Canada    FinTech Guide    Chapter 8    Hungary

8. Online Banking Services
Hungary  Hungary

The social and political climate towards Online Banking Services is neutral..

Legal Affairs

Account Information Service Providers (“AISP”) and Payment Initiation Service Providers (“PISP”) are regulated by PSD 2 which will be implemented into the Hungarian law by the beginning of next year.

According to PSD 2, AISPs will need to be registered and PISPs will need to get a license from the regulator. Both the AISPs and PISPs will be obliged to have professional insurance coverage and PISPs will need to have a regulatory capital of EUR 50,000.

Economic Conditions

Almost all of the biggest Hungarian banks (OTP, UniCredit, MKB, etc.) offer online banking services which can be used to: access account information, review and pay bills, transfer funds, apply for credit, recharge prepaid services, e.g.: mobile phones and foreign exchange transfers. The service fee is lower than the traditional paper-based service fee and you can use these services 24 hours a day.

On the startup scene, Barion is one of the most important Hungarian based companies which offers a platform for P2P money transactions. On the market of e-wallets, an important Hungarian startup is Buxa which offers P2P payments, e-wallet and an online clearing system. EM3 is a cloud computing solution that enables real time transactions.

Contributing Authors

Lakatos, Köves & Partners

Richard Lock
Budapest, Hungary

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Chapter Index:

1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018