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Hungary and Thailand partnering to set up Blockchain tech in financial sector

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Indrani bose Follow

INDIA

Nov, 01 2022

Nov, 01 2022

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Hungary and Thailand partnering to set up Blockchain technology in financial sector.?As part of this relationship, the parties want to exchange ideas for alternative services and expertise. 


The Blockchain Coalition of Hungary and the Thai Fintech Association intend to work together to integrate and utilize blockchain technologies in the financial services industry. They have signed a Memorandum of Understanding. As part of their new relationship, the parties want to exchange ideas for alternative services and expertise. 


A Memorandum of Understanding was signed by the Thai Fintech Association and the Blockchain Coalition of Hungary to encourage the integration of innovative technology into their respective financial sectors. The agreement was signed at the inaugural "Thai-Hungarian Fintech Forum: Powering the Financial Revolution Together," according to a report published recently. The Hungarian embassy planned the event highlighting financial technology services. 


To promote Hungary as an innovator in the digital era, the National Data Economy Knowledge Center and the Ministry of Innovation and Technology launched the Blockchain Coalition in March. Its members are drawn from the academic, public, and private sectors.  


As more people in Thailand own cryptocurrency, digital financial services including e-commerce, mobile payments, and digital currency are expanding quickly, according to Chonladet Khemarattana, president of the Thai Fintech Association. In his view, international cooperation is necessary for the further advancement of financial technology. He explained further that Thailand will benefit from future cooperation with Hungarian businesses by gaining experience. Additionally, it will assist both nations in launching new initiatives and services in the future.


According to the Hungarian ambassador to Thailand, Sándos Sipos, Hungary views the promotion of cutting-edge fintech solutions and the development of close partnerships with partners in that sector as being most important. As per him, the diplomatic mission is aware of the necessity of influencing financial technology trends. 


Past relation between Thailand and Hungary :

Sipos recalled that the two countries will commemorate their 50 years of diplomatic relations next year. Since the Treaty of Amity, Trade, and Navigation was signed by the Austro-Hungarian Monarchy and the Kingdom of Siam on May 17, 1872, Thailand and Hungary have been enjoying a long-standing relationship. On October 24, 1973, Thailand and Hungary formally established diplomatic relations. 


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Indrani bose

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