MAS, Hungary's central bank sign agreement for fintech cooperation

It puts into place a referral system to help fintechs access both markets.

The Monetary Authority of Singapore (MAS) and the Magyar Nemzeti Bank (MNB), Hungary’s national bank, has signed a co-operation agreement (CA) to strengthen cooperation in fintech innovation between Singapore and Hungary, according to a statement.

Signed during the World FinTech Festival in Budapest, held in partnership with the Singapore FinTech Festival 2020, the CA sets out a framework for FinTech collaboration between both countries, such as putting into place a referral mechanism to help fintech firms access each other’s markets.

The CA will also facilitate joint innovation projects between MAS and MNB.

MAS and MNB have also committed to exchanging views on emerging market trends and developments in finech, as well as regulatory issues on financial services innovation.

“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,” said Sopnendu Mohanty, chief fintech officer, MAS.