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Hungary's fintech sector expanding rapidly

Fintech

Hungary's fintech sector has grown to about 130 companies employing more than 6,000 people, news agency MTI says, citing a report published by the National Bank of Hungary (MNB) on Thursday.

Turnover of Hungarian FinTech companies, most of which are providing B2B services, reached HUF 130 billion in 2019, doubling over a period of five years.

Microbusinesses and small enterprises accounted for 77% of local FinTech companies.

Around 24% of Hungarian FinTech companies work in the area of financial software development and system integration, while 21% are active in payment services and 20% offer data analysis and business intelligence services.

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