Local Thai news agency The Nation has reported that the Bank of Thailand (BoT) and the Bank of Lao PDR have joined a ceremony to sign a Memorandum of Understanding (MoU) in early April, after the 5th ASEAN Finance Ministers’ and Central Governors’ Meeting and related meetings were held in Thailand’s northern province of Chiang Rai.

The MoU is expected to enhance cooperation between the two countries in the areas of establishing a cross-border digital payments system, as well as push for further innovation in the banking and financial sector.

BoT Governor Veerathai Santiprabhob and Bank of Lao PDR Governor Sonexay Sitphaxay chaired the MoU-signing ceremony. The central bank governors revealed that the agreement will promote more cooperation from both sides on developing innovations with banking and financial applications, in order to ensure that business transactions between the two countries are carried out efficiently and securely.

Both nations also agreed to encourage the use of local currencies, as well as solutions to power real-time remittance. These projects are expected to offer greater ease of doing business for both countries, as well as enable more cross-border retail payments between Thailand and Laos.  

As part of the initiative, both financial institutions have been developing a QR payment system, which will allow Small- and Medium-sized Enterprises (SMEs) to receive payments with greater convenience.

The BoT Governor added that the banks are working on a platform to enable transactions between the two nations with the use of blockchain technology.

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