Fintech Strategy

Financial technology (Fintech, FinTech or fintech, hereinafter referred to as fintech) is a collective name for innovative products and services created in a digital environment and operated on digital devices that are financial sector institutions (credit institutions, insurance companies, investment service providers, funds, other payment institutions, etc.). as a modern competitor of financial services are created to expand the range of services in order to make the use of the given service more convenient, faster, and / or cheaper, or to generate new customer needs in the spirit of innovation. Naturally, as market demands are evolving, fintech functions also appeared in the services of traditional financial institutions.

Sensing the latest developments in digitalisation, DSP 2.0 document, which is adopted by Government decree 1456/2017 (VII.19.) on the extension of the Digital Success Programme (DSP), defined the preparation of digitalisation strategies of various sectors as a strategic development area, among which (based on the professional decision of DSP) the digitalisation strategy of the domestic financial sector should be elaborated one of the first, especially with regard to extremely rapidly evolving financial technology solutions (fintech), and the wide applicability of the blockchain technology.

If the economic ecosystem and market of a given state are unprepared for the arrival of international technology giants, due to their vulnerability, a large proportion of the returns of their activities are taken out of the country.

At the same time, the rapid pace of catch-up based on the Hungarian innovation culture and high value-added intellectual resources represents a jumping opportunity for Hungary in the field of fintech as well, as all countries are on the same level to the starting line in this competition.

DSP builds its sectoral professional activities and develops its professional collaborations along the pillars of the fintech strategy.