Fintech consultation by the Hungarian regulator

FinTech Regulatory 3 January 2018

The National Bank of Hungary (NBH) enters into a public consultation on regulation of FinTech, as the qualification of the new technologies, protection of the rights of the clients using these technologies, the categorisation of service providers are challenging for the supervisory authority as well.

The consultation document includes a draft of the operation of an Innovation Hub and Regulatory Sandbox.

The consultation is a great opportunity for those planning to enter the market with innovative service provision as well as the traditional service providers trying to expand their market. The consultation with the NBH could identify the legal barriers to FinTech solutions and test the feasibility of new ideas.

Responses and questions relating to the consultation document could be sent to the NBH until 20 January 2018 at innovationhub@mnb.hu.

For more information see the website of NBH.

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