Singapore, Hungary ink agreement to step up cooperation in fintech innovation

THE Monetary Authority of Singapore (MAS) and the central bank of Hungary, the Magyar Nemzeti Bank (MNB), signed a cooperation agreement (CA) on Wednesday to strengthen cooperation in fintech innovation.

The framework will put in place a referral mechanism to help fintech firms access each other's markets, MAS and MNB said in a joint statement.

The two countries will also share views on emerging market trends and developments in fintech, as well as regulatory issues on financial services innovation. The CA will also enable the two central banks to work on innovation projects together.

Sopnendu Mohanty, chief fintech officer for 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 for MNB, added: "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 have changed drastically due to Covid-19, but the situation can also enhance innovative ideas in digital finance."

The CA was inked at the World FinTech Festival in Budapest, which is held in partnership with the Singapore FinTech Festival 2020.