Thailand and Hungary Partner to Promote Blockchain Tech in Financial Sector

Industry associations from Hungary and Thailand plan to cooperate on implementing blockchain technologies in the financial services sector. The two sides hope to share experience 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 technologies to their financial markets. The agreement was inked during the first edition of the “Thai-Hungarian Fintech Forum: Powering the Financial Revolution Together,” the Bangkok Post reported on Saturday.

The event devoted to showcasing financial technology services was organized by the Hungarian embassy. Hungary’s Blockchain Coalition was established on 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. Its 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 increasing 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 collaboration with Hungarian companies will help Thailand to 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 is recognizing the need to shape financial technology trends.

Sipos reminded that the two nations will celebrate the 50th anniversary of their diplomatic ties next year. He described the memorandum as another milestone in the financial cooperation between Hungary and Thailand after 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 collaborating to promote blockchain technologies in financial services? Let us know in the comments section below.