The Thai FinTech Association and the Hungarian Ambassador in Bangkok signed a Memorandum of Understanding (MOU) to improve the financial sector by utilizing “blockchain” technology.
The MOU commits both parties to share best practices and exploring areas that may be useful for direct cooperation.
The Thai Fintech Association announced the move on Facebook, saying it was part of the “1st Thai-Hungarian Fintech Forum” at The Okura Prestige Bangkok, to which the association had been invited.
Along with Hungary’s side, which included the Embassy of Hungary, Hungarian Blockchain Coalition, and Hungarian Fintech companies, Hungarian Fintech companies shared their perspectives and experience in bringing Thailand’s financial sector into a truly digital world.
Chonladet Khemarattana, President of Thai Fintech Association highlights that Thailand has a good development of Fintech industry.
E-commerce, mobile payment and digital currency are rapidly growing in Thailand. Therefore, the country needs to find more international cooperation to continue developing local finance technology.
He also stated that Thailand is home to 20% of the world’s cryptocurrency holders.
Currently, Thailand is ranked fifth. According to the 2022 Global Crypto Acceptance Index, published in September by analytics firm Chainalysis and crypto payments company TripleA, nearly 6.5% of the world’s population owns cryptocurrencies.
Meanwhile, Tamas Czegledi, Professional Lead of Hungarian Blockchain Coalition, stated that the government of Hungary is developing its own platform. Thus, they should be able to see the differences between the two countries and what they can learn from one another.
The MOU was signed at the conclusion of the event. Thailand and Hungary have vowed to strengthen their relationship and expand their global collaboration.
