Opening of EMI licence in Hungary - YB Case 2024

Opening of EMI licence in Hungary

Opening of EMI licence in Hungary

Hungary's strategic role in the European financial sphere

Hungary, centrally located in Europe and a member of the EU, plays a key role in the European financial sector. It acts as a strategic centre for financial transactions and investments in the region thanks to:

  • Geographical location: Located in the heart of Europe, Hungary serves as a transit hub for goods and services between the eastern and western, northern and southern parts of the continent.
  • Economic stability: Hungary is characterised by a stable economy, which attracts investors and contributes to sustained growth and low unemployment.
  • EU membership: provides access to the vast European market and facilitates trade and investment.
  • Favourable business climate: attractive business environment, low tax rates and access to a skilled workforce.
  • Development of financial services: stable financial infrastructure and banking system, active development of the e-payment and fintech sectors.

The importance of the EMI licence in the digital economy

E-money plays an increasingly important role in today's financial industry, especially in the rapidly developing digital economy. Opening an EMI licence in Hungary becomes a key tool for companies seeking to offer advanced financial services in this rapidly evolving field.

  • E-money in the digital economy: The digital economy is characterised by a growing number of online transactions and electronic payments. Consumers and entrepreneurs are increasingly using e-money to conduct transactions, make purchases and pay for services. This is due to the convenience, speed and affordability of online payments. EMI licence allows companies to implement and manage e-money, providing customers with modern financial instruments.
  • Fintech sector development: fintech companies that provide innovative financial services are becoming more and more in demand in the digital economy. The EMI licence allows companies to enter the electronic payments sector and offer customers new financial solutions such as mobile wallets, prepaid cards and online transfers. The development of the fintech sector promotes competition and innovation, which favours consumers and businesses.
  • Global accessibility: an EMI licence registered in Hungary can be used by companies to provide financial services not only in the domestic market but also globally. This creates the possibility for international payments and transfers, which is especially important for global entrepreneurs and internet businesses. The global availability of financial services facilitates international trade and investment.
  • Convenience and efficiency: the use of e-money and financial services provided by EMI-licensed companies provides convenience and efficiency to customers. Online payments and account management through mobile applications make financial transactions more accessible and simpler. This increases the level of customer service and enhances the competitiveness of companies.

The EMI licence is important in the digital economy, enabling companies to provide modern financial services, develop the fintech sector, and ensure global accessibility and convenience to customers. Hungary provides favourable regulation and conditions for companies seeking to obtain an EMI licence and contribute to the development of the digital economy.

General requirements for obtaining an EMI licence in Hungary


Description of requirements

Minimum authorised capital

Deposit of a minimum authorised capital of 100,000,000 Hungarian forints (HUF). This capital serves as the financial basis for your financial institution and guarantees its financial stability and reliability in the eyes of regulators and customers.

Protection of client data

EMI providers must ensure a high level of protection of customers' personal data. The Hungarian regulator (National Bank of Hungary) prescribes compliance with GDPR standards and requires the application of appropriate data protection measures.

Security of payment systems

To register an EMI licence in Hungary you must ensure the security of payment systems and transactions. Requirements include the implementation of monitoring and fraud detection systems, as well as protection against hacking and theft.

Information security

EMI providers are required to maintain high standards of information security. This includes regular security audits and testing, installation of anti-virus programmes and measures to prevent cyber-attacks.

Data backup

The Hungarian regulator requires EMI providers to have data backup systems in place to ensure availability of information and prompt recovery in case of disasters.

Technical support

EMI providers registered in Hungary must provide 24/7 technical support for customers and prompt response to technical problems. The technical service should be ready to quickly restore systems to service.

Measures against cyber attacks

EMI providers are required to have measures in place to protect against cyber attacks and hacking. This includes installing firewalls, intrusion detection systems and regular software updates to address vulnerabilities.

Documents and confirmations required to open an EMI licence in Hungary

Those wishing to apply for an EMI licence in Hungary must provide a number of certain documents:

