12 Aug, 2024

Laos Establishes Bullion Bank to Secure Gold Reserves, Stabilize Kip

The Ministry of Finance, has signed an agreement with PTL  Holding Co., Ltd. on 7 August to establish the Lao Bullion Bank to build gold reserves, enhance financial stability, and strengthen the Lao Kip. According to Chanthone Sitthixay, the Chairman and Founder of PTL Holding Co., Ltd., the bullion bank will allow both individuals and legal entities to deposit their gold and use other financial services offered by the bank, enhancing its role as a central institution in the gold market.The bank will also standardize gold trading and investment, attracting both domestic and international stakeholders. Expected to begin operations next month, the bank will contribute to the development of strategic projects and elevate Laos’s financial standing on the global stage, aligning with the government’s vision for economic independence and stability.Minister of Finance, Santiphab Phomvihane emphasized the significance role of the goal play in affecting the economic system, saying that its value is for enhancing socio-economic development and being able to address current financial turbulence, facilitate fundraising, and improve liquidity.In addition, building the Bullion Bank will preserve the existing source in the country, which will make Laos a self-sustained economy, along with being able to meet standardized regional and global markets. Next month, the bank is anticipated as a phase 1 to be open and in late November of this year, to operate in full service.

07 Aug, 2024

Hong Kong Executive John Lee and Laos Deputy PM Saleumxay Witness 2 Major LADT Agreements

