{ "jurisdiction_id": "HU", "jurisdiction": "Hungary", "url": "https://payments.gi/jurisdictions/hungary/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 63, "source_register": 159 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/hungary/#w1a-licensing-authorisation-market-access", "standing_position": "Hungary operates the standard EEA bank-PSP / non-bank EMI-PI licensing route under MNB supervision, transposing PSD2 and EMD2 into national law via a stack of domestic Acts and MNB decrees; EMI licensing remains a narrow, tightly-supervised route (only three EMI licence holders as of mid-2026) with multi-month review timelines.", "findings": [ { "finding": null, "instrument_type": "primary statute / MNB decree", "source": "https://www.mnb.hu/en/supervision/regulation/legislation", "source_url": "https://www.mnb.hu/en/supervision/regulation/legislation", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "EMI licence", "source": "https://www.zawya.com/en/press-release/companies-news/pay10-secures-electronic-money-institution-license-in-hungary-establishing-its-european-union-operations-e5rmdb7m", "source_url": "https://www.zawya.com/en/press-release/companies-news/pay10-secures-electronic-money-institution-license-in-hungary-establishing-its-european-union-operations-e5rmdb7m", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "licensing process", "source": "https://moneywiki.app/regulators/national-bank-of-hungary", "source_url": "https://coredo.eu/emi-license-in-hungary-costs-and-timelines/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "process/timeline", "source": "https://coredo.eu/emi-license-in-hungary-costs-and-timelines/", "source_url": "https://www.mnb.hu/en/supervision/licensing-and-institution-oversight/market-participants/hungarian-cross-border-service-providers", "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "passporting register", "source": "https://www.mnb.hu/en/supervision/licensing-and-institution-oversight/market-participants/hungarian-cross-border-service-providers", "source_url": "https://www.mnb.hu/en/supervision/licensing-and-institution-oversight/market-participants/hungarian-cross-border-service-providers", "source_tier": "1", "retrieved_at": null } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/hungary/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Hungary's safeguarding regime requires EMI/PI client-asset segregation in protected accounts under MNB oversight, backed by periodic inspections and administrative sanction/licence-revocation powers; the MNB additionally issues supervisory recommendations on fraud-prevention conduct rules for payment service framework contracts.", "findings": [ { "finding": null, "instrument_type": "safeguarding mechanism", "source": "https://tkdeal.com/en/licenses/licenzia-e-money-v-vengrii", "source_url": "https://tkdeal.com/en/licenses/licenzia-e-money-v-vengrii", "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "supervisory enforcement", "source": "https://tkdeal.com/en/licenses/licenzia-e-money-v-vengrii", "source_url": "https://kpmg.com/hu/en/home/insights/2023/07/fighting-against-frauds-in-the-digital-space.html", "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "MNB Recommendation", "source": "https://kpmg.com/hu/en/home/insights/2023/07/fighting-against-frauds-in-the-digital-space.html", "source_url": "https://www.legal500.com/guides/chapter/hungary-banking-finance/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "conduct/enforcement", "source": "https://www.legal500.com/guides/chapter/hungary-banking-finance/", "source_url": "https://www.legal500.com/guides/chapter/hungary-banking-finance/", "source_tier": "3", "retrieved_at": null } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/hungary/#w2-stablecoins-digital-money", "standing_position": "Hungary transposed MiCA via Act VII of 2024, with the MNB as sole crypto-asset supervisor since 1 January 2025 and a 6-month national grandfathering window that closed 1 July 2025. Hungary layers a distinctive national 'Validator' certification regime on top of MiCA CASP authorisation, effective 27 December 2025, with criminal liability for unauthorised exchange above a HUF 5 million threshold from 1 January 2026. The MNB operated a retail CBDC pilot ('Student Safe') May 2023-Feb 2025, suspended pending reassessment — not an outright rejection.", "findings": [ { "finding": null, "instrument_type": "MiCA transposition statute", "source": "https://www.o2k.tech/blog/mica-implementation-central-eastern-europe-2025", "source_url": "https://www.o2k.tech/blog/mica-implementation-central-eastern-europe-2025", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "grandfathering