A Memorandum of Understanding (MoU) was written by the Thai Fintech Association (TFA) and the Blockchain Coalition of Hungary to assist the adoption of new technologies in respective financial sectors. The agreement was made at the inaugural “Thai-Hungarian Fintech Forum: Powering the Financial Revolution Together,” according to a report published on Saturday by the Bangkok Post.
According to a Facebook post by the Hungarian Embassy in Bangkok, the MOU between the Thai Fintech Association (TFA) and the Hungarian Blockchain Coalition would allow the two organizations to “exchange experiences, best practices, and investigate areas potentially useful for direct cooperation.”
What does the TFA President have to say?
According to a Bangkok Post article dated October 29, TFA President Chonladet Khemarattana stated that international cooperation is required to advance local financial technology because e-commerce, mobile payments, and digital currencies are expanding quickly in Thailand.
Additionally, he stated that 20% of the world’s cryptocurrency holders reside in Thailand, which was ranked ninth in the 2022 Global Crypto Adoption Index published in September by analytics company Chainalysis and predicts that nearly 6.5% of the population holds bitcoin.
The main reason behind the partnership
According to Sándos Sipos, the Hungarian ambassador to Thailand, Hungary views the promotion of cutting-edge fintech solutions and the development of close partnerships with partners in that sector as of the utmost importance. The diplomatic mission, he continued, is aware of the necessity of influencing financial technology trends.
Sipos remarked that next year would mark the 50th anniversary of the two countries diplomatic relations. Following the participation of Bank of Thailand Governor Sethaput Suthiwartnarueput at the Budapest Eurasia Forum hosted by the Hungarian National Bank last month, he described the memorandum as another significant step in the financial cooperation between Hungary and Thailand.
