and sustainability reporting rules that Hanfa implements. Comparable in cross-cutting market surveillance and reporting functions, and a core institutional counterpart for Hanfa.
• AMF (France): France's financial markets authority, supervising securities, investment firms, funds, and market infrastructure. Comparable in scope to Hanfa's capital markets and investment fund activities, with deep ESMA involvement.
• EIOPA (European Insurance and Occupational Pensions Authority): EU-level authority for insurance and pensions where Hanfa participates as a national supervisor. Comparable to Hanfa's pension and insurance supervisory mandates, and a key counterpart for EU-level policy and reporting standards.
• BaFin (Germany): Germany's integrated financial regulator covering banking, insurance, securities, and asset management. Comparable in scope to Hanfa's non-bank mandate but at vastly larger scale, serving as a reference point for EU supervisory practice and policy.
• CNMV (Spain): Spain's securities and market supervisor (with adjacent responsibilities). Comparable to Hanfa's capital markets, investment firms, and CIS oversight role, with a similarly EU-driven mandate and ESMA participation.
• AFM (Netherlands): Netherlands Authority for the Financial Markets, supervising securities, investment firms, and asset management. Comparable to Hanfa's capital markets and CIS functions, with similar focus on conduct and transparency within EU frameworks.

Regional players

• Albanian Financial Supervisory Authority (AFSA): Albania's integrated financial supervisor for insurance, securities, and pensions. Comparable to Hanfa as a regional non-EU/EEA supervisor of a small market, with documented bilateral cooperation and a working visit to Hanfa in July 2026.

Direct peers

• Austrian Financial Market Authority (FMA): Austria's integrated financial market supervisor covering banking, insurance, securities, and pensions. Directly comparable to Hanfa as a non-bank-heavy national regulator with a small/medium-sized domestic market and active EU-level engagement; the two agencies conducted a formal working visit in July 2026.
• CONSOB (Italy): Italy's securities and corporate governance supervisor. Comparable to Hanfa in capital market, investment firm, and fund oversight, with shared ESMA engagement and responsibility for issuer transparency on the Italian stock exchange.
• Croatian National Bank (HNB): Croatia's central bank and prudential banking supervisor, which co-organizes the Annual Meeting of Regulators with Hanfa on cyber resilience. Comparable as a domestic financial supervisor operating under the same EU framework, with a complementary mandate covering banks.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hanfa

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HANFA