MAS and MNB strengthen cooperation in FinTech innovation

By Edil Corneille

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.

The CA 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 CA will also 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.