Thailand and Hungary Partner to Promote Blockchain Tech in Financial Sector
Industry associations from Hungary and Thailand plan to cooperate on implementing blockchain technologies in the financial services sector. The two sides hope to share experience and produce ideas for alternative services as part of their new partnership. Thailand and Hungary Announce Blockchain Pact During Bilateral Fintech Forum The Thai Fintech Association and Hungary’s Blockchain Coalition have signed a Memorandum of Understanding to support the introduction of new technologies to their financial markets. The agreement was inked during the first edition of the “Thai-Hungarian Fintech....
Related News
Blockchain technology has gained traction recently through the advent of cryptocurrency. With the increased popularity of crypto assets, the technology records more applications over time. Recently, Thailand and Hungary have made a pact between their financial technology associations. This new agreement will foster cooperation between the two parties on blockchain technology to facilitate their financial […]
The pact between the two nations' financial technology associations will see cooperation on technology, including blockchain, to power their respective financial industries. The financial technology associations for Thailand and Hungary have signed a bilateral Memorandum of Understanding (MOU) to support the introduction of blockchain technology to their respective financial sectors.The MOU, signed by the Thai Fintech Association (TFA) and the Hungarian Blockchain Coalition on Oct. 25, will see the two associations “share experiences, best practices and explore areas potentially beneficial....
Thailand is bound to see a sweeping adoption of blockchain technology in a number of areas including finance by the year 2018, according to a report in regional English daily Bangkok Post. The news daily cites a blockchain specialist who sees businesses in Thailand adopting blockchain technology by the year 2018. Beyond its core features in transferring value with transparency and security while maintaining trust, the inexpensive ease in which it can be implemented will encourage businesses to switch over, opines Bhume Bhumiratana, a blockchain tech expert. The cost of development will....
Thailand’s Fintech sector has called for the government to introduce regulations and support homegrown industry startups in the face of an increasing trend of external operators moving into the Thai market. The Bank of Thailand, the country’s central bank, does not enforce any regulations for cross-border trade in the financial services sector, leaving external payment platforms to gain a presence in the country. An example sees Thailand’s fourth largest bank by assets, Kasikornbank, partner Chinese fintech firm IBS for baht-yuan cross-country settlements. An alternative to the traditional....
The government in Budapest has put forward measures aimed at streamlining taxation and reducing the tax burden on businesses and citizens. As part of the package, Hungary plans to cut the tax levied on capital gains from cryptocurrency transactions, expecting to increase budget revenue with the move. Tax Cut to Attract Cryptocurrency Traders to Hungary Hungarians now pay 30.5% on profits made from cryptocurrency transactions, but their government wants to reduce the tax rate to 15%. The primary goal is to minimize tax evasion, but the lower tax rate could also attract more crypto traders....