Financial regulations are more strict in Hungary than the EU average. They are trying to minimize fraud so conducting business is only allowed in a centralized manner that’s approved by the Hungarian National Back (MNB).
For Inlock to act as a credit intermediary, we must have someone working with us who holds a license for credit intermediation approved by the MNB. The compulsory training and examination process covers all areas of financial services in the EU and in Hungary. It is very informative, because the curriculum also covers areas such as: insurance and notarial tasks, which are closely related to our main area of specialization. The theory of regulatory law and the practice of it differ in some areas, which makes it especially important to have up-to-date knowledge. The exam requires a lot of independent studying. Although I have held many positions in banks leading projects, and working in notary offices for many years, I still wouldn’t have thought there are so many sub-areas of finance. I am very happy I passed the exams, looking forward to applying my newfound knowledge to advance the development of Inlock.