13 May, 2024

Laos Embraces Online Shopping via Social Media, Cross-Border Innovation

In Laos, where traditional retail infrastructure lags behind its Southeast Asian neighbors, online shopping has become a trend despite its limited e-commerce presence, largely driven by social media platforms and innovative cross-border shopping.

With a lack of established e-commerce platforms within the country, Lao citizens have adapted by leveraging social media, particularly Facebook and TikTok, as a virtual marketplace. Groups and pages dedicated to buying and selling everything from clothing to electronics have proliferated, creating an online shopping ecosystem.

Phiyada “Namfon” Ounthong, a 24-year-old employee, has been selling home appliances and clothes on her personal Facebook account since 2019 to make extra income. She explained that she opted for Facebook as her sales platform because it is the most widely used compared to others.

“Many people have started buying things online because of how convenient it is,” Namfon said.

“Customers can select their preferred products and price, and then either collect them from a shipping company of their choice or have them delivered to their doorstep.”

Namfon added that she has her customers transfer money to her personal bank account and then deliver the products to a shipping company chosen by the customer.

Despite the slow emergence of e-commerce in Laos, some goods demanded by customers may not be available in-country. This situation forces Lao people to navigate the complexity of the problem by using middlemen to facilitate cross-border shipping. For instance, many buyers have found ways to purchase and receive products from Thai e-commerce platforms like Shopee and Lazada, which do not typically deliver to Laos.

Dokfa Malaythong, a 23-year-old resident of Vientiane Capital, often shops in Thailand and appreciates the diverse range of products available there compared to Laos.

“In Thailand, they have unique clothing styles that I like but can’t find in Laos,” Dokfa said. “One of my most unique purchases from Thailand was an LED clip-on reading light, something Laos doesn’t offer.”

She explained that some people in Laos even buy food and food-related products from Thailand, showing the diverse needs of Lao people that go beyond what their own country offers.

“I order and pay for the products on the official e-commerce website before paying the middleman to retrieve them for me,” Dokfa added. Without revealing the middleman’s identity, she mentioned that her products usually arrive at a storage room provided by the middleman, where she goes to retrieve them and complete her purchases.

E-commerce has become increasingly popular in Laos, especially amid the COVID-19 pandemic. This trend has led the Lao government to recognize the importance of establishing clear regulations to safeguard investors. The introduction of a new decree to support e-commerce growth has bolstered trust in digital transactions among both businesses and consumers.

Latthana Douangboupha, the deputy director general of the SMEs Promotion Department in the Lao Ministry of Industry and Commerce, highlighted the importance of e-commerce in empowering SMEs during a seminar in Vientiane on 15 September last year. The seminar aimed to develop e-commerce policies and strategies to strengthen SMEs in the digital era, with government officials and representatives from various Lao companies gathering to exchange knowledge and experiences in e-commerce and digital business.

Despite the apparent success of online shopping in Laos, challenges remain. The reliance on social media and informal cross-border arrangements can be risky, with issues such as fraud and product quality concerns being raised. Furthermore, the lack of a formal e-commerce system within Laos limits the potential for growth and the establishment of consumer protections that are standard in more developed e-commerce markets.

Laos’ online shopping landscape presents a unique case study in the evolution of e-commerce in developing countries. As online shopping continues to grow in popularity, there is a pressing need to develop formal e-commerce regulations within Laos to ensure consumer protection and sustainable growth.

