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The MNB published its FinTech strategy

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The MNB published its FinTech strategy

Budapest, 25 October 2019 – The MNB published its FinTech strategy entitled ‘Financial innovation and stability’ at a conference held with the participation of the representatives of Hungarian FinTech companies. The key objective of the first central bank FinTech strategy in the region is to facilitate the spread of competitive and innovative services in Hungary, strengthen the efficiency and stability of the financial system, stimulate the domestic FinTech ecosystem and develop the general financial culture and professional training. In order to achieve these targets the MNB drafted 24 specific initiatives and proposals.

The Magyar Nemzeti Bank considers it a key priority to facilitate the digitalisation of the domestic financial system, to develop the FinTech sector and to develop the general level of financial awareness and professional training. In line with these efforts, the MNB uses various innovative regulatory instruments to contribute to the introduction of financial innovations into the market under safe circumstances and to the wide spreading of their use.

Consistent with all these efforts, the MNB’s dedicated executive directorate responsible for the digitalisation of the financial system and the development of the domestic FinTech sector was established in May 2019. The tasks of this new unit include the analysis of the future directions of development related to financial system innovation and digitalisation, as well as the creation and continuous development of central bank instruments, which support the digital competitiveness of institutions providing financial services. From the supervisory side, the Supervisory Lab for Financial Innovations monitors the international practise of the latest financial market and supervisory technology innovations and proposes their implementation into the domestic supervisory practise. In the field of digitalisation the MNB’s work is supported by the Digitalisation and FinTech Advisory Board as well, which was set up at the initiative of the Bank in September 2019.

The strategy provides a comprehensive framework for the MNB’s digitalisation efforts in the financial system. The strategy sets out 24 specific initiatives and proposals, some of which are within the competence of the MNB, while others are proposals to the government and the domestic FinTech community. The central bank’s strategy is also in line with Hungary’s FinTech strategy, which was developed within the framework of the Digital Welfare Programme.

The FinTech strategy of the MNB can be accessed at:

https://www.mnb.hu/letoltes/mnb-fintech-strategy-eng-cov.pdf

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