Written by: Lao NewPay
Translated by: Gandalf, Techub News
On July 29, 2024, during the visit of the Chief Executive of the Hong Kong Special Administrative Region, John Lee, to Laos, the Laos National Digital Technology Group exchanged a memorandum of cooperation with representatives of Hong Kong enterprises in the presence of Hong Kong Chief Executive John Lee and Laos Deputy Prime Minister and Minister of Foreign Affairs Saleumxay Kommasith, opening a new chapter in strategic cooperation between both parties and taking an important step to strengthen trade cooperation between Hong Kong and Laos.
Under the "Belt and Road" initiative, Laos National Digital Technology Group collaborates with Hong Kong enterprises to build a digital economy platform, with the ASEAN stablecoin USDA set to be issued as early as September this year, facilitating future settlement of transactions across different regions. After implementing cooperation with WeChat Pay, users of WeChat will also be able to make payments in Laos by scanning, eliminating the need to exchange cash for currency. The transaction volume has reached a maximum of 80 million US dollars in a month.
As the only cross-border digital payment platform in Laos with a third-party payment license, NewPay is expanding its bilateral tourism service scenarios between China and Laos and has formed partnerships with platforms such as WeChat Pay and Alipay, allowing Chinese users to conduct convenient transactions in Laos through NewPay. Cooperation with Visa is also expected to be reached in August. With the development of Web3, Laos National Digital Technology Group has become the first enterprise supported by the Lao government to issue the ASEAN stablecoin USDA locally, and NewPay users will also be able to use stablecoins for settlement in the future.
Currently, Laos has a low level of digitalization. Led by the "Belt and Road" policy from China, Laos National Digital Technology Group has rapidly become a leading digital technology enterprise in the region. The Laos National Digital Technology Group is currently developing well in Laos. Although the market is limited, it is expected to expand to Thailand, Vietnam, and Cambodia in the future, using Laos as a "strategic starting point" towards the entire ASEAN region. With the opening of the China-Laos railway, Laos has transformed from a "landlocked country" to a "land-linked country," and Laos National Digital Technology Group is deeply cultivating this geographical advantage, laying out cross-border transactions between China and Laos.
According to relevant media reports, Hong Kong once launched a similar payment platform but "seems very difficult" for Hong Kong enterprises to invest in Laos. The Lao government does not reject new technologies and fully supports the development of the digital economy, showing inclusiveness towards Web 3 and virtual currencies. Hong Kong has been advocating the development of Web3 since 2022, but more than a year later, no substantial progress has been seen. The successful cooperation is expected to enable both places to jointly build an "Asian Web 3 center." Both Laos and Hong Kong will leverage their respective advantages to actively embrace digital assets and digital currencies, opening up related investment opportunities. Laos Digital Technology Group will also leverage policy advantages to obtain licenses for issuing stablecoins.
The achievement of this cooperation will strengthen the deep exchanges in the digital economy between the two regions and is destined to inject new momentum into cooperation between the two places. As a gateway enterprise for the digital economy in Laos, the collaboration with Hong Kong enterprises will fully leverage its advantages, comply with the "Belt and Road" policy, back by China, connect with the world, and vigorously promote the diversified development of the Lao economy, exploring more cooperative opportunities in various fields.
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