Lao National Digital Technology Group (LADT) is a pioneer and innovator in driving digital transformation in Laos under the leadership of the central government. It is a state-owned enterprise that focuses on digital technology R&D, digital infrastructure construction, and blockchain technology application development. LADT operates under the supervision of the Lao Ministry of Technology and the Central Bank, representing the Lao government in regulatory responsibilities. It is also a key strategic investor, business partner, and ecosystem co-builder of NewPay.On July 29, 2024, during the visit of the Hong Kong Special Administrative Region delegation led by Chief Executive John Lee Ka-chiu to Laos, LADT signed several significant partnership agreements with prominent Hong Kong enterprises.The signing event, witnessed by Chief Executive John Lee Ka-chiu and Lao Deputy Prime Minister and Minister of Foreign Affairs Saleumxay Kommasith, marks a significant step in strengthening trade cooperation between Hong Kong and Laos, paving the way for numerous “classic moments” in the future deepening of collaboration between the two regions.HashKey Capital Signs Strategic Partnership Agreement with LADTAs one of the world’s most influential and largest crypto funds and an early institutional investor in Ethereum, HashKey Capital has managed over $1 billion in assets since its inception, investing in over 600 projects across various fields, including infrastructure, tools, and applications.During this visit to Laos, Deng Chao, CEO of HashKey Capital, and Richard Ma, CEO of LADT, signed a strategic partnership agreement witnessed by 4 Vice Chairmen of the Lao National Chamber of Commerce and Industry.Aligned with the “One Belt, One Road” initiative, this strategic partnership marks the beginning of collaborations in digital technology, payment ecosystems, and cryptocurrency issuance in ASEAN countries.Goldford Group’s Strategic Investment in LADTGoldford Group signed a strategic investment agreement with LADT, witnessed by Hong Kong Chief Executive John Lee Ka-chiu and Lao Deputy Prime Minister and Minister of Foreign Affairs Saleumxay Kommasith. The agreement was signed by Dr. Johnny Ng, M.H., Chairman of the Board of Goldford Group, and Dr. Sengaloun Souphanouvong, Director of LADT. Dr. Ng also serves as the COB of the Web3 Hub Fund under the Hong Kong government, a member of the CPPCC National Committee, a member of the Hong Kong Legislative Council, and Chairman of the Web3 Legislative Committee. Goldford’s strategic investment also brings in the participation of the Web3 Hub.Dr. Ng sees historical opportunities in the rise of ASEAN under the “One Belt, One Road” initiative. The collaboration with LADT, including its payment platform NewPay, signifies Goldford’s commitment to promoting digital reform and development in ASEAN countries, especially in the cross-border payment sector. With this investment, a new payment model combining Web2 and Web3 is set to emerge.HashKey Capital and LADT Sign Strategic Partnership MOUWitnessed by Chief Executive John Lee Ka-chiu and Lao Deputy Prime Minister and Minister of Foreign Affairs Saleumxay Kommasith, Deng Chao, CEO of HashKey Capital, and Cyril Chan, Vice Chairman of LADT, signed a strategic partnership MOU.Of the 12 signed pacts witnessed by the Hong Kong Chief Executive and the Vice Premier of Laos, 9 are intergovernmental and 3 are commercial. LADT’s strategic investment and cooperation projects account for 2 of the commercial ones.HashKey Capital and LADT Representatives Interviewed by Major MediaMr. Cyril Chan, Vice Chairman of the Lao National Digital Technology Group, was interviewed by renowned Hong Kong media outlets, including Sing Tao Headline, Now News, HKTKWW, and TVB, regarding Hong Kong enterprises investing in the Lao national digital technology enterprise and their commitment to developing a cross-border digital payment platform and stablecoin payment business.Regarding the reasons for investing in Laos, Cyril Chan stated: “LADT’s mobile payment platform, NewPay, entered the Lao market in 2019, with its mobile payment products launching in 2021. This move aligns with the Belt and Road Initiative and capitalizes on Laos’ inclusion of the digital industry as a key national development strategy, facilitating the digital transformation of related industries. Additionally, the opening of the China-Laos Railway has transformed Laos from a country with geographical disadvantages to one with geographical advantages. As the central nation of the Indochina Peninsula, Laos is poised to offer numerous development opportunities in the future. Therefore, LADT has chosen Laos as a strategic starting point to expand into the markets of all 10 ASEAN countries.”Deng Chao, CEO of HashKey Capital, also visited LADT’s office building and was interviewed by the Lao National Television.LADT Represents Lao Enterprises at the Chief Executive’s LuncheonAs the only local enterprise representative from Laos, LADT was invited to attend the Chief Executive’s luncheon. During the luncheon, LADT’s core team briefed Chief Executive John Lee Ka-chiu on the company’s situation.After a relaxed exchange, the CEO of Hashkey Capital, the Chairman of the Board at Goldford, the CEO of Web3 Hub, business partners from M77 Fund, the Consul General of Laos in Hong Kong, and core members of the LADT team took a group photo with Hong Kong Chief Executive John Lee Ka-chiu and Laos Deputy Prime Minister Saleumxay Kommasith.Transnational Cooperation for a Digital FutureCurrently, the digitalization level in Laos is relatively low. LADT, with the historical mission of promoting the digital transformation of Laos’ national and industrial sectors, has become a leading digital technology enterprise under China’s BRI. LADT is currently experiencing strong growth in Laos. Although the Lao market is limited, there are prospects for expansion into countries such as Thailand, Vietnam, and Cambodia, using Laos as a ‘strategic starting point’ for the entire ASEAN market. With the opening of the China-Laos Railway, Laos has transformed from a “past landlocked country” into a “land-linked country.” LADT is leveraging this geographical advantage to focus on cross-border transactions between China and Laos.Despite its relatively underdeveloped status, the Lao government is open to investing in new technologies and fully supports the development of the digital economy. The central bank is receptive to Web3 and cryptocurrencies, which is a key factor attracting Hong Kong enterprises to invest in Laos. While Hong Kong has been promoting Web3 since 2022, significant progress has been limited over the past year. This cooperation aligns with the interests of both parties and aims to establish an “Asian Web3 Hub.” Laos and Hong Kong will leverage their respective advantages to embrace digital assets and currencies, creating new investment opportunities. LADT will also capitalize on policy benefits to secure a license for issuing stablecoins.Under the “One Country, Two Systems” framework, Hong Kong benefits from its unique position as a bridge between China and the world, serving as a “super connector” and “super value-adder” for both Mainland China and the international community. Hong Kong remains a key platform for multinational enterprises seeking to enter the Mainland market, attracting high-quality global companies and facilitating the international expansion of Mainland funds.As a leading player in the Lao digital economy, LADT’s collaboration with Hong Kong enterprises will leverage its strengths, align with the Belt and Road Initiative, and bridge China with the global market. This partnership aims to diversify the Lao economy and explore additional opportunities for cooperation across various sectors.During this visit, Chief Executive John Lee Ka-chiu signed 12 MOUs with Lao institutions and enterprises in trade, finance, fintech, transportation, and education. He highlighted the opportunity to enhance economic and trade ties between Laos and Hong Kong. This will boost digital economy exchanges and foster development in Hong Kong, Laos, and the broader ASEAN region.As the “Belt and Road” initiative enters its “golden decade” and agreements like the Regional Comprehensive Economic Partnership (RCEP) deepen regional economic ties, Hong Kong will enhance its role as a “super connector,” continue to serve as a bridge between Mainland China and ASEAN countries, and further strengthen digital economy exchanges and cooperation with ASEAN member states.Related ReadingsLaos has been promoting e-payments, and a parliament member suggested that Hong Kong collaborate with ASEAN to address payment challenges. (Source: TVB)Vice Chairman of Lao National Digital Technology Group and CEO of HashKey Capital Give Exclusive Interview to Lao National Television. (Source: YouTube / LNTV)