08 Jan, 2025

Laos, Vietnam Launch Cross-Border QR Code Payment System

On 8 January, Laos and Vietnam officially launched a cross-currency transaction service, connecting their cross-border retail payment systems via QR codes.This initiative, a collaboration between the Bank of Laos and the State Bank of Vietnam, aims to simplify financial transactions for tourists and support cross-border business activities between the two countries.In the initial phase, starting on 9 January, Vietnamese citizens will be able to make payments using QR codes while in Laos. By the end of the year, the second phase will allow Lao citizens to use the same QR code payment system in Vietnam.Additionally, the Lao National Payment Network has announced that QR payments between Laos and Vietnam are now available through participating banks.In Laos, these banks include Banque Pour Le Commerce Exterieur Lao Public (BCEL), Agricultural Promotion Bank (APB), Joint Development Bank (JDB), Lao Viet Bank (LVB), ST Bank (STB), Vietin Bank, Sacombank, Lao Development Bank (LDB), Phongsavanh Bank, Indochina Bank, ACLEDA Bank (ABL), Maruhan Japan Bank Laos (MJBL), Bank of China (BIC), and MB Bank.Meanwhile, Vietnamese financial institutions include Nam A Bank, TB Bank, Vietin Bank, Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Vietcombank, Sacombank, and Ban Viet Bank (BV).The QR code cross-border payment system is part of Laos’ broader strategy to enhance regional money transfers and payments with neighboring countries, including Thailand, Vietnam, Cambodia, and China.In April 2024, Laos and Thailand introduced a similar QR code payment system. In the first phrase, only Lao nationals could make payments by scanning  Thai PromptPay QR codes displayed by merchants in Thailand, using mobile banking apps from participating commercial banks.During the second phase, which began at the end of June 2024, users from Thailand could scan Lao QR codes displayed by merchants in Laos for payment.In August 2023, Laos and Cambodia also launched a cross-border payment system that enables visitors to use their local currencies, the Lao kip and the Khmer riel, via QR codes.Lastly, in December 2024, Laos and China introduced a similar QR payment system as part of their latest e-banking and cross-currency transaction cooperation. This system connects the payment networks of both countries, allowing payments between LAPNet and UPI members through the UnionPay mobile app, which supports over 160 e-wallets in 37 countries.

03 Jan, 2025

Baidu Projects Massive Growth for Artificial Intelligence in 2025

Robin Li, CEO of Baidu, envisions 2025 as a pivotal year for artificial intelligence (AI) adoption, projecting rapid advancements in AI applications across industries. In his New Year’s memo, Li highlighted the transformative potential of generative AI, driven by Baidu’s large language models (LLMs), and reiterated the company’s commitment to integrating AI into diverse industrial and consumer markets.Expanding Generative AI ApplicationsBaidu, a leader in China’s AI ecosystem, introduced its flagship Ernie Bot in 2023. By November 2024, the tool became the second most popular AI chatbot in China, boasting 13 million monthly active users. Despite trailing ByteDance’s Doubao, which leads with 60 million users, Ernie Bot exemplifies Baidu’s innovative approach to AI-driven applications.Li emphasized the growing adoption of generative AI, stating that foundational models are becoming integral across industries. He expects the "seeds" planted in 2023 and 2024 to yield tangible results as markets increasingly recognize the benefits of AI technologies.Challenges and Market CompetitionChina's crowded AI market, with over 200 LLMs, underscores the competitive landscape Baidu operates within. While the company has made strides in generative AI, CEO Robin Li has cautioned against the proliferation of redundant models, advocating for the development of impactful applications that address real-world needs.Baidu has also focused on industrial AI deployment, aiming to enhance efficiency and innovation in various sectors. Li acknowledged the risks associated with pioneering AI technology, noting that some of Baidu’s projects faced uncertain outcomes until their final stages.Financial Performance and Future OutlookDespite its leadership in AI, Baidu has faced financial challenges. The company’s traditional internet search business has slowed, contributing to a 27% decline in its Nasdaq-listed shares in 2024. Baidu’s stock closed the year at $84.31, reflecting investor concerns about its ability to sustain growth in a competitive tech landscape.However, Baidu remains optimistic about its future. The company’s dedication to advancing generative AI and fostering large-scale applications positions it as a key player in the global AI industry. By leveraging its expertise and addressing evolving market demands, Baidu aims to solidify its role as a leader in AI innovation by 2025.