deadline", "source": "https://narvi.com/blog/mica-eu-regulation", "source_url": "https://www.esma.europa.eu/sites/default/files/2024-12/List_of_MiCA_grandfathering_periods_art._143_3.pdf", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "national validator layer", "source": "https://www.plasma.to/learn/tools/stablecoin-regulation-map/hungary", "source_url": "https://cms.law/en/hun/legal-updates/hungary-registers-first-crypto-asset-conversion-validation-service-provider", "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "prudential/capital requirements", "source": "https://www.legal500.com/guides/chapter/hungary-banking-finance/", "source_url": "https://cbdctracker.hrf.org/currency/hungary", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "CBDC posture", "source": "https://coinfomania.com/cryptocurrency-regulation-in-hungary/", "source_url": "https://www.legal500.com/guides/chapter/hungary-banking-finance/", "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "sanctions", "source": "https://cyberupgrade.net/blog/compliance-regulations/mica-regulation-in-hungary-licensing-implementation-and-what-crypto-firms-need-to-know/", "source_url": "https://cyberupgrade.net/blog/compliance-regulations/mica-regulation-in-hungary-licensing-implementation-and-what-crypto-firms-need-to-know/", "source_tier": "4", "retrieved_at": null } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/hungary/#w3-operational-resilience-critical-infrastructure", "standing_position": "DORA (Regulation (EU) 2022/2554) applies in Hungary from 17 January 2025, implemented domestically via a 10 April 2024 Implementing Law that names the MNB as competent authority and layers a national CSIRT dual-reporting duty and a simplified 'Mini DORA' track for smaller financial enterprises; MNB pre-DORA ICT-security recommendations (8/2020, 12/2020) remain the baseline supervisory expectation.", "findings": [ { "finding": null, "instrument_type": "EU Regulation", "source": "https://www.eiopa.europa.eu/digital-operational-resilience-act-dora_en", "source_url": "https://www.eiopa.europa.eu/digital-operational-resilience-act-dora_en", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "national implementing law", "source": "https://cms.law/en/hun/legal-updates/hungary-proposes-widening-scope-of-financial-entities-under-dora-regulation", "source_url": "https://cms.law/en/hun/legal-updates/hungary-proposes-widening-scope-of-financial-entities-under-dora-regulation", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "CSIRT dual-reporting", "source": "https://cms.law/en/hun/legal-updates/hungary-proposes-widening-scope-of-financial-entities-under-dora-regulation", "source_url": "https://copla.com/blog/compliance-regulations/iso-27001-regulations-and-implementation-in-hungary/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "proportionality carve-out", "source": "https://cms.law/en/hun/legal-updates/hungary-proposes-widening-scope-of-financial-entities-under-dora-regulation", "source_url": "https://copla.com/blog/compliance-regulations/iso-27001-regulations-and-implementation-in-hungary/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "supervisory recommendation", "source": "https://copla.com/blog/compliance-regulations/iso-27001-regulations-and-implementation-in-hungary/", "source_url": "https://copla.com/blog/compliance-regulations/iso-27001-regulations-and-implementation-in-hungary/", "source_tier": "4", "retrieved_at": null } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/hungary/#w4-scheme-network-compliance", "standing_position": "Hungary's card market is dominated by Visa/Mastercard (98% of domestic cards); Hungary was an early domestic mover on interchange-fee capping and surcharge restriction ahead of the EU IFR, and the Kúria referred the landmark Budapest Bank interchange-fee antitrust case to the CJEU, which remains the leading EU precedent on card-scheme agreements.", "findings": [ { "finding": null, "instrument_type": "scheme market structure", "source": "https://www.mnb.hu/letoltes/op96-en.pdf", "source_url": "https://www.mnb.hu/letoltes/op96-en.pdf", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "pre-IFR domestic legislative proposal", "source": "https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX%3A52013PC0550", "source_url": "https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX%3A52013PC0550", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "surcharging restriction", "source": "https://www.swlaw.edu/sites/default/files/2025-08/Article%205%20-%20Vihuto.pdf", "source_url": "https://www.swlaw.edu/sites/default/files/2025-08/Article%205%20-%20Vihuto.pdf", "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "landmark competition-law judgment", "source": "https://infocuria.curia.europa.eu/tabs/redirect/juris/liste.jsf?language=en&td=ALL&num=C-228%2F18", "source_url": "https://infocuria.curia.europa.eu/tabs/redirect/juris/liste.jsf?language=en&td=ALL&num=C-228%2F18", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "policy-impact