President of the Electronic Payment Service Providers Association (EFISZ) Mihály Veres and lead expert of the Digital Welfare Programme (DJP) dr. András Levente Gál signed a memorandum of cooperation to work together in various areas of digitisation, especially in financial digitisation, fintech, and Smart City developments.
The Digital Welfare Programme (DJP) covers the whole digital ecosystem, and it aims to ensure that every citizen and enterprise in Hungary can emerge on the winning side of digital transformation. A technological revolution and the spread of digital solutions are inevitable in finance, just like in other areas, but people and enterprises still expect two things from financial service providers: security and reliability. Innovative fintech solutions are a great opportunity for the enterprises and start-ups concerned, and they also present a great opportunity for the national economy, as this is a race where the conditions are the same for everyone at the starting line. Fintech developments create another chance for Hungary to move to the forefront in this sector in Europe. To this end, the Fintech Strategy developed by the DJP recommends that innovative technological enterprises in the field of finance should be supported and encouraged to enter the market and that the services offered by conventional banks and insurance companies should be digitised.
EFISZ, a socio-professional organisation of companies operating in Hungary that provide non-cash, electronic payment services, a non-governmental, autonomous organisation for communicating and representing interests and promoting consultation, was founded three years ago and now has 17 members. The DJP and EFISZ agree that the key areas of the Hungarian fintech sector are electronic payment, the technological standards of the available services, the promotion of consumer protection, and the significance of the effects on the national economy. The aim of the cooperation is for professionals to think together and work together, and, with regard to Smart City developments, the intention of the parties is that EFISZ should act as an integrator in processes where the services of online payment platforms can connect to the digital solutions of a specific city on system level. In their memorandum of cooperation, the DJP and EFISZ set the objective to cooperate in fintech-related competence development should the soon-to-be-evaluated DJP proposal receive funding in the European Digital Innovation Hub programme.