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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The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.