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Central Bank of Hungary (MNB) releases its FinTech and Digitalisation [Report]

The MNB’s annual FinTech and Digitalisation Report seeks to provide insight into recent domestic and international developments in financial innovation, digitalisation and their underlying technologies, which are becoming increasingly dominant in the Hungarian financial markets. In this way, the MNB intends to contribute to strengthen the digitalisation level of the domestic financial system, to which it intends to provide active support.

Read the full reportMNB FinTech and Digitalisation Report

Without prejudice to its primary objective – to achieve and maintain price stability –, the Magyar Nemzeti Bank shall support the maintenance of the stability of the financial intermediary system, the enhancement of its resilience, its sustainable contribution to economic growth; furthermore, the MNB shall support the economic policy of the government using the instruments at its disposal.

A high level of digitization and financial innovation contributes to achieving these goals, therefore the MNB considers it especially important to develop the digitalisation of the financial system and support the market introduction of innovative financial services in a secure way.

The MNB favours a financial intermediary system that offers competitive and safe financial services to domestic consumers. To this end, the central bank is actively involved in developing an efficient incumbent segment that implements advanced technologies, a vibrant FinTech ecosystem, a supportive environment and a modern regulatory background, while maintaining market integrity.

 

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