20 May, 2024

Lao Ministry Warns Foreign Tourists Against Illegal Currency Exchange

The Office of the Lao Ministry of Information, Culture, and Tourism has recently issued a notice cautioning foreign tourists against engaging in unlawful currency exchange at unauthorized shops.According to the notice, all transactions for communication services, tour guides, accommodations, and dining must be conducted in the Lao kip (LAK) currency and processed through legal banking systems.Meanwhile, foreign currency transactions can be conducted through various electronic means, including QR scanning, and Point of Sale (POS) terminals, as well as international payment platforms such as Visa, Mastercard, UnionPay, WeChat, and Alipay.The notice instructs local authorities to oversee travel establishments, including travel agencies and tour guides, in advising tourists to ensure compliance with regulations. It further stipulates that any service providers or tourists found violating these regulations will face fines as determined by the law To facilitate currency exchange for tourists visiting Laos, the tourism ministry also recommends the use of EZyKip, which caters to tourists without a bank account in Laos. Launched in late January, the app enables cash withdrawals from over 400 BCEL ATMs nationwide with zero fees through QR scan.The notice is consistent with prior directives issued by Lao Prime Minister Sonexay Siphandone, which are geared towards bolstering the oversight of foreign currency within the nation. The objective is to encourage greater use of the Lao Kip, mitigating the challenges associated with the depreciation of the currency.To address the issue, in January 2023, the Bank of Laos (BOL) revoked the business licenses of a total of 113 exchange businesses affiliated with commercial banks to better control foreign exchange in the country. Additionally, in October 2022, the BOL also banned exchange units associated with commercial banks from selling foreign currency and limited daily foreign currency transactions.Despite efforts, the depreciation of the Lao Kip persists, reaching a record low against foreign currencies, particularly the US dollar, Thai Baht, and Chinese Yuan. This reflects broader economic challenges, including trade deficits.

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.