During the Thailand-Hungary Bilateral Fintech Forum, Thailand and Hungary Announced a Blockchain Pact.
A Memorandum of Understanding has been struck between the Thai Fintech Association and the Blockchain Coalition of Hungary in order to facilitate the introduction of innovative technology to their respective financial markets. According to a report that was published in the Bangkok Post on Saturday, the agreement was signed during the first edition of the "Thai-Hungarian Fintech Forum: Powering the Financial Revolution Together."

The Hungarian government's embassy in London was responsible for organizing the event, which featured a presentation of services related to financial technology. In March, the Ministry of Innovation and Technology and the National Data Economy Knowledge Center collaborated to established the Blockchain Coalition in Hungary with the goal of establishing the nation as a leader in technological innovation within the context of the digital era. Members of this organization hail from the corporate sector, the public sector, and academic institutions.

Chonladet Khemarattana, the president of the Thai Fintech Association, noted that digital financial services such as e-commerce, mobile payments, and digital currency are expanding at a quick rate in Thailand due to the country's growing number of crypto holders. According to his point of view, the expansion of financial technology demands the participation of international stakeholders. He went on to explain:

Gaining more experience will be easier for Thailand if it continues to work with companies from Hungary in the future. Additionally, it will assist both nations in the development of new concepts or services in the future.

According to Sándos Sipos, the Hungarian Ambassador to Thailand, Hungary places a high priority on developing deep partnerships with other organizations working in the field of financial technology and promoting the most cutting-edge technological solutions in this space. He went on to say that the diplomatic mission is becoming aware of the necessity of influencing trends in financial technology.

Sipos brought to everyone's attention the fact that next year will mark the 50th anniversary of the establishment of diplomatic ties between the two countries. After the participation of Bank of Thailand Governor Sethaput Suthiwartnarueput in the Budapest Eurasia Forum held by the Hungarian National Bank a month ago, he described the memorandum as another milestone in the financial cooperation between Hungary and Thailand. He said that the memorandum was an important step in the process.