The Singapore FinTech Association (SFA) and the Hungarian FinTech Association (HFA – MAFISZ) have signed a memorandum of understanding (MOU) to facilitate and foster fintech collaboration between the two countries.
SFA and HFA will collaborate on matters of mutual interest relating to the fintech industry, aligned to their efforts in building and advancing the fintech ecosystems across both countries, and allowing them to share best practices and foster business collaboration, according to an announcement on Monday.
The MOU was officially signed during the 1st Singapore-Hungary FinTech Business Forum, co-organised by the SFA and the Embassy of Hungary in Singapore, in partnership with the Monetary Authority of Singapore (MAS), HFA, Enterprise Singapore, as well as Magyar Nemzeti Bank (MNB).
«The Singaporean and Hungarian fintech landscapes are fast developing and there are great learnings to share, as well as initiatives to collaborate on, that will help each association to advance its country’s fintech ecosystem,» Shadab Taiyabi, SFA president, said in a statement.
The MOU follows the signing of a co-operation agreement between MAS and MNB, the Hungarian Central Bank, in December 2020. The agreement was designed to increase cooperation in fintech innovation and to encourage fintech companies and investors to use both countries as gateways to the Asean and European markets