In order to boost their respective financial businesses, the financial technology associations of the two countries have signed an agreement to cooperate on technology, including blockchain.
A bilateral Memorandum of Understanding (MOU) has been signed by Thailand’s and Hungary’s financial technology associations to facilitate the use of blockchain technology in their respective financial sectors.
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.”
In report from the Bangkok Post on 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 released in September by analytics company Chainalysis and cryptocurrency payments business TripleA.