Lao Development Bank Partners with Everex to Facilitate Blockchain-Based Payments

Asia Blockchain Review
September 27, 2019

Lao Development Bank (LDB) and Singapore-based blockchain-powered fintech Everex have signed a Memorandum of Understanding (MoU), pledging to implement blockchain technology for cross-border payments and trade finance.

According to a report by CryptoNewsZ, the signing ceremony was witnessed by senior LDB executives and Lattana Keosihavong, the bank’s representative at Everex. She expressed her excitement at the association, saying, “As a Laotian, it’s a proud moment to see that there’s now blockchain know-how in Laos through Everex’s footprint.” 

Blockchain Potential Acknowledged for Empowering Economy

LDB purportedly reached its decision after realizing the potential of blockchain to enable faster and more cost-efficient transactions for banks. This collaboration is aimed at supporting LDB’s mission of contributing to Laos’ economic sector and driving national progress. 

Phoutsala Omdalah, Deputy Managing Director of LDB, stated:

“Blockchain technologies enable banks to transact faster and cheaper. LDB’s mission is to contribute to Lao’s financial sector and by utilising this technology so we can achieve progress for Laos, the banking sector, and for Lao people.”

Increasing Interests in Payment Digitization Among ASEAN 

Everex has leveraged its blockchain platform for fast and cost-efficient money transfers and payments on both domestic and international scales. Fiat-pegged stablecoins are used for currency settlements through the platform. In addition to crypto-to-fiat exchanges, the company has obtained a license from the United States to conduct international cryptocurrency transfers.

Payment digitization plays a major role in the 4.0 digital strategies of several ASEAN nations, especially in Singapore, Thailand, and Malaysia. In a bid to stay competitive in the regional and global market, Laos is making considerable strides to catch up to its neighbors.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Expert Insights On The Asian Crypto Market
    Trescon hosted its first virtual edition of the popular World Blockchain Summit (WBS) series on Thur...

    August 11, 2020

    Digix Partners with Axie Infinity In Gaming
    The world’s first asset-backed digital gold token, Digix has partnered with Axie Infinity on a digit...

    August 11, 2020

    Distributed Ledger in Education: UCSI Explores
    Asia Blockchain Review had the opportunity to chat with the director of ICSDI at UCSI on the whole d...

    August 11, 2020

    Mainstreaming Of Cryptocurrency Investments? An Exploration
    While the security and the regulation is well chronicled. The big question that needs to be answered...

    August 10, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us