Hungary And Thailand Partner Up To Implement Blockchain In The Finance Sector

Hungary’s Blockchain Coalition and the Thai Fintech Association have partnered up to introduce new blockchain technologies to their respective finance sectors. Both parties signed a Memorandum of Understanding at the first edition of a major Fintech event.

According to the Bangkok Post, both parties attended the Thai-Hungarian Fintech Forum. The event aims for both countries to worth together and powers the upcoming financial revolution.

The forum, which was hosted by the Hungarian embassy, is dedicated to displaying new financial technology services.

Hungarian Blockchain Coalition Established To Promote Digital Financial Solutions

The Blockchain Coalition in Hungary was set up thanks to an initiative by the National Data Economy Knowledge Center and the Ministry of Innovation and Technology in March.

The aim of establishing the coalition is to promote Hungary as an innovative nation in the current digital age. Members of the group are based in the public, private, as well as academic sectors.

In Thailand, digital financial services including cryptocurrencies, mobile payments, and e-commerce are gaining immense traction.

The president of the Thai Fintech Association, Chonladet Khemarattana, explains that as these services gain popularity, the number of crypto adopters is on the rise as well.

According to him, furthering the development of the country’s financial technology will need global collaboration.

In a statement, he explained that upcoming partnerships with Hungarian companies could bridge Thailand’s experience gap. In addition, it will prove effective in helping the countries bring forth new services or implement new ideas later.

No to mention, as more and more investors start making their way into the crypto market, countries need to make them feel welcomed and keep them safe from all sorts of exploitation.

Hungary Focused on Implementing New Solutions in Fintech Space

Hungary considers it highly important to embrace and implement advancements in the fintech sector to bring forth new solutions.

Based on statements by Sándos Sipos, the Hungarian Ambassador to Thailand, the only way to do so is through consistent collaboration with experts in the field.

He even reminds that next year, Hungary and Thailand will celebrate the 50th year since the nations established diplomatic ties. Sipos mentioned the Memorandum of Understanding as a crucial aspect of the cooperation between the two countries.

This comes after last month, when Sethaput Suthiwartnarueput, the Bank of Thailand governor, participated in the Budapest Eurasia Forum, which was hosted by the Hungarian National Bank.

Thailand Develops Own CBDC

Besides the impeccable collaboration between the two countries, Thailand is making strides in the crypto space. Recently, the country’s central bank stated that it’s looking to develop its very own CBDC.

Local news outlets reported that the Bank of Thailand is working on a CBDC project but needs to ensure that it provides users with added advantages as well as proper risk management.