February 11, 2020

CFTE and BIB host a Graduation Ceremony for the Central Bank of Hungary

The Graduation Ceremony in Budapest hosted by CFTE and BIB saw 100 professionals from the Central Bank of Hungary completing the AI in Finance course.

11th of February, Budapest:  During the first of this kind graduation in Central Eastern Europe nearly 100 employees from the Central Bank of Hungary (Magyar Nemzeti Bank’s) completed the the ‘AI in Finance’ programme designed by the London-based Centre for Finance, Technology and Entrepreneurship (CFTE), held in a cooperation with the Budapest Institute of Banking (BIB Zrt.). The graduation ceremony was hosted on the 5th of February in the Magyar Nemzeti Bank, Budapest, for learners to receive their certificates and celebrate the entry to the world of new finance. 

Through lectures given by the world’s leading professionals, the course is designed to facilitate a better understanding of the way AI is transforming the financial sector while providing profound knowledge of technology and its applicability. It assists the staff members in the financial sector to gain the knowledge necessary to take an active part in the AI revolution, which in turn is required for the digital transformation and a competitive banking system at both structural and systemic level.  

Gergely Fábián, Chief Executive Officer of BIB, said at the ceremony: “The Magyar Nemzeti Bank was one of the first central banks in the world where such a large group of colleagues completed the course on Artificial Intelligence. This reflects that the MNB does not only talk about digitalisation and the importance of related studies, but it also sets an example.” 

CFTE’s Co-Founder, Tram Anh Nguyen, congratulated Magyar Nemzeti Bank for being the first to train the 100 Central Bankers on AI in Finance. She said: “It is an honour to work so closely with Budapest Institute of Banking. Congratulations to BIB for leading all this effort in the CEE region to provide education in Fintech.”

In his speech, Huy Nguyen Trieu, Co-Founder of CFTE and the programme director of AI in Finance, gave a presentation about AI in Finance, where he underlined: “Artificial Intelligence is the single most important technology in finance today, and human capital will be the single most important driver of it. I am very impressed by the leadership of BIB and the Central Bank to lead finance professionals on this journey for a positive impact on the Hungarian financial industry“.

The course alumni shared positive feedback regarding the course quality and the impact it made. Gabriella Biró, the Head of the IT supervision team at the Central Bank of Hungary said: “Coming from a technical background, this course really helped me to gain an understanding of the use-cases and how businesses consider Artificial Intelligence alongside the actual dilemmas and advantages of this technology”.

When CFTE entered this partnership with the BIB, the aim was to train and upskill the Central Eastern European region, equipping the individuals there with the necessary competencies to thrive within the new paradigms of banking and financial technology. With this joint collaboration, we are taking our education mission to new frontiers. 

As of 2018, the Central Eastern Europe (CEE) Fintech market size is estimated to be EUR 2.6bn. With the regions rapid economic development, it is not a surprise that overall Europe’s Fintech funding grew by 120% in 2017, from $121 million to $267 billion. This indicates that overwhelming growth in the future is likely and that there is a strong need for the financial industry of CEE to be adequately prepared.

During an exclusive evening session with the industry partners, organised by BIB, Tram Anh shared the framework of upskilling in the new world of digital finance in order to remain proficient in the constantly disrupted industry.

CFTE and BIB are looking forward to continuing this successful partnership in upskilling finance professionals in the CEE region.

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