Singapore, 18 November 2021 – The Singapore FinTech Association (SFA) and the Hungarian FinTech Association (HFA – MAFISZ) have signed a memorandum of understanding (MOU) designed to facilitate and foster FinTech collaboration between the two countries.

Under the MOU, the two non-profit Associations will join forces 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.

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 the Hungarian Central Bank, Magyar Nemzeti Bank (MNB). The Forum featured opening remarks from H.E. Judit Pach, Ambassador-designate of Hungary to Singapore, and Ms. Rita-Szép Tüske, Director General for Export Development, representing the Hungarian Ministry of Foreign Affairs and Trade as the event was supported by the Hungarian National Export Strategy (NEXT). Ten Hungarian FinTech companies also showcased their solutions during the Business Forum.

The signing of the MOU further strengthens business ties between Singapore’s and Hungary’s FinTech landscapes following the announcement in December 2020 of a Co-operation Agreement between MAS and MNB. The Agreement was designed to increase cooperation in FinTech innovation between Singapore and Hungary and to encourage Fintech companies and investors to tap on the huge potential both countries can offer as gateways to the ASEAN and European markets

Commenting on the signing of the MOU, Shadab Taiyabi, President of the SFA, said:

“Formalising a partnership that connects us with another Association and country is always an exciting moment for SFA. 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. We look forward to the exciting opportunities that will result from this partnership.”

Balazs Faluvegi, Chairman of the Hungarian FinTech Association, stated:
“We are more than grateful for this opportunity to build a bridge between our promising FinTech ecosystem and one of the biggest and most innovative in the world. Singapore, MAS, and the SFA proved that creating a booming industry is possible not just within the borders of an already successful country, but for a whole region. We are sure that we will not only be able to create enduring partnerships between our members, but we will also learn a lot from the SFA and other organisations of the FinTech ecosystem in Singapore.”

Download the press release here: https://singaporefintech.org/sfa-resources/