Lao Development Bank, Everex sign MOU to use blockchain for trade finance

The bank made this decision as it acknowledges blockchain’s potential to enable banks to transact faster and cheaper. LDB’s mission is “to contribute to Lao’s financial sector and to achieve progress for the country, the banking sector and for Lao people.”

The ceremony was attended by senior executives of LDB and Lattana Keosihavong, responsible for Laos at Everex. Several ASEAN countries, like Singapore, Thailand and Malaysia, are developing a digital strategy based on the digitisation of payments and transactions.

Overall, the audience concluded that blockchain is not only changing the financial sector in countries like Singapore, but it will also have a positive impact on Laos’ financial system.