EVX Holdings, the Singapore-based blockchain services provider, operating as Everex, has recently inked a Memorandum of Understanding (MoU) with Lao Development Bank (LDB) aiming to establish a robust blockchain platform for seamless cross-border payments and trade finance.
Lantana Keosihavong, who is one of LDB’s senior executives present at the signing ceremony and also the bank’s representative at Everex, shared her excitement and pride at this association.
“As a Laotian, it’s a proud moment to see that there’s now blockchain know-how in Laos through Everex’s footprint,” Keosihavong said.
LDB is said to have taken this decision acknowledging blockchain’s potential in enabling banks to transact faster and cheaper. This collaboration is most likely to spur LDB’s mission of contributing to Lao’s economic sector and drive progress for the country, its banking, and its people.
Phoutsala Omdalah, Deputy Managing Director of LDB, said,
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.
On the other hand, Everex leverages its blockchain infrastructure for fast and efficient domestic as well as international fund transfers and payments. It uses fiat-backed stablecoins like USDT for currency settlements. The company has already earned approval from U.S. regulators to conduct international cryptocurrency transfers besides crypto-to-fiat exchanges. Even recently, the Central Bank of Thailand has signed up on the platform to deploy a cross-border remittance platform to determine “fee connectivity” between Myanmar and Thailand. Multiple government endorsements empower Everex to provide a solution for underbanked consumers and SMEs across the globe, enabling them to access financial and trading services.
The settlement between LDB and Everex comes at a time when the latter is aggressively growing around the Southeast Asian area. The audience present at the ceremony seemed hopeful that blockchain is not only impacting the financial sector in countries like Singapore but also leaving a positive trail on Lao’s financial system. The next step of this initiative will be defining the project’s governance alongside setting the goals for the discovery phase.