study", "source": "https://link.springer.com/article/10.1057/s41261-021-00152-6", "source_url": "https://infocuria.curia.europa.eu/tabs/redirect/juris/liste.jsf?language=en&td=ALL&num=C-228%2F18", "source_tier": "3", "retrieved_at": null } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/hungary/#w5-payment-corridor-dynamics", "standing_position": "Hungary's domestic instant-payment system (GIRO Instant/AFR), mandatory since March 2020, moves HUF transfers under 10 million HUF in under five seconds 24/7/365 and underpins the merchant-facing qvik overlay (1 Sep 2024). Under the EU IPR, non-eurozone PIs/EMIs face extended reception-compliance deadlines of 9 Oct 2027 and 9 Jul 2028 respectively; true cross-border corridors remain reliant on SEPA/correspondent rails since the domestic rail is HUF-only.", "findings": [ { "finding": null, "instrument_type": "domestic instant payment scheme", "source": "https://www.mnb.hu/en/payments/instantpayments", "source_url": "https://www.mnb.hu/en/payments/instantpayments", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "SEPA Instant reception mandate", "source": "https://moneywiki.app/regulators/national-bank-of-hungary", "source_url": "https://www.osborneclarke.com/insights/what-are-key-obligations-and-timelines-eu-instant-payments-regulation", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "merchant instant-payment overlay", "source": "https://www.lightspark.com/knowledge/instant-payments-hungary", "source_url": "https://www.lightspark.com/knowledge/instant-payments-hungary", "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "corridor scope limitation", "source": "https://www.lightspark.com/knowledge/instant-payments-hungary", "source_url": "https://www.lightspark.com/knowledge/instant-payments-hungary", "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "layered rail structure", "source": "https://www.transfi.com/blog/hungarys-payment-rails-how-they-work---giro-sepa-real-time-transfers", "source_url": "https://www.lightspark.com/knowledge/instant-payments-hungary", "source_tier": "4", "retrieved_at": null } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/hungary/#w6-industry-structure-commercial-dynamics", "standing_position": "Hungary's banking sector is concentrated around OTP Bank (~24-25% asset share), state-owned MBH Bank (2nd), K&H, UniCredit, Erste and Raiffeisen; local non-bank PSPs Barion and OTP-owned SimplePay dominate e-commerce gateway/wallet share, while fintech investment (SEON's Series B) signals a growing private-company layer.", "findings": [ { "finding": null, "instrument_type": "market share data", "source": "https://thebanks.eu/countries/Hungary/major_banks", "source_url": "https://thebanks.eu/countries/Hungary/major_banks", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market position", "source": "https://en.wikipedia.org/wiki/OTP_Bank", "source_url": "https://stripe.com/resources/more/payments-in-hungary", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "state ownership structure", "source": "https://stripe.com/resources/more/payments-in-hungary", "source_url": "https://norbr.com/library/payworldtour/payment-methods-in-hungary/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "non-bank PSP structure", "source": "https://norbr.com/library/payworldtour/payment-methods-in-hungary/", "source_url": "https://blog.unchainfestival.com/fintech-tour-hungary-a-market-in-motion/", "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "private fintech investment", "source": "https://blog.unchainfestival.com/fintech-tour-hungary-a-market-in-motion/", "source_url": "https://blog.unchainfestival.com/fintech-tour-hungary-a-market-in-motion/", "source_tier": "4", "retrieved_at": null } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/hungary/#w7-legal-litigation", "standing_position": "The leading Hungarian payments litigation precedent is the CJEU's Budapest Bank interchange-fee competition ruling arising from a Kúria reference; the MNB has fined major Hungarian banks for AML/CTF compliance failures in payment-adjacent supervision.", "findings": [ { "finding": null, "instrument_type": "CJEU judgment", "source": "https://infocuria.curia.europa.eu/tabs/redirect/juris/liste.jsf?language=en&td=ALL&num=C-228%2F18", "source_url": "https://infocuria.curia.europa.eu/tabs/redirect/juris/liste.jsf?language=en&td=ALL&num=C-228%2F18", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "MNB enforcement decision", "source": "https://thepaypers.com/fraud-and-fincrime/news/mnb-fines-otp-and-mbh-banks-for-aml-compliance-failures", "source_url": "https://thepaypers.com/fraud-and-fincrime/news/mnb-fines-otp-and-mbh-banks-for-aml-compliance-failures", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement