Singapore FinTech Association signs MOUs with Enterprise Hungary and Innotrade

Singapore Fintech Association signs MOUs with Enterprise Hungary and Innotrade

~ Expanding business collaborations between Singapore and Hungary ~ 

Singapore, 27th September 2017 – The Singapore Fintech Association (SFA) signed memorandums of understanding (MOU) with both Enterprise Hungary and The Hungarian National Trading House and its Innotrade Program to drive international business collaboration and cooperation.

The MOU signed between the non-profit associations aims to bridge the two FinTech ecosystems, through cross-border collaboration and information sharing.  The partnership will continue to nurture global business opportunities and allow exchange of expertise between members, with the aim of developing innovation in both markets.


In attendance was also H.E. Mihaly Varga, Minister for National Economy, Hungary for the official opening of the Startup Campus Singapore programme.


These initiatives are designed to strengthen the relationship between Singapore, Central Eastern Europe and the Hungarian business communities.


Mr Chia Hock Lia, President of the SFA commented that “The signing of the MOUs reflects the strong ties between the two countries and recognises Hungary’s key economic role in Central Europe.” Hungary is a member of the Visegrad 4 Group (V4), the key economies in Central and Eastern Europe.


Singapore is Hungary’s biggest bilateral trade partner in ASEAN, at 35% of total trade. Former President Tony Tan conducted a State visit to Hungary in 2013.


“Hungary is a gateway to an undiscovered and exciting region: Central Eastern Europe. We would like to empower Singaporean tech and fintech startups to enter this market. Simultaneously, our job is to build capacity for Hungarian startups to go global. Partners like SFA are important allies in this mission. One of the most crucial necessities for startups to succeed is to be at the right place at the right time. We believe that the right place is in Singapore and the right time is now. We are glad to introduce the first 6 Hungarian pioneer companies at the Startup Campus Singapore event.” Zsolt KOVACS, CEO, Enterprise Hungary.


“The Hungarian National Trading House’s (HNTH) Innotrade Program provides foreign validation access to startups that innovate key industries. The Fintech industry is a key focus because it harnesses and combines other verticals’ technological synergies, such as AI, big data and cyber security integrations. In order to buttress the Hungarian startup ecosystem’s Fintech pillar and enhance its access to real market demands, it is crucial to lament direct access to foreign partners, such as the Singapore Fintech Association, that can streamline the push and pull of relevant future deal flows.” Sebastian TAMAS, CAIA – Director of Innovations of the Hungarian National Trading House (Innotrade Program).


The SFA has also recently launched education initiatives such as the FinTech Talent Programme, memorandums of understanding with institutions of higher learning along with other international FinTech associations to boost overseas engagement.


About the Singapore FinTech Association

The Singapore FinTech Association (SFA) is a cross-industry, non-profit organization designed to facilitate collaboration between all market participants and stakeholders in the FinTech ecosystem. It has over 125 members, who represent the full range of stakeholders in the FinTech industry, from early stage innovative companies to large financial players and service providers. The SFA also partners with institutions and other associations, from Singapore and globally, to cooperate on initiatives relating to the FinTech industry. Find out more at

About Enterprise Hungary  

The mission of Enterprise Hungary Nonprofit Ltd. (EH) is the development of the Hungarian innovation ecosystem and to encourage young people in becoming entrepreneurs. The prioritized goal of our organization is to catalyse the new generation of startups, for this purpose we pay special attention to increasing the willingness of young people to establish their own enterprises, supporting the development of enterprises from innovative ideas born in higher education and developing already established enterprises. Find out more at

About MNKH – Innotrade

The Hungarian National Trading House (MNKH) Cls. seeks to connect Hungarian enterprises with relevant export markets & international partners. It provides state guarantees to its partners to facilitate the formation of long lasting trade relationships and mutually beneficial deals. MNKH’s Innotrade Program provides dedicated foreign market validation access to Hungarian startups and connects them with foreign ecosystem partners & potential investors through global conference and tailor-made roadshow events.  Find out more at  and

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