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
Does the fintech sector present any specific challenges or concerns from a competition perspective? Are there any pro-competition measures that are targeted specifically at fintech companies?

Answer ... The presence of fintech companies is encouraging competition in the financial markets, in particular in the field of payment services. As a result of the Second Payment Services Directive, within the framework of open banking, financial service providers must provide access to account information service providers and payment initiation service providers, which may be regarded as a pro-competition measure.

Both the European Central Bank and the National Bank of Hungary are encouraging financial institutions to develop and offer their own innovative payment solutions and applications for clients.

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