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.\r\n\r\nLantana Keosihavong, who is one of LDB\u2019s senior executives present at the signing ceremony and also the bank\u2019s representative at Everex, shared her excitement and pride at this association.\r\n \u201cAs a Laotian, it\u2019s a proud moment to see that there\u2019s now blockchain know-how in Laos through Everex\u2019s footprint,\u201d Keosihavong said. \r\nLDB is said to have taken this decision acknowledging blockchain\u2019s potential in enabling banks to transact faster and cheaper. This collaboration is most likely to spur LDB\u2019s mission of contributing to Lao\u2019s economic sector and drive progress for the country, its banking, and its people.\r\n\r\nPhoutsala Omdalah, Deputy Managing Director of LDB, said,\r\nBlockchain technologies enable banks to transact faster and cheaper. LDB\u2019s mission is to contribute to Lao\u2019s financial sector and by utilising this technology so we can achieve progress for Laos, the banking sector, and for Lao people.\r\nOn 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 \u201cfee connectivity\u201d 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.\r\n\r\nThe 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\u2019s financial system. The next step of this initiative will be defining the project\u2019s governance alongside setting the goals for the discovery phase.