Thailand and Hungary Join Forces to Delve Into Blockchain Technology

 The collaboration between Thailand and Hungary aims to explore blockchain technology.

The Thai Fintech Association (TFA) and the Hungarian Blockchain Coalition (HBC), financial technology associations for Thailand and Hungary, have signed a Memorandum of Understanding (MoU) to bring blockchain technology to countries' financial sectors.

According to the Facebook post by the Embassy of Hungary in Bangkok, the two associations will join hands to “share experiences, best practices and explore areas potentially beneficial for direct cooperation.”

The MoU was signed during the first Thai-Hungarian Fintech Forum: Powering the Financial Revolution Together, where HBC instructed its fintech companies, such as Digital Farmers Market, Family Finances, WhiteHat, InnovITech, and Peak.

The Hungarian Blockchain Coalition was created by the Ministry of Innovation and Technology and the National Data Economy Knowledge Centre of Hungary. The Coalition connects members of the academic, public, and private sectors to advocate the country as a digital technology leader.

Based on the news report shared by Bangkok Post on October 29th, the Thai Fintech Association president Chonladet Khemarattana during his speech highlighted that mobile payment, e-commerce, and digital currencies hold a growing interest among Thais. Therefore, “international cooperation is needed to further develop financial technology."

The Thai Fintech Association president Chonladet Khemarattana added:

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.

The Thai Fintech Association was launched in 2016 as a non-profit organization representing the Thai financial technology industry.

In other news, at the end of September, The Office of the Securities and Exchange Commission (SEC) in Thailand announced tightening the rules for crypto advertising. Starting October 1st, all crypto-related companies, especially those advertising cryptocurrencies, are required to add investment warnings.

Moreover, in August, the Bank of Thailand proclaimed its plans to launch a retail CBDC pilot program, which aims to test cryptocurrency uses for “cash-like activities,” like paying for goods and services.

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