As a Corvinus graduate, you later earned a master’s degree in finance from Fudan University and also hold a law degree. What differences did you notice in the teaching methods, and what are your memories of your university years? 

I majored in finance at Corvinus, but during my economics studies, I also started law school at Pázmány Péter Catholic University. I’ve always been interested in history, politics, and law alongside economics—I wanted to deepen my understanding of social structures and cultivate a mindset rooted in critical thinking. Of course, Corvinus also nurtured openness to these topics, but I was eager to expand my knowledge further. 

That desire to deepen my understanding didn’t fade after earning my degrees at Corvinus and Pázmány. In 2022, I enrolled in the joint program between Corvinus and Fudan University. Why? By then, I had over ten years of work experience. I believed that gaining new knowledge to complement my existing expertise—and better structure my economic thinking—would be valuable. Another deciding factor was the opportunity to experience financial training at one of the world’s elite universities while strengthening my leadership skills through the Corvinus MBA. Going back to school was a strange but exciting feeling! At that point in my career, I was confident in various professional fields, giving lectures and having strong professional opinions. But none of that mattered in the classroom—I was just one of the students. Past accomplishments didn’t count—only dedication, knowledge, and performance did. I remember feeling a mix of excitement and a desire to prove myself, but I’ve always believed that we should never fear a challenge. 

Acquiring new knowledge when you already have experience is especially rewarding. The MBA program helped me organise and expand my leadership experience from the banking sector, while the Fudan curriculum opened up a whole new world. I gained insight into the thinking and standards of a “top” university. It was striking to see how well they understood Western perspectives—and to realise that they also offered a parallel Eastern alternative. Diversity and new approaches always spark new ideas. 

Were there any people during your studies who influenced you particularly strongly? 

Corvinus has always had excellent lecturers—people with deep academic backgrounds and others with significant market experience. If I had to name just a few, I would start with economist Dániel Palotai, the first Hungarian economist elected to the IMF’s Executive Board in 2020. While his macroeconomics seminars were outstanding, they’re memorable for another reason too: it was in his class that I met my wife, Ildi. Today, we’re raising three beautiful daughters together. So, you could say that Corvinus gave me not just professional knowledge but also a life partner. Like me, my wife also returned to Corvinus long after finishing her master’s degree—she began her PhD studies this year. 

Another teacher I’d like to mention is Csaba Szatmári, who taught economic law. We became friends by discussing legal cases after class, and that friendship continues today. Csaba even attended our wedding 15 years ago, and today he’s the godfather of our third daughter. 

You previously worked at a commercial bank—what motivated you to join the MNB? What drew you in? 

I firmly believe that economics is classified as a social science for a reason. As economists, we can influence processes that directly affect people’s daily lives. Your focus is typically limited to a smaller segment at a commercial bank. At a central bank, however, you can impact the entire banking sector and the economy as a whole—ultimately influencing every layer of society. There are few workplaces where you can have such a wide-reaching and complex effect on nearly all economic and societal actors. 

My field is electronic payments—something every Hungarian uses, often multiple times daily. What I love about this area is its interdisciplinary nature: you need expertise in finance, risk management, IT, and law. It’s a genuinely engaging job, where you must navigate diverse professional viewpoints and stakeholder interests to find the most beneficial solution for Hungarian society and the economy. In this area, indeed, it constantly demands growth and learning; we have to keep pace with rapid technological changes that bring both new opportunities and new challenges. 

When developing payment systems, we must implement innovation that never loses sight of the public good or financial stability. That principle guides everything we do. 

I often tell applicants that working at the central bank is like continuing university life. Why? Because it requires constant learning and development. There’s no one-size-fits-all solution here—every situation is unique, and every decision impacts different segments of the economy. That’s precisely what makes this job so exciting. You can’t do this half-heartedly—it takes passion and belief. I sometimes call it the “extreme sport” of finance because it demands serious, ongoing mental engagement. It’s almost like an art form: you’re constantly balancing diverse interests to ensure the entire ecosystem functions smoothly. 

Hungary seems to be doing well in the adoption of electronic payments. I read that in Budapest, 54% of transactions are now digital. 

That’s right—we’re solidly in the middle tier among EU countries in this regard. Our primary goal is to ensure the digital transition is efficient, provides a great user experience, and remains secure. Interestingly, the pandemic gave electronic payments a huge push globally, including in Hungary. People were often forced to switch during lockdowns and discovered that these systems work reliably and safely. 

That said, cash won’t disappear in Hungary. As long as there’s even one person who prefers paying in cash, the central bank will ensure that option remains available. 

However, cyber fraud is on the rise. Just recently, scammers even used the MNB’s name to fake a “survey” and steal personal data. What’s your response to this? 

We need to focus on safe and smart solutions. Technology can be abused, but it also gives financial institutions the tools to prevent fraud. I like to use this analogy: if I see a child reaching for an electrical socket out of curiosity, I don’t wait until they touch it—I step in to prevent harm. The same logic applies here. 

Today’s technology already allows banks to detect so-called atypical transactions that don’t match a user’s usual behaviour. They can even block these transactions in real time. For example, if someone tries to transfer money to an unfamiliar or suspicious location, or clears out their entire account balance immediately, that raises red flags. If someone suddenly transfers a considerable amount to Brad Pitt at 2 a.m., that should be flagged as unusual! 

The MNB actively supports the banking sector in rolling out systems that improve payment security. A key development will launch on July 1, 2025: the Central Fraud Detection System will evaluate all domestic bank transfers in real time for signs of fraud and alert the banks immediately. This could significantly reduce fraud cases in Hungary, paired with effective in-house systems. 

Still, despite widespread media coverage and tools like CyberShield, people, even well-educated ones, continue to fall for scams. Is the psychological pressure really that strong? 

I believe people are inherently good—and we tend to assume the same of others. We want to believe in kindness and good intentions. Unfortunately, that’s precisely what fraudsters exploit. Sometimes it’s through a tempting offer, other times by pretending to help stop an alleged scam already in progress. Deep down, we all hope for true love (as in romance scams) or feel we’re overdue for some luck, so emotion overrides logic. 

Scammers are becoming increasingly sophisticated and convincing. But the good news is this: if we stay alert and don’t take the bait, our money is completely safe. That’s why financial education is essential—to help people recognise the signs of fraud and make informed decisions. 

That said, I must add that our deep human longing for good, love, and justice is one of our most beautiful qualities. But it also means the burden falls on financial institutions to build protective technologies that can step in when rational thinking is momentarily overshadowed by hope. 

Katalin Török