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.”
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.”
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.
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