The Governor of the Bank of Laos, Mr. Bounleua Sinxayvoravong, and the Governor of the Bank of Thailand, Mr. Sethaphut Suthiwartnarueput, along with numerous banking officials from both Laos and Thailand, attended the ceremony.

Mr. Bounleua Sinxayvoravong affirmed that the use of a cross-border payment system in local currency between Laos and Thailand through QR codes is a significant step in the development of Laos’ financial sector. This not only facilitates cross-border financial transactions, especially for businesses, entrepreneurs (MSMEs), and consumers to perform quickly, efficiently, securely, cost-effectively, and easily accessible.

The cross-border QR payment system not only aligns with ASEAN’s efforts in financial inclusion to reduce the disparity between urban and rural areas, but it is also considered a major step in the process of international economic integration of the ASEAN region.

Photo: Phạm Kiên/PV TTXVN in Lào

To date, Laos has implemented cross-border QR payments with two countries in the region, Thailand and Cambodia. This