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Hungary is one of the CEE countries with lowest taxation on businesses – the rate of corporate tax in Hungary is 9% – VAT Tax – 27% – Tax on dividends – 15%
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Digital transformation has spurred banks to develop their services, with FinTech partnerships playing a significant role. The document indicates an increase in banks partnering with FinTech firms, from 51% in 2021 to 60% in 2023, highlighting a growing openness towards creating new partnerships
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The Hungarian Fintech Association (HFA) is an industry association that unites all members of the Hungarian fintech ecosystem, from startups to mature businesses, as well as incubators and accelerators.
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World Fintech Festival – An annual event that brings together leaders from the fintech industry, including startups, investors, banks, and regulators, to discuss trends, challenges, and opportunities in fintech.
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Craft Conference – While not exclusively focused on fintech, Craft Conference in Budapest covers topics relevant to software craftsmanship, including fintech innovations. It attracts a wide range of professionals from the technology sector.
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FinTechShow – Held in Budapest, this event focuses on the latest technologies in the banking and financial sector, offering insights into digital transformation trends, payments, cybersecurity, and more.
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Digital Transformation in Banking: Hungarian banks are increasingly embracing digital transformation, with many offering the possibility of remote working using digital infrastructure. However, there’s still room for improvement in terms of digitization level and preparedness. The MNB is actively supporting this digital transformation to enhance the competitiveness and efficiency of the banking sector
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Windfall Tax on Banks: A new windfall tax imposed on Hungarian banks is expected to significantly impact their profits. This tax, part of the government’s response to additional income generated amid rising energy prices and other economic factors, represents a substantial portion of the banking sector’s net profits and is calculated based on banks’ net […]
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Banking Sector Overview: The banking sector in Hungary is dominated by a few large players, including international banks like KBC, UniCredit, Raiffeisen, and ERSTE, along with the largest Hungarian-owned bank, OTP. The sector underwent consolidation following the global financial crisis, influenced by the Hungarian government’s interventions, including acquiring major stakes in several banks. Currently, the […]
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Central Bank Initiatives: The Hungarian Central Bank (Magyar Nemzeti Bank, MNB) has been active in fostering digital financial inclusion, particularly through the ‘Digital Student Safe’ project. This retail CBDC (Central Bank Digital Currency) pilot program aims to introduce students to digital finance and includes features like quizzes, digital pocket money, and the ability to handle […]
