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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EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.
In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.
IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.
FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.
EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.
FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.
RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.
The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.
HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.
ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).