Laos partners with Japanese firm to pilot digital currency
The Bank of Laos (BOL) on February 7 started piloting its digital currency following its memorandum of understanding (MoU) signed with Japanese blockchain developer Soramitsu one day earlier.
Tokyo (VNA) – The Bank of Laos(BOL) on February 7 started piloting its digital currency following its memorandumof understanding (MoU) signed with Japanese blockchain developer Soramitsu oneday earlier.
Soramitsu helpedCambodia launch its digital currency, called Bakong, in October 2020. The BOLwill use a modified version of this system to generate digital currency, whichwill be distributed to consumers via commercial banks, Nikkei Asia reported,adding that consumers will test using the currency to pay for purchases atstores.
Laos sees digital currency as a way to makefinancial services more accessible. Around 70% of the Laopopulation has no bank account. A digital currency is expected to let peoplepay at the store or transfer money by scanning a QR code on their smartphones,regardless of whether they have a bank account. It could reduce the cost ofremittances from workers overseas.
According to Nikkei Asia, Vietnam and the Philippines are conducting researchon central bank digital currencies (CBDCs), while Fiji and other Pacificisland nations have expressed interest in the concept.
Soramitsu aims to create an internationalsettlement network that connects digital currencies fromthese countries./.
Vietnamese coffee businesses are attending Laos’s Bolaven coffee 2023 festival which is underway from February 2-4 in the southern province of Champasak of Laos.
Two-way trade revenue between Vietnam and Laos in 2022 grew 24% from the previous year to reach some 1.7 billion USD, beyond expectations of the two countries.
The inflation rate in Laos surged to 40.3% in January, a record high in the last 23 years, according to the Statistics Bureau under the Lao Ministry of Planning and Investment.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
The new framework is designed to ensure that incoming investments deliver tangible national benefits, such as the creation of high-quality jobs for Malaysians and the development of local company ecosystems and technologies.
