The Innovation Hub is an initiative launched by the Magyar Nemzeti Bank (MNB) in 2018 with the aim of supporting FinTech initiatives and the fostering financial innovations. In many cases, bringing an innovation to market is complicated due to the complex regulatory environment. We support innovators, developers and financial institutions planning to introduce a new financial services or products in Hungary. We provide regulatory guidances and consultations to clarify the regulatory challenges arising in connection with your innovation.

Our support is subject to admission criteria. The conditions for accepting incoming enquiries are that:

• Your innovation represents significant novelty and added value ( genuine innovation),
• Your innovation is likely beneficial for the domestic consumers or the entire market,
• Your innovation is within the remit of MNB ( in scope)

The main benefit of Regulatory Guidance is the fast & flexible support.

Regulatory Guidance gives innovators the opportunity to receive answers directly from MNB subject matter experts on legal questions arising in connection with their innovations. You can apply for support by completing an online survey, or by e-mail. If requested the MNB will also provide a consultations with subject matter experts.

The Regulatory Sandbox is the MNB's supervised testing environment, which allows innovative financial solutions to be trialled in a real market environment under controlled conditions.

The programme's benefits include reduced administrative burdens, direct dialogue with the MNB and the possibility of testing with real customers. During the testing period, the MNB may grant waivers and exemptions from certain specified MNB requirements, thereby supporting the faster introduction of innovations.

Eligibility criteria:

• Genuine innovative solution or business model,
• Development maturity and intention to launch,
• Plan to enter the domestic market.

You can apply by submitting the application form followed by a preliminary meeting, during which the duration and conditions of testing are clarified. Testing may then commence under MNB supervision.

Authorisation ensures that innovative financial solutions can operate lawfully and safely within the domestic financial sector.

In general, the steps of the process are:

• Familiarising yourself with the applicable legislation and requirements,
• Consulting with the MNB if required,
• Submitting a licence application,
• Review of the application and a decision.

More information is available at the Authorisation microsite.