Thailand And Hungary Join Hands To Bring Blockchain Technology Into Financial Sectors

Thailand and Hungary’s financial technology organizations have signed a bilateral Memorandum of Understanding (MOU) to boost the use of blockchain technology in their respective financial sectors.

According to a Facebook post by the Embassy of Hungary in Bangkok, the MOU, signed on October 25 by the Thai Fintech Association (TFA) and the Hungarian Blockchain Coalition, will see the two organizations share experiences, best practices, and explore areas potentially beneficial for direct cooperation.

The Hungarian Blockchain Coalition was established in March 2022 by the country’s Ministry of Innovation and Technology and the National Data and Economy Knowledge Centre. In contrast, the Thai Fintech Association is a non-profit organization founded in 2016 to represent the local financial technology industry, including cryptocurrency exchanges.

In September, Thailand’s central bank and several of the country’s commercial banks participated in the testing of a cross-border wholesale central bank digital currency (CBDC) transaction platform based on distributed ledger technology.

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