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How is Hungary strengthening its Cooperation with Singapore & FinTech?


When it comes to Hungary most people might think of good wine, the beautiful views of Budapest or perhaps paprika. It’s not necessarily FinTech though. Yesterday the organizers of the Singapore Fintech Festival, the Monetary Authority of Singapore (MAS), and the Magyar Nemzeti Bank (MNB) signed a Co-operation Agreement (CA) to strengthen cooperation in FinTech innovation between Singapore and Hungary.

In our last piece about Hungary from late in 2019, we covered a story about some of the things the Hungarian Central Bank has been up to since 2015, more specifically their e-administration implementation. We have also covered story about Ergomania in Hungary, a cutting edge UX Design firm who specialize in FinTech. So there has been plenty of coverage for the country that produced Prezi, amongst others.

Yesterday’s story is special though.

The Co-operation Agreement sets out a framework for FinTech collaboration between both countries. It will put in place a referral mechanism to help FinTech firms access each other’s markets. MAS and MNB have also committed to exchange views on emerging market trends and developments in FinTech, as well as regulatory issues on financial services innovation. The agreement will facilitate joint innovation projects between MAS and MNB.

Sopnendu Mohanty, Chief FinTech Officer, MAS said, “The CA highlights the strengthening FinTech partnership between MAS and MNB, and lays the foundation for us to harness FinTech for a smarter, more efficient and more inclusive financial sector in our respective countries. Our bilateral collaboration in FinTech will help promote financial innovation and create new opportunities for our countries, as well as in our regions.

Anikó Szombati, Chief Digital Officer, MNB said, “MAS is a unique partner in MNB’s international innovation network and we have high hopes that under the CA our cooperation can bear fruit soon for both the Singaporean and the Hungarian Fintech ecosystem. Platforms for cooperation has changed drastically due to COVID-19, but the situation can also enhance innovative ideas in digital finance, what we, together with MAS would like to oversee and steer from the frontline.”

The signing of the CA took place at the World FinTech Festival in Budapest, held in partnership with the Singapore FinTech Festival 2020.

#DisruptionBanking will be covering further stories on Hungary, like we did in our Hungary: Fintech Nation piece from early 2019. But with the MAS now helping the country develop its’ FinTechs further, we hope the news will start to accelerate in 2021.

Author: Andy Samu

#Magyar #MagyarNemzetiBank #MNB #SGFinTechFest #Fintech #Ergomania

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