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REGULATORY SANDBOX

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Are you ready to test your innovation live?

Self-driving cars are already tested on the roads – what about FinTech innovations? The MNB as a regulator offers greater room for manoeuvre, i.e., a test field for FinTech innovators based on individual assessment (this is the Regulatory Sandbox). In many countries a Regulatory Sandbox is already an existing practice – now it’s available in Hungary, as well!
Are you ready? Apply!

SUBMISSION OF APPLICATION

It is necessary to fill in a form for the application once you are done with the orientation and familiarisation with the conditions

PRELIMINARY CONSULTATION

You can consult the MNB about what will you exactly need for the test

Submission of the request on the MNB’s website

REGULATORY SANDBOX LICENCING PROCESS

Everything is ready – only a Regulatory Sandbox licence is missing!

TESTING

With real clients, limited test period, cooperative monitoring

END OF THE TEST

Joint evaluation, improvement options

What are the advantages?

Real test environment: You test your innovative solution with real users!

Less paperwork: Your administrative burdens decrease significantly!

Your opinion counts: You can give feedback regarding regulations directly to the MNB!

Maximum client experience: You can react to changing consumer needs!

Which provisions can I get an exemption from?

The detailing rules for remote customer identification

Some elements of the debt cap rules

Certain payment rules

Certain rules on the total cost ratio

Provisions regarding internal education systems

Certain rules on handling client complaints

Rules on classifying and assessing partners

Certain reporting obligations towards the MNB regarding the above requirements

What kind of requirements must I meet?

Innovative service, technology or business model

Faster, cheaper, easier service for clients

Innovation ready for the test

Intention to apply the innovation in Hungary

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