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Industry associations from Hungary and Thailand plan to cooperate on the implementation of blockchain technologies in the financial sector. The two sides hope to share experiences and produce ideas for alternative services as part of their new partnership.
The Thai Fintech Association and Hungary’s Blockchain Coalition have signed a Memorandum of Understanding to support the introduction of new technology to their financial markets. The agreement was made during the first edition of the “Thai-Hungary Fintech Forum: Powering the Financial Revolution Together,” the Bangkok Post reported on Saturday.
The event dedicated to showcasing financial technology services was organized by the Hungarian Embassy. Hungary’s Blockchain Coalition was established at the initiative of the Ministry of Innovation and Technology and the National Data Economy Knowledge Center in March, to promote the country as an innovator in the digital age. The members come from the private, public and academic sectors.
Digital financial services such as e-commerce, mobile payments and digital currency are growing rapidly in Thailand, with its growing number of crypto holders, pointed out Chonladet Khemarattana, president of the Thai Fintech Association. In his opinion, the further development of financial technology requires international cooperation. He elaborated:
The future cooperation with Hungarian companies will help Thailand gain more experience. It will also help both countries to initiate new ideas or services in the future.
Hungary believes it is of the utmost importance to promote the latest fintech solutions and establish deep cooperation with partners in that field, according to the Hungarian ambassador to Thailand Sándos Sipos. He added that the diplomatic mission recognizes the need to shape fintech trends.
Sipos recalled that the two nations will celebrate the 50th anniversary of their diplomatic ties next year. He described the memorandum as another milestone in the economic cooperation between Hungary and Thailand following last month’s participation of Bank of Thailand Governor Sethaput Suthiwartnarueput in the Budapest Eurasia Forum held by the Hungarian National Bank.
Do you know of other partnerships between countries working together to advance blockchain technologies in financial services? Let us know in the comments section below.
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