Financial sector in Hungary - statistics & facts

Hungary has a well-developed financial sector with advanced digital infrastructure, offering a full range of services from branch banking to investments. Despite the negative trend in the number of enterprises providing financial and insurance services operating in the country, the number of up-and-coming fintech enterprises is on the rise.

How does the banking sector operate?

The National Bank of Hungary is the country’s central bank, which operates with the primary objective of achieving price stability, establishing and implementing monetary policy, and managing the accounts of commercial banks. In contrast, credit institutions such as commercial banks offer a wide range of financial services to the country’s citizens and businesses. The Hungarian banking sector increased its revenue over the past years, with figures reaching 820 billion forints in 2021, more than double the value recorded in the preceding year. However, the number of commercial bank branches has followed a decreasing trend in the country, totaling 1.9 thousand in 2021 compared to nearly 3.2 thousand branch offices registered in 2013. The accelerating digitalization rate is one of the main drivers behind this phenomenon. Not only banking products but all financial services are moving to the digital space.

What are the prospects of the fintech market?

Hungary is home to several innovative fintech enterprises and startups providing solutions for digital and mobile payments, invoicing, and product comparison. Barion Payment is one of the country’s most promising fintech startups seeking to create a cashless society through developing digital payment solutions. Seon, the online fraud prevention company, also figures among the country’s fastest-growing startups. Moreover, in 2022, the company benefitted from the largest investment recorded on the Hungarian startup market, namely 94 million U.S. dollars’ worth of funds. In 2022, the revenue of the Hungarian fintech market was valued at over 10 billion U.S. dollars. This figure is forecast to exceed 24 billion U.S. dollars by 2027, with digital payments accounting for the highest share of the revenue. Neobanking and digital investments are expected to remain the second and third-largest segments of the Hungarian fintech market, respectively.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Flora Medve, Dec 21, 2023

Key insights

Number of finance and insurance companies in Hungary
28k
Net value added by financial corporations in Hungary
1.6tr HUF
Earnings after tax of financial enterprises in Hungary
118bn HUF
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