Hungary And Thailand Partner To Develop Blockchain Technologies For Financial Sector

The Blockchain Coalition of Hungary and Thai Fintech Association have signed an agreement to cooperate on developing blockchain technology to power their respective financial industries.

Hungary And Thailand Partner To Develop Blockchain Technologies For Financial Sector

At the inaugural Thai-Hungarian Fintech Forum, the Blockchain Coalition of Hungary and Thailand’s Fintech Association signed a Memorandum of Understanding (MOU) to support the introduction of blockchain-based technologies in their financial sectors. The event hosted by the Hungarian Embassy in Thailand was devoted to showcasing financial technologies powered by blockchain.

 

The Blockchain Coalition established by Hungary’s Ministry of Innovation and Technology and the National Data Economy Knowledge Center in March, was introduced to promote the country as an innovator in the blockchain sector. The Thai Fintech Association, founded in 2016 with the aim of representing the local financial technology industry, pointed out that adoption of digital financial services like e-commerce, mobile payments and digital currency is growing rapidly in the Asian country, and that there was need for international cooperation to further develop local financial technology.

 

This cooperation is highly significant to Hungary and Thailand as they celebrate the 50th anniversary of their diplomatic ties next year. Both nations hope to strengthen their relations even further by sharing experiences and ideas from the digital age of services. The partnership will also see both countries work together on developing distributed ledger technologies for central bank digital currencies (CBDC),

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