With Brexit, Hungary has lost one of its important allies within the EU but the Government is confident that the British-Hungarian economic relations may grow stronger after the exit of the island state, the Parliamentary State Secretary of the Ministry for Foreign Affairs and Trade asserted on Tuesday in Budapest at a press conference announcing an iiPay investment.

According to Levente Magyar, the Government’s expectations are also supported by iiPay’s expansion to Hungary. The company, incorporated in the United Kingdom and having an American background, made a quick decision to set up its new centre in Budapest and hence the investors have faith in Hungary’s further economic expansion, the State Secretary evaluated the investment. He also said that iiPay may be followed by further business operators, considering that the Government is currently having talks with several international companies about potential investments in Hungary. Levente Magyar also expects that in addition to nearly 10 thousand jobs provided so far, the new service investors will create further thousands of new job opportunities. The Director of iiPay in Hungary said that they are expecting to hire 60 highly qualified employees in their Budapest office within a year. Attila Mezner added that the new centre will have a key role in achieving the expansion objectives of the company and, in addition to, international payroll services being its core activity, it will have additional tasks, too. He expects that multinational companies in Hungary will be clients to the Budapest iiPay office and that the company may face an exciting period also on global level thanks to the rapid technological development. The Chief Financial Officer of iiPay spoke highly of the cooperation with the Government and the Hungarian Investment Promotion Agency (HIPA) and welcomed the fact that their activities in Hungary are also supported by favourable tax rates. According to Tim Jakob, the company formed in 2003 owes its rapid growth to the fact that it has managed to find an important market niche with its services. In 2006, iiPay got access to significant American investments, growth, however, requires not only capital but highly qualified professionals and the company counts on the Hungarian employees’ expertise, he added. Incorporated in the United Kingdom, iiPay provides services in 170 countries. The company is a global market leader in cloud-based payroll and technology services. Its registered office is located in Dallas, Texas, United States with headquarters in Cheltenham, England. In addition to Budapest, a regional centre will also be opened in Singapore, this year.

(MTI)