MNB launches DLT-based register for banks and insurers
Central bank says initiative aims to reduce administrative burden for firms and consumers
The Central Bank of Hungary (MNB) on March 3 launched a database for mortgages and home insurance that leverages distributed ledger technology.
In a statement, the MNB said the technology would make it easier to cross-reference properties used as collateral for mortgages and the insurance purchased on them.
The MNB expects eight lending institutions and 11 insurers – “covering the majority of the mortgage collateral property insurance market” – to be onboarded into the system during the first half
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