MNB joins Global Financial Innovation Network

Competition

The National Bank of Hungary (MNB) has opened a platform for consultation for innovative FinTech firms and established a regulatory test environment, the website of the bank reported.

The MNB joined the Global Financial Innovation Network (GFIN), a "global sandbox" for FinTech companies established by regulators on the initiative of the U.K. Financial Conduct Authority (FCA).

The aim of the step is to help the spread of FinTech innovations in a safe manner that does not pose risks to financial systems.

The GFIN is expected to "act as a network of regulators to collaborate, sharing experience and best practice, and communicate to firms; provide a forum for joint policy work; and provide firms with an environment in which to trial cross-border solutions," according to the FCA.

In addition to the MNB, regulators from Abu Dhabi, Australia, Bahrain, Bermuda, Canada, Dubai, Guernsey, Jersey, Hong Kong, Kazakhstan, Lithuania, Singapore, the United Kingdom and the United States have joined the GFIN.

The MNB has invited FinTech companies to register to try out its own regulatory sandbox within the framework of the GFIN until February 28, mnb.hu reported.

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