  • The applicant's programme of activities, including a precise definition of the financial activities and the additional financial services it intends to provide.
  • A medium-term business plan for the first three years, also containing a preliminary budget and information on the fulfilment of the personal and material conditions necessary to carry out the activity.
  • Proof of the full amount of start-up capital.
  • For the protection of customer funds, a description of how the conditions set out in section 51 of the Payment Service Providers Act are met, including details of an IT system suitable for maintaining a separate register of customer funds and auditor confirmation of the suitability of the system.
  • A delineation of the supplicant's corporate governance and internecine scrutiny systems, encompassing administrative, hazard mitigation, and pecuniary methodologies, an exposition of the commensurateness, aptness, and dependability of such corporate governance and scrutiny methodologies.
  • The cognomen of the supplicant's extrinsic scrutator.
  • Safeguards and methodologies pertaining to the obviation and counteraction of pecuniary obfuscation and terrorist pecuniary sustenance, as well as the execution of fiscal and asset stricture measures proscribed by the European Union and the UN Security Council.
  • Manifestation of the supplicant's hierarchical composition and the extent of its obligations, hierarchical and operational ordinances, and ordinances encompassing universal stipulations and provisos.
  • If the applicant intends to entrust an agent to perform payment services activities or, as an e-money institution, an e-money distributor, or plans to establish branches or outsource the performance of its activities, a presentation of this, including the applicant's obligation to conduct an annual audit of the agent, distributor, branch and organisation performing the outsourced activities.
  • If the application relates to the applicant's adherence to any payment system, a statement of adherence (on a standardised form) and a description of its participation in the payment system.
  • Identification details of the applicant's executive officer as specified in Schedule 1 to the Payment Service Providers Act and documents confirming that the conditions set out in section 29 of the Payment Service Providers Act have been met.
  • Statutory documents of the applicant.
  • Documentary evidence of the applicant, not older than thirty days, that he/she has no debts to the tax authority, customs authority, health insurance organisation and pension insurance authority competent on the basis of his/her personal law.
  • A statement by the applicant that his other activities do not threaten the functioning of the e-money institution (on a standardised form).
  • Documentation by the applicant, not older than thirty days, that it is registered on the basis of its personal law, it is not in bankruptcy, liquidation or dissolution, and there are no disqualifying grounds against its managing officer.
  • If the petition pertains to the conferral of commendations and pecuniary advances stipulated in division 8 of the Remuneration Facility Dispensers Enactment or the conferral of currency as a modality of remuneration, a petition to enlist in the pivotal solvency enlightenment system as delineated in the Pivotal Solvency Enlightenment Enactment.
  • A proclamation of the petitioner's incidental and forthcoming obligations as delineated in the Accountancy Statute (on a standardized document).
  • A delineation of the methodologies employed to oversee, administer, and trace security occurrences and security-associated patron grievances, encompassing a notification regimen contrived in conformity with the notification imperative expounded in section 55/B of the Payment Services Act.
  • A delineation of the modus operandi employed to inscribe, oversee, trace, and circumscribe entry to delicate remuneration information.
  • A delineation of the dispositions to guarantee commercial perpetuity, encompassing perspicuous pinpointing of pivotal undertakings, efficacious contingency stratagems, and methodologies for routine examination and corroboration of the appropriateness and efficacy of such stratagems.
  • A description of the principles and definitions used in the collection of performance, transaction and fraud-related statistics.
  • A description of the security principles and, in particular, a detailed assessment of risks associated with payment services and security audit and risk mitigation activities that serve to adequately protect customers from identified risks, including fraud and illegal use of sensitive and personal data.
  • Complaint Management Policy.
  • A statement by the applicant, in the form of a private document providing full proof, agreeing to the verification of the authenticity of the contents of the documents attached to the licence application by the administrative authorities appointed by the National Bank of Hungary (on a standard form). (Section 17 (1) (a) - (x) of the Payment Service Providers Act)

Types of legal entities allowed to execute EMI licence in Hungary

Common features when registering a limited liability company (Kft.) and a joint stock company (Zrt./Nyrt.) in Hungary



Choosing a company name: first you need to choose a unique name for your organisation that is not used by any other company in Hungary. This name will be indicated in the foundation documents.


Meeting and signing of the founding documents: the founders (owners) of the company must meet and sign the founding documents, which include the memorandum of association and the statute of the company. These documents define the rules for the management of the company, the rights and obligations of the founders and the shares in the authorised capital.

Zrt./Nyrt. may have more complex statutes and structures than Kft.

The authorised capital must be paid in full before companies can be registered.


Registration with the Commercial Register: Companies must then be registered with the Commercial Register (Cégközlés) of Hungary. For this purpose, all necessary documents must be submitted and the relevant state fees must be paid.



Creation of shares: for joint stock companies it is necessary to issue shares, which will be granted to the shareholders of the company in exchange for participation and investment.

Share issue: for joint stock companies registered in Hungary, it is possible to issue shares. This is a standard practice that allows companies to raise capital by issuing and selling shares to investors


Shareholders' meeting: hold the first shareholders' meeting to elect the company's governing bodies, such as the board of directors and the chief executive.

Registration of Branches of Foreign Organisations in Hungary

  • Branch office registration: foreign companies can formalise a branch office in Hungary. This requires the submission of documentation, including the founding documents and the decision on the establishment of the branch.
  • Authorised capital: Hungary does not require authorised capital for the registration of branches of foreign companies.
  • Branch: a branch of a foreign company is authorised to conduct business activities in Hungary, but remains liable for the debts of its parent company.
  • Accounting and taxation: foreign companies with branches in Hungary are obliged to keep accounting records and pay taxes under Hungarian law.
  • Registration: the registration of a branch office takes place through the Hungarian Court of Enterprise Registration (Cégbíróság).

Leading lawyers of our company are ready to provide full information on EMI licence registration in Hungary. Our specialists can also provide support in each stage of this procedure. To contact us, please fill in the contact form.

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