Hungary and Thailand to Team up in Executing Blockchain Tech

United States – Associations in Thailand and Hungary plan to unite on executing blockchain technologies in the funding services sector. The two sides want to share experiences and make ideas for different services as part of the partnership.

Blockchain Coalition from Hungary and Fintech Associate from Thai signed a Memorandum of Understanding to support new tech’s introduction to their funding markets. The signed agreement was during the initial edition of the forum, “Thai-Hungarian Fintech Forum: Powering the Financial Revolution Together,” as per Bangkok Post.

The Hungarian embassy organized the event dedicated to showcasing fintech services. Hungary established the Blockchain Coalition as the National Data Economy Knowledge Center project and the Ministry of Innovation and Technology in March to support the country as a visionary in the virtual age. The members come from academic sectors, public and private.

Digital funding services, like e-commerce, digital currency, and mobile payments, are growing swiftly in Thailand because of the boosting number of cryptocurrency holders, as per Chonladet Khemarattana from the Thai Fintech Association. According to him, the further improvement of fintech needs international cooperation.

Khemarattana elaborated that the future collaboration will support Thailand to get more experience. It will help both Thailand and Hungary to start services or new ideas in the future.

Hungary thinks it is important to uplift the latest financial technology solutions and start deep cooperation with field parties, as per Sandos Sipos, the Hungarian Ambassador. He also stated that the diplomatic vision acknowledges the need to mold funding technology trends.

Sipos prompted that the two nations will commemorate the 50th anniversary of their diplomatic relations next year. He called the memorandum another milestone in the funding cooperation between Thailand and Hungary after the participation of the governor of the Bank of Thailand, Sethaput Suthiwartnarueput, during the Budapest Eurasia forum, which the Hungarian National Bank held.

On another note, Binance, a crypto exchange platform, plans to create a group to work on blockchain solutions and cryptocurrency for Twitter after Elon Musk acquired the social media company. Changpeng Zhao confirmed that Binance backed Musk with a fund worth $500 million, making the digital asset exchange the fourth-largest contributor to the takeover against 19 investors who provided $7 billion to the founder of Tesla.

Zhao confirmed that they wired the funds this week and explained that the transactions were done through typical banking services using money, not digital assets or blockchain.

Binance indicated that it would invest on Twitter along with Lawrence J. Ellison Revocable Trust, Sequoia Capital Fund and Fidelity Management. Zhao stated that it’s only a small contribution to the cause.