Student-Safe MNB: CBDC Initiative Award for 2024 for Innovative Financial Education

The “CBDC Initiative Award for 2024” presented to the Student Safe MNB initiative

The Jury of London Central Banking Publications granted the prestigious “CBDC Initiative Award for 2024” to the Student Safe MNB initiative during the “FinTech & RegTech Global Awards” ceremony. This award distinguishes innovations and achievements in the field of central bank digital currency development.

Student Safe Initiative – the first pilot project of a central bank digital currency in the EU

The Student Safe Initiative is the first pilot project focusing on a central bank digital currency in the European Union that is accessible to households. This initiative has been recognized for its innovative approach to financial education and engaging users in the transformation of the digital finance world.

The Student Safe App – a modern educational tool

The Student Safe App, a joint project of the MNB (Magyar Nemzeti Bank) and the Money Compass Foundation, aims to raise financial awareness among children aged 8 to 14. Through this app, users can experiment with digital currency, transfer money to bank accounts, set savings goals, and make payments using QR codes.

The Student Safe App supports financial development by:

• Facilitating responses to financial-related quizzes
• Earning rewards in the form of shopping vouchers for achieving savings goals

The Student Safe Project – researching students’ digital currency usage

The Student Safe Project, carried out by the MNB in collaboration with Hungarian FinTech companies and commercial banks, is the first pilot of its kind in the European Union where the central bank involved real users to gain necessary experience in researching a central digital currency.

The project in the spotlight of international awards and recommendations

The Student Safe MNB initiative received a special award in the Mastercard Bank of the Year 2023 competition and is mentioned in the Bank for International Settlements (BIS) database and the CBDC Tracker registry. Additionally, this project was referenced in the “Guide to Central Bank Digital Currency Development” for 2023 by the International Monetary Fund (IMF).

The Student Safe Project serves as an example of an innovative approach to financial education and research on central bank digital currency, becoming an inspiration for other banking institutions worldwide.