Singapore and Hungary collaborate on fintech
It’s not only fintechs that forge cross-border partnerships, but regulators too. The Monetary Authority of Singapore (MAS) and the Magyar Nemzeti Bank (MNB) signed a Cooperation Agreement (CA) to strengthen cooperation in fintech innovation between Singapore and Hungary, the press release noted.
Under this agreement, the framework is set out for fintech collaboration between both countries. The agreement will place a mechanism to help fintech firms in other markets. The two institutions will also exchange views on development and emerging market trends along with ‘regulatory issues on financial services innovation’.
“[The CA] 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,” said Sopnendu Mohanty, Chief Fintech Officer, MAS said.
The signing of the agreement took place at the World Fintech Festival in Budapest. The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator while the Magyar Nemzeti Bank (MNB) is the central bank of Hungary and a member of the European System of Central Banks.