Comparative Guides

Welcome to Mondaq Comparative Guides - your comparative global Q&A guide.

Our Comparative Guides provide an overview of some of the key points of law and practice and allow you to compare regulatory environments and laws across multiple jurisdictions.

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4. Results: Answers
Trends and predictions
How would you describe the current fintech landscape and prevailing trends in your jurisdiction? Are any new developments anticipated in the next 12 months, including any proposed legislative reforms?

Answer ... In 2020, the instant payment system will enter into force, allowing transactions with a value below HUF 10 million to be completed within five seconds, 24/7/365. Along with the database of secondary account identifiers that will be available for account information service providers and payment initiation service providers, transactions may be initiated using phone numbers or email addresses. The introduction of instant payment and secondary account identifiers could boost further innovations in relation to payment solutions.

Once the European crowdfunding platform regulation has been adopted, more transparent crowdfunding solutions might also appear in the market.

For more information about this answer please contact: Veronika Bakonyi from Gardos Mosonyi Tomori Law Office