rationale", "source": "https://thepaypers.com/fraud-and-fincrime/news/mnb-fines-otp-and-mbh-banks-for-aml-compliance-failures", "source_url": "https://thepaypers.com/fraud-and-fincrime/news/mnb-fines-otp-and-mbh-banks-for-aml-compliance-failures", "source_tier": "3", "retrieved_at": null } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/hungary/#w8-merchant-acquiring-risk", "standing_position": "Hungarian card acceptance runs through a concentrated set of bank-affiliated acquirers alongside international scheme partnerships (UnionPay); a 2021 mandate requires online retailers to accept electronic payments, and card-cash volume penetration has risen materially through the mid-2020s.", "findings": [ { "finding": null, "instrument_type": "acquirer market share", "source": "https://www.unionpayintl.com/en/mediaCenter/newsCenter/companyNews/3015423.shtml", "source_url": "https://www.unionpayintl.com/en/mediaCenter/newsCenter/companyNews/3015423.shtml", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "e-acceptance mandate", "source": "https://stripe.com/resources/more/payments-in-hungary", "source_url": "https://stripe.com/resources/more/payments-in-hungary", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "acceptance trend data", "source": "https://www.trade.gov/country-commercial-guides/hungary-trade-financing", "source_url": "https://www.trade.gov/country-commercial-guides/hungary-trade-financing", "source_tier": "1", "retrieved_at": null } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/hungary/#w9-product-innovation-market-development", "standing_position": "Hungary shortened its MiCA transition period and layered a domestic crypto-transaction validator requirement beyond MiCA, triggering EU Commission infringement proceedings; following the April 2026 change of government, Hungary repealed the validator requirement and issued its first domestic MiCA/CASP licence, restoring alignment with the EU single rulebook.", "findings": [ { "finding": null, "instrument_type": "regulatory sandbox", "source": "https://noda.live/articles/open-banking-in-hungary", "source_url": "https://noda.live/articles/open-banking-in-hungary", "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "open banking adoption", "source": "https://noda.live/articles/open-banking-in-hungary", "source_url": "https://noda.live/articles/open-banking-in-hungary", "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "merchant instant-payment innovation", "source": "https://www.lightspark.com/knowledge/instant-payments-hungary", "source_url": "https://noda.live/articles/open-banking-in-hungary", "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "CBDC posture", "source": "https://coinfomania.com/cryptocurrency-regulation-in-hungary/", "source_url": "https://noda.live/articles/open-banking-in-hungary", "source_tier": "4", "retrieved_at": null } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/hungary/#w10-consumer-protection-app-fraud", "standing_position": "MNB financial consumer protection runs through a tiered complaint-then-regulator escalation model, backed by a mandatory Central Fraud Monitoring System and MNB conduct recommendations constraining gross-negligence attribution to fraud victims.", "findings": [ { "finding": null, "instrument_type": "complaint escalation process", "source": "https://www.mnb.hu/en/financial-customer-protection", "source_url": "https://www.mnb.hu/en/financial-customer-protection", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "arbitration forum", "source": "https://www.raiffeisen.hu/documents/d/english/consumer-protection-information", "source_url": "https://www.oecd.org/en/publications/protecting-consumers-from-financial-scams-and-frauds_d41817bb-en/full-report/component-7.html", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "central fraud monitoring system", "source": "https://www.oecd.org/en/publications/protecting-consumers-from-financial-scams-and-frauds_d41817bb-en/full-report/component-7.html", "source_url": "https://kpmg.com/hu/en/home/insights/2023/07/fighting-against-frauds-in-the-digital-space.html", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "MNB conduct recommendation", "source": "https://kpmg.com/hu/en/home/insights/2023/07/fighting-against-frauds-in-the-digital-space.html", "source_url": "https://kpmg.com/hu/en/home/insights/2023/07/fighting-against-frauds-in-the-digital-space.html", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "public awareness campaign", "source": "https://www.oecd.org/en/publications/protecting-consumers-from-financial-scams-and-frauds_d41817bb-en/full-report/component-7.html", "source_url": "https://kpmg.com/hu/en/home/insights/2023/07/fighting-against-frauds-in-the-digital-space.html", "source_tier": "3", "retrieved_at": null } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/hungary/#w11-aml-cft-financial-crime", "standing_position": "Sentinel.gi feed position: Hungary is a MONEYVAL-assessed jurisdiction in enhanced follow-up under the 2016 mutual evaluation, full compliance on 5/40 FATF Recommendations, 'largely compliant' on 32, 3 still 'partially compliant'; a 2022 follow-up upgraded correspondent-banking due diligence, internal controls, and beneficial-ownership transparency.", "findings": [ { "finding": null, "instrument_type": "sentinel.enforcement_signal", "source": "https://thepaypers.com/fraud-and-fincrime/news/mnb-fines-otp-and-mbh-banks-for-aml-compliance-failures", "source_url": "https://www.coe.int/en/web/moneyval/-/moneyval-report-on-hungary-improvements-in-fighting-money-laundering-and-terrorist-financing-have-led-to-upgraded-ratings", "source_tier": "3", "retrieved_at": null }, { "finding": "Hungary is a MONEYVAL-assessed EU member with a largely-compliant technical AML/CFT framework (38 of 40 FATF Recommendations rated LC/C per the latest follow-up); HFIU (within NAV) is the FIU and MNB supervises financial-sector AML/CFT. Core exposure is political-level sanctions dilution and BO opacity in residency-by-investment schemes, not technical non-compliance.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — Hungary", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Sanctions: EU divergence", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-004)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Gap: political-constraint", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: regulatory-failure", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-001)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: legal-gap", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/hungary/#w12-correspondent-banking-settlement-access", "standing_position": "Hungary's domestic settlement backbone runs through the MNB-operated VIBER RTGS system, with GIRO as ACH operator; MONEYVAL's 2022 follow-up credited Hungary with strengthened correspondent-banking EDD, upgrading this area from 'partially compliant' to 'largely compliant', against a global backdrop of correspondent-banking de-risking pressure.", "findings": [ { "finding": null, "instrument_type": "settlement infrastructure", "source": "https://www.ecb.europa.eu/paym/groups/pdf/efip/Introduction_of_instant_payments_in_Hungary.pdf", "source_url": "https://www.ecb.europa.eu/paym/groups/pdf/efip/Introduction_of_instant_payments_in_Hungary.pdf", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "clearing house ownership", "source": "https://www.ecb.europa.eu/press/conferences/shared/pdf/20191126_payments_conference/academic_paper_kajdi.pdf", "source_url": "https://www.ecb.europa.eu/press/conferences/shared/pdf/20191126_payments_conference/academic_paper_kajdi.pdf", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "correspondent banking due diligence upgrade", "source": "https://www.coe.int/en/web/portal/-/hungary-improvements-in-fighting-money-laundering-and-terrorist-financing-have-led-to-upgraded-ratings", "source_url": "https://www.coe.int/en/web/portal/-/hungary-improvements-in-fighting-money-laundering-and-terrorist-financing-have-led-to-upgraded-ratings", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "global de-risking context", "source": "https://www.congress.gov/crs-product/IF10873", "source_url": "https://www.congress.gov/crs-product/IF10873", "source_tier": "2", "retrieved_at": null } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/hungary/#w13-commercial-intelligence-fintech", "standing_position": "The trailing 12-month window shows continued inbound EMI licensing activity into Hungary (Pay10) and a small but growing fintech investment base (SEON's headline Series B), against a backdrop of broader Hungarian startup ecosystem funding uptick reported to April 2025.", "findings": [ { "finding": null, "instrument_type": "commercial_event", "source": "https://www.gulftoday.ae/business/2026/07/02/pay10-secures-electronic-money-institution-license-in-hungary-establishing-its-european-union-operations", "source_url": "https://www.gulftoday.ae/business/2026/07/02/pay10-secures-electronic-money-institution-license-in-hungary-establishing-its-european-union-operations", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event", "source": "https://tracxn.com/d/geographies/hungary/__66GZDgE4c7mtFZeNfi38zHkSxojfsYEl5F-Bdzs12fQ", "source_url": "https://blog.unchainfestival.com/fintech-tour-hungary-a-market-in-motion/", "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event", "source": "https://blog.unchainfestival.com/fintech-tour-hungary-a-market-in-motion/", "source_url": "https://tracxn.com/d/geographies/hungary/__66GZDgE4c7mtFZeNfi38zHkSxojfsYEl5F-Bdzs12fQ", "source_tier": "4", "retrieved_at": null } ] } ] }