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MENA Fintech Association Sets Sights on EU Expansion, in Partnership With Hungarian Fintechs

The MENA Fintech Association, the not-for-profit organisation supporting fintech startups and established players across the Middle East and Africa, is set to expand its influence to firms in Hungary, after signing a memorandum of understanding (MOU) with the Hungarian Fintech Association.

The two fintech associates are joining forces to enhance collaboration and foster innovation within the fintech ecosystems of both MENA and Hungary.

This strategic partnership marks a significant step forward in strengthening ties between the two regions, with a shared vision to create an environment conducive to fintech growth and development. Both associations are committed to leveraging their respective networks, resources, and expertise to facilitate cross-border collaboration, knowledge exchange, and innovation within the fintech industry.

Zoltán Ács, president of the Hungarian Fintech Association
Zoltán Ács, president of the Hungarian Fintech Association

Zoltán Ács, president of the Hungarian Fintech Association, discussed the collaboration: “Under the terms of the MOU, both associations will work closely to facilitate cross-border fintech initiatives, such as joint events, knowledge-sharing sessions, and collaborative projects.

“Furthermore, the partnership seeks to support fintech startups and scale-ups by providing them with access to new markets, investment opportunities, and regulatory insights.”

Established in 2020, the Hungarian Fintech Association now boasts over 50 members, and works on helping decision-makers, regulators and financial institutions to better understand the local fintech sector and its needs.

It serves as a soft landing for international members, and offer assistance and services upon their entry into the Hungarian market. The Hungarian Fintech Association also provide various educational and networking opportunities for their members and other industry players.

Backing expansion to the EU

The MOU, which signifies a landmark agreement between the two leading fintech associations, was signed during the Dubai Fintech Summit, in Dubai. The governor of the Central Bank of Hungary was also present.

Nameer Khan, co-founder and CEO of Fils, fintech MENA Hungary
Nameer Khan, co-founder and CEO of Fils

Nameer Khan, chairman of the MENA Fintech Association and founder of FILS, also added: “We are thrilled to formalise this partnership with the Hungarian Fintech Association. Since last year the Hungarian Central Bank and the local ecosystem have been strategically working with MFTA. By now formally joining forces, we aim to unlock new opportunities for fintech firms in both regions and drive impactful collaboration that will fuel innovation and growth in the global fintech landscape.

“The main goal of the Hungarian Fintech Association is to establish meaningful connections and business opportunities for its members. We can assist MENA-located companies in entering the European Union not only through connections but also by sharing best practices and providing regulatory and legal advice.

“Through our mutual cooperation, Hungarian fintech companies can also more easily conduct business in MENA countries, and this close collaboration can foster the growth of the international fintech ecosystem.”

Founded in 2018, the MENA Fintech Association has earned recognition as one of the top four fintech organisations globally. With a strong presence in the Middle East and Africa, the association has been at the forefront of driving innovation and fostering collaboration in the fintech industry.

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