Hanfa and the Ministry of Finance present PutNaTržište – Croatia’s first educational simulation sandbox for entrepreneurs

The Croatian Financial Services Supervisory Agency (Hanfa), in partnership with the Ministry of Finance of the Republic of Croatia, at the National and University Library in Zagreb today officially presented PutNaTržište (RoadToMarket) – the first Croatian educational simulation sandbox designed to prepare companies for capital market financing. This unique programme enables entrepreneurs to test their readiness for various forms of market financing – from issuing bonds to conducting an initial public offering (IPO) – in a safe, confidential, and free environment.

The event gathered numerous representatives of the financial sector, institutions, the business community, and the media. As part of the presentation, Hanfa and the Ministry of Finance also held a ceremonial signing of a Partnership Agreement, formally establishing the initiative within an institutional framework.

In his opening remarks, Tomislav Ćorić, Deputy Prime Minister and Minister of Finance, emphasized that the project fits into a broader set of activities aimed at strengthening the domestic capital market: “More than 35 institutions from the financial and business sectors have joined this project, clearly demonstrating the genuine will to support entrepreneurs together. The capital market plays a key role in every modern economy, and the positive momentum we are witnessing in Croatia shows that now is the right moment to reach out to entrepreneurs as future issuers.

If we want more companies on the capital market, we must give them understanding of the process, support, and clarity. This is exactly what this project provides,” Ćorić concluded.

Ante Žigman, President of Hanfa Board, highlighted that although many financing opportunities are available to entrepreneurs, assessing their own readiness is often the most challenging part: “Croatia’s capital market was exceptionally strong in the past year: increased trading volume, rising market capitalization, and three major IPOs clearly confirm that both capital and demand exist. What is lacking is a sufficient number of well-prepared issuers, which is why PutNaTržište comes at the perfect time, offering entrepreneurs the support they need to prepare for entering the capital market.”

Žigman thanked partners from the banking, investment, legal, auditing, and institutional sectors, emphasizing that they form the “heart of this sandbox,” providing entrepreneurs with an objective, multidisciplinary, and practical perspective on their business.

Sandbox concept presented: companies can “test” the capital market without risks or costs

During the official presentation, Hanfa’s experts outlined the programme’s key functionalities. PutNaTržište allows entrepreneurs to, within a simulated environment:

• receive a diagnostic assessment of their readiness to enter the capital market
• view their business “from an investor’s perspective”
• identify strengths and areas needing improvement
• understand differences between various financing instruments
• familiarize themselves with the regulatory framework and the practical obligations of issuers.

The programme consists of three stages: application, selection, and diagnostics. Future cycles will introduce simulations of listing processes and issuer obligations on the stock exchange.

The pilot phase will begin in September 2026, and applications will be available via Hanfa’s website.

More than 35 partners involved

The project includes banks, funds, investment and auditing companies, law firms, and business associations such as the Croatian Bank for Reconstruction and Development (HBOR), the Croatian Chamber of Economy (HGK), the Croatian Banking Association (HUB), the Croatian Employers’ Association (HUP), and the Croatian Institute for Corporate Social Responsibility (IDOP). The full partner registry is available on Hanfa’s website.

Following the official presentation, a panel discussion titled “How can companies be guided toward the capital market?” took place, moderated by Anamarija Staničić, Deputy President of Hanfa Board. The panel featured representatives from key groups within the market ecosystem: Tamara Perko (Croatian Banking Association), Vjeran Buljan (Deloitte), Ivan Beljan (Global Invest), Ivan Kovačev (Interkapital), and Luka Rimac (Mamić Perić Reberski Rimac Law Firm). The panellists discussed common challenges companies face when preparing to enter the capital market, shared practical experience, and explained why they believe the sandbox PutNaTržište can be a valuable tool in helping entrepreneurs better understand processes and make well‑informed decisions about financing options.

More details on the sandbox PutNaTržište are available at Hanfa’s web page www.hanfa.hr/sandbox-putnatrziste, and additional information can be requested via email at sandboxPNT@hanfa.hr. Companies interested in participating are invited to follow upcoming announcements and join the initiative in the next phases.

A short video overview of the sandbox is available here, and insights from project partners can be viewed here.