The blockchain startup Everex and Lao Development Bank (LDB) has recently signed a Memorandum of Understanding (MoU) for the implementation of a blockchain-powered cross border payments and trade finance.
According to Mr. Phoutsala Omdalah, the Deputy Managing Director of LDB, it has been the mission of LDB to contribute to Lao’s financial sector and this can be realized by utilizing blockchain technology which will enable banks to transact faster and cheaper.
The signing was attended by senior executives of LDB and Lattana Keosihavong of Laos Everex, wherein she reveals that the country is developing a digital country 4.0 strategy similar to that of Singapore, Thailand and Malaysia.
Tim Scheffmann, Regional Managing Director of Everex explained that this innovative technology can also have a great impact on trade finance with Laos’ neighboring contries.
He states that due to its strategic position, Laos is well suited for digital trade border trade transactions in combination with migrant workers’ remittances and financial inclusion.
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