The Thai Fintech Association has signed a Memorandum of Understanding with Hungary's Blockchain Coalition to promote technology for the financial sector between the countries.
Hungary's Blockchain Coalition was initiated by the Ministry of Innovation and Technology and the National Data Economy Knowledge Centre of Hungary. It was founded by members of the private, public and academic sectors in March to promote Hungary as an innovator in the digital age.
The signing ceremony was recently organised in Bangkok in the "1st Thai-Hungarian Fintech Forum: Powering the Financial Revolution Together", held by the Hungarian embassy to showcase financial technology and services.
Chonladet Khemarattana, the Thai Fintech Association president, said digital financial services such as e-commerce, mobile payments and digital currency are growing rapidly in Thailand, with the country home to 20% of the world's cryptocurrency holders. So, international cooperation is needed to further develop financial technology.
"The future collaboration with Hungarian companies will help Thailand to gain more experience. It will also help both countries to initiate new ideas or services in the future," he said.
Hungarian Ambassador Sándos Sipos said that the embassy had recognised the need to shape trends in financial technology.
"It is not only our embassy but also Hungary that considers it is of the utmost importance to promote the latest fintech solutions and establish deep cooperation with our partners in this common endeavour," he said.
The MoU signing was also regarded as another milestone of financial cooperation between the countries after Bank of Thailand governor Sethaput Suthiwartnarueput participated in the Budapest Eurasia Forum organised by the Hungarian Central Bank last month.
"Next year, we will celebrate the 50th anniversary of diplomatic ties between Thailand and Hungary, which will also provide excellent opportunities to continue this partnership," he said.
