Name
Global FinTech Guide
Country Name
Hungary
SectionTitle
Identification
Body
FinTechs belonging to this category provide identification services, which are required for most banking services.

Introduction

Attitude of the country towards identification services

The social and political climate towards identification services is neutral.

Legal affairs

Obligations and requirements to provide identification services

eIDAS applies directly in Hungary. According to eIDAS, authentication may be provided by Qualified Trust Service Providers (QTSP) (as defined under eIDAS). The rules of Outsourcing may further apply.

Additional comments regarding the legal situation for identification services or what FinTech’s must be aware of in this business area

N/A.
 

Economic conditions

Market size for identification services and biggest companies in this business area

There are currently three (3) QTSPs in Hungary: Microsec, Netlock and the National Infocommunications Services Company Ltd. The first two (2) are private companies and the third is a governmental company.

Additional comments regarding the economic situation for identification services or what FinTech’s must be aware of in this business area

N/A.
 

Authors

Disclaimer

© 2022, Lakatos, Köves and Partners Law Firm. All rights reserved by Lakatos, Köves and Partners Law Firm as author and the owner of the copyright in this chapter. Lakatos, Köves and Partners Law Firm has granted to Multilaw non-exclusive worldwide license to use and include this chapter in this guide and to sublicense Lexis Nexis, a division of RELX Inc. and its affiliates certain rights to use and distribute this guide.

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.

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