15 May, 2024

Mastercard Picks Five Startups for Program on Blockchain Use-Case Development

Mastercard Has Chosen Five Startups for Its Digital Assets Program Aimed at Developing Blockchain Use CasesFive startups have been chosen to join Mastercard’s Start Path blockchain and digital assets program to develop blockchain use cases and user experiences.The program will see Mastercard connect with industry experts and fintech firms to explore different use cases for digital assets and blockchain technology for solving real-world problems.In a press release on Wednesday, the card company stated that its experience in constructing a global, card-based payments network positions it to connect the specific use cases of regulated money, bank deposits, stablecoins, and CBDCs with startups. Mastercard added that the program will strive to create new solutions and enhance efficiencies in digital commerce user experiences.Five Startups SelectedThe five selected startups include Kulipa, a French-based company facilitating crypto payment card issuance for digital wallets; UK-based Parfin, which develops enterprise-grade software products to enable financial institutions to adopt blockchain rails.Singapore's peaq, a startup providing permissionless, borderless digital infrastructure for real-world applications, was also chosen.Additionally, Triangle, a U.S.-based startup prioritizing sustainability through a data platform that combines climate data with finance, and Venly, a Belgium-based startup simplifying blockchain integration for developers and businesses to support industry growth and digital transformation, were selected.Mastercard’s Start Path ProgramAccording to Mastercard, the program will provide blockchain, digital assets, and web3 startups with the opportunity for collaboration, tailored training, and access to Mastercard’s customers and channels during the virtual four-month program."Since the program was founded in 2014, Mastercard has supported more than 400 startups from 54 countries," the press release added."Through Mastercard Start Path, we’re looking to uncover new ways to unlock crypto mass adoption and wider financial inclusion with convenient, global stablecoin payments," Kulipa founder Axel Cateland said.

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10 May, 2024

Navigating BlockFi's Closure and Partnership with Coinbase

As the crypto lending landscape evolves, BlockFi, a prominent player in the industry, finds itself at a crossroads. Amidst liquidation proceedings, the company has announced plans to close its web platform by the end of May 2024. However, rather than leaving its clients scratching their heads, BlockFi has opted for a proactive approach by partnering with Coinbase, one of the most reputable cryptocurrency exchanges, to facilitate the distribution of funds to its users.The Decision to CloseThe decision to close BlockFi's platform comes as part of its bankruptcy proceedings, a move aimed at safeguarding the interests of its clients. With BlockFi Interest Accounts (BIAs), retail loans, and private accounts at stake, ensuring seamless access to funds is paramount. Recognizing the importance of this, BlockFi has forged a strategic alliance with Coinbase to streamline the withdrawal process and minimize disruption for its users.Partnership with CoinbaseThrough this partnership, BlockFi clients will have the option to access their funds through Coinbase's platform, either by transferring their assets directly or by receiving cash equivalents. This dual approach ensures flexibility and accommodates the diverse needs of BlockFi's user base. Moreover, by leveraging Coinbase's robust infrastructure, BlockFi aims to provide a secure and reliable channel for fund distribution, instilling confidence among its clients during this transitional phase.Benefits for UsersThe collaboration between BlockFi and Coinbase signifies a proactive response to the challenges posed by the company's liquidation proceedings. By tapping into Coinbase's extensive network and expertise in crypto asset management, BlockFi aims to mitigate risks and uphold its commitment to customer service. This strategic move not only demonstrates BlockFi's dedication to its clients but also reflects its agility in navigating complex regulatory and operational landscapes.From a user perspective, the partnership with Coinbase offers several benefits. Not only does it ensure continued access to crypto assets, but it also provides users with a seamless transition pathway. By leveraging Coinbase's user-friendly interface and intuitive features, BlockFi clients can navigate the withdrawal process with ease, thereby minimizing inconvenience and uncertainty.BlockFi Trying to Empower Clients for the FutureIn addition to facilitating fund distribution, BlockFi has taken proactive steps to assist its clients in managing their financial records. By urging users to download important documents, including transaction history and tax documents, BlockFi aims to help its clients with the necessary tools to navigate the post-closure landscape effectively. This proactive measure we hope shows BlockFi's commitment to transparency and accountability, ensuring that its clients are well-equipped to manage their financial affairs.As BlockFi’s shutdown date looms ahead, the partnership with Coinbase serves as a sign of stability amidst uncertainty. By aligning with a trusted industry leader, BlockFi seeks to instill confidence in its clients and uphold its reputation as a reliable steward of crypto assets. Through collaboration and innovation, BlockFi aims to emerge stronger from this period of transition, poised to continue its mission of democratizing access to financial services in the crypto ecosystem.We all hope the partnership between BlockFi and Coinbase represents a strategic alignment of interests aimed at facilitating the seamless distribution of funds amidst BlockFi's closure. By leveraging Coinbase's expertise and infrastructure, BlockFi aims to prioritize the interests of its clients and uphold its commitment to customer service. As crypto continues to evolve, collaboration and innovation will remain key drivers of success, ensuring that users can navigate transitions with confidence and clarity.

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