The MENA Fintech Association, the premier not-for-profit organisation dedicated to serving fintech startups and established players across the Middle East and Africa, has signed a Memorandum of Understanding (MoU) with the Hungarian Fintech Association. This agreement, aimed at enhancing collaboration and fostering innovation within the fintech ecosystems of both regions, marks a significant milestone for both associations.
Background of the Associations
Founded in 2018, the MENA Fintech Association is recognised as one of the top four fintech bodies globally. With a robust presence in the Middle East and Africa, the association has been instrumental in driving innovation and collaboration in the fintech industry.
Established in 2020, the Hungarian Fintech Association has over 50 members. It aims to unite participants in the Hungarian fintech ecosystem, assisting decision-makers, regulators, and financial institutions in understanding the local sector and its needs. The association serves as a soft landing for international members, offering various educational and networking opportunities.
The Dubai Fintech Summit Signing
The MOU was signed during the prestigious Dubai Fintech Summit, held in Dubai, with the Governor of the Central Bank of Hungary in attendance. This strategic partnership is set to strengthen ties between the MENA region and Hungary, fostering an environment conducive to fintech growth and development.
Leadership Statements
Nameer Khan, Chairman of the MENA Fintech Association and Founder and CEO of FILS, expressed his enthusiasm: “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 working strategically 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.”
Zoltán Ács, Chairman of the Hungarian Fintech Association, highlighted the mutual benefits: “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 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.”
Objectives and Benefits of the Partnership
Under the terms of the MOU, both associations will work closely to facilitate cross-border fintech initiatives, including joint events, knowledge-sharing sessions, and collaborative projects. The partnership seeks to support fintech startups and scale-ups by providing access to new markets, investment opportunities, and regulatory insights.
In addition to this significant MOU, Nameer Khan’s enterprise, Fils, a rapidly growing UAE-based digital infrastructure provider, has announced a strategic partnership with Arab Financial Services (AFS), a leading digital payment solutions provider in the Middle East and Africa (MEA) region. This collaboration is a significant step towards fostering sustainable practices and driving climate action across regional industries.
Leveraging Fils’s state-of-the-art fintech technology and AFS’s expertise in digital payments, the partnership aims to integrate sustainability into business operations and financial transactions seamlessly. Samer Soliman, CEO of AFS, remarked, “We are proud to join forces with Fils in a strategic partnership to drive sustainable solutions within the digital payments landscape. This collaboration directly supports our ESG strategic goals by accelerating their implementation.”
Nameer Khan also commented, “By combining our advanced digital infrastructure with AFS’s leadership in electronic payments outsourcing, we have a unique opportunity to drive positive change across industries in the MENA region.” This partnership enables many banks and financial institutions to track and mitigate their emissions, aiding the global transition to a low-carbon economy.
Conclusion
This partnership between the MENA Fintech Association and the Hungarian Fintech Association, along with the recent collaboration between Fils and AFS, represents a significant step forward in global fintech collaboration. By leveraging their networks, resources, and expertise, these associations and companies aim to drive innovation and growth within the fintech industry, benefiting stakeholders across the Middle East, Africa, and Hungary.
