Thailand Collaborates with Hungary to Support Blockchain Technology in Finance
Industry associations in Thailand and Hungary are pursuing the strategy of collaboration to implement blockchain technologies throughout the world of financial services. Both countries expect to share the experience as well as develop ideas regarding substitutive services as included in their latest partnership.
Thailand Partners up with Hungary to Declare Blockchain Pact
Thai Fintech Association of Thailand and the Blockchain Coalition of Hungary have inked a Memorandum of Understanding (MoU) to support the launch of unique technologies in financial markets thereof. The contract was signed during the “Thai-Hungarian Fintech Forum: Powering the Financial Revolution Together,” as reported by Bangkok Post on Saturday. The occasion was focused on showcasing the services related to financial technologies and was conducted on the behalf of the Embassy of Hungary.
The Hungary-based National Data Economy Knowledge Center and the Ministry of Innovation and Technology established the Blockchain Coalition in March. This initiative was taken to sponsor the nation as a reformer in the era of digital innovation. Its participants are associated with academic, public, and private spaces. Digital financial facilities like digital currency, mobile payments, and e-commerce are advancing at a great pace in Thailand.
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This is because the number of people holding crypto assets is growing within the country’s jurisdiction, as highlighted by Thai Fintech Association’s president “Chonladet Khemarattana.” He was of the view that the advancement in the sector of financial technology demands international cooperation. The president explained that with the future partnerships with the firms in Hungary, Thailand will be assisted to get more experience. As per him, it will additionally assist both the nations to offer new services or ideas in the coming time.
Hungary is confident that it is of vital significance to advocate for exclusive fintech solutions as well as form comprehensive collaboration with the others operating in the sector, according to Sándos Sipos (Ambassador of Hungary to Thailand). In his words, the diplomatic task is to detect the requirement to establish financial technology-related trends.
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He asserted that the 2 countries will mutually celebrate their diplomatic relationship’s 50th anniversary in the coming year. He disclosed that the respective memorandum is another landmark in the financial collaboration between Thailand and Hungary after Sethaput Suthiwartnarueput (the governor of the Bank of Thailand) participated in the Budapest Eurasia Forum that was conducted on the behalf of the Hungarian National Bank.
