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The Straits Times
When news broke this week that the World Economic Forum was trading the snowy alps of Davos, Switzerland, for the tropics of Singapore it was widely seen as a public relations coup for the island nation and a testament to its handling of the coronavirus outbreak.
But the one-off switch in location for the forum’s Special Annual Meeting in May 2021 was also seen as something more: a shot in the arm for the section of Singapore’s tourism industry known as “Mice”, or meetings, incentives, conferences and exhibitions.
Singapore’s $3.8 billion (US$2.8 billion) Mice industry, which supports about 34,000 jobs and accounts for nearly 1 per cent of gross domestic product, has been hit hard as the coronavirus pandemic puts the brakes on international travel.
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The Monetary Authority of Singapore (MAS) and the Magyar Nemzeti Bank (MNB) has signed a Co-operation Agreement (CA) to strengthen cooperation in fintech innovation between Singapore and Hungary.
The CA sets out a framework for fintech collaboration between both countries. It will put in place a referral mechanism to help fintech firms access each other’s markets. MAS and MNB have also committed to exchange views on emerging market trends and developments in fintech, as well as regulatory issues on financial services innovation. The CA will also facilitate joint innovation projects between MAS and MNB.
Sopnendu Mohanty, Chief FinTech Officer, MAS said,
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