The Monetary Authority of Singapore (MAS) and Hungry’s Magyar Nemzeti Bank (MNB) have signed a co-operation agreement (CA) to strengthen ties in FinTech innovation between both countries.
The agreement sets out a framework for FinTech collaboration between both countries and will help FinTech firms access markets from Singapore and Hungary.
Both 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.
SEE: MAS awards digital bank licences to two consortiums, two entities
The CA was signed at the World FinTech Festival in Budapest, held in partnership with the Singapore FinTech Festival 2020.
“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,” says Sopnendu Mohanty, MAS’s chief fintech officer.
Anikó Szombati, MNB’s chief Digital Officer, 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-9, 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.”
