Hanfa and the Ministry of Finance Present Joint Initiative “RoadToMarket” – a Sandbox for Simulating Capital Market Financing
On 6 October 2025, the Croatian Financial Services Supervisory Agency (Hanfa) and the Ministry of Finance of the Republic of Croatia presented their joint initiative “RoadToMarket – a sandbox for simulating capital market financing.” During the meeting, potential project partners were introduced to the draft design of the sandbox, the details of the phased approach, and the expected role of partners who would participate in developing the methodology, educating candidates, and professionally evaluating materials within the sandbox.
The “RoadToMarket” sandbox represents an experimental and educational program that allows companies interested in exploring capital market financing to gain realistic insight into the process, through simulation, expert mentorship, and the support of regulators and market professionals, without any actual regulatory obligations or costs. This includes simulating processes such as IPOs, bond issuance, and access to venture capital.
“‘RoadToMarket’ is an important step towards opening up the capital market to domestic entrepreneurs, following the opportunities already made available to citizens to actively participate as investors through government retail bonds and treasury bills,” said Deputy Prime Minister and Minister of Finance Marko Primorac in his opening address.
The aim of the initiative is to encourage more companies to consider the capital market as a source of financing, increase their readiness for public offerings, and strengthen the transparency and professionalization of business practices.
“This joint initiative of the Ministry of Finance and Hanfa was created from the desire to provide companies with a space in which they can assess their potential for capital market financing. In this process, the most important role belongs to market partners – banks, lawyers, advisors, asset management companies, educators – those who possess the practical knowledge and experience that can help entrepreneurs understand how the capital market truly operates. The purpose of the sandbox is to create a space for dialogue, for knowledge exchange, and for building the foundations that will allow a company, when ready, to approach the market informed, prepared, and with established relationships of trust,” said Ante Žigman, President of Hanfa Board.
Partners will participate in the project on a voluntary basis, providing mentorship, education, and expert evaluation of candidates. Companies will be able to participate free of charge, and upon completing their journey in the sandbox, they may independently decide whether to enter the actual process of accessing the capital market.
This initiative is part of the activities carried out under the Action Plan for the Implementation of the Strategic Framework for Capital Market Development, representing a concrete step toward creating new market opportunities for Croatian entrepreneurs and strengthening confidence in the domestic capital market.
Hanfa and the Ministry of Finance will continue with the activities aimed at launching the initiative, primarily through further consultations and discussions with potential partners, in order to create the environment necessary for its successful implementation.
