The Bank of the Lao PDR Governor Bounleua Sinxayvoravong has taken a significant step towards regional economic and financial integration. At the 2024 Boao Forum for Asia, Sinxayvoravong signed a memorandum of understanding with People's Bank of China Governor Pan Gongsheng. This agreement focuses on enhancing cooperation in digital payments and the development of a central bank digital currency (CBDC).
In an interview with CGTN's Guan Xin, Governor Sinxayvoravong expressed his strong support for integrating the region’s financial systems. He emphasized that such collaboration is crucial for fostering economic stability and innovation across Southeast Asia and beyond.
The partnership aims to streamline digital payment systems, making transactions more efficient and secure for businesses and consumers alike. Additionally, the exploration of a CBDC represents a forward-thinking approach to modernizing Laos’s financial infrastructure, potentially positioning the country as a leader in digital finance within the region.
By forging closer ties with the People’s Bank of China, the Lao central bank is not only strengthening bilateral relations but also contributing to a broader framework of economic cooperation among G20 nations. This move aligns with global trends towards digitalization in finance, ensuring that Laos remains competitive in the rapidly evolving financial landscape.
Reference(s):
Lao central bank supports regional economic & financial integration
cgtn.com
