MNB published its fintech strategy, as part of which it has formulated 24 concrete initiatives and proposals. The fintech strategy sets out a comprehensive framework for the MNB efforts toward digitalization of the financial sector. Some of the initiatives and proposals set out in the strategy are within the competence of MNB, while others are proposals to the government and the fintech community in Hungary. The central bank's strategy is also in line with the fintech strategy of Hungary, which was developed within the framework of the Digital Welfare Program.
In May 2019, MNB had established a dedicated Executive Board that is responsible for the digitalization of financial system and the development of domestic fintech sector. The goal was to analyze future developments in the financial system in relation to innovation and digitalization and to develop central bank tools to support the competitiveness of financial services institutions. From the supervisory side, the Financial Innovation Monitoring Laboratory will monitor the international practices and supervisory technology innovations with the intent of recommending their implementation in domestic supervisory practice.
Keywords: Europe, Hungary, Banks, Fintech Strategy, Fintech, Suptech, Regtech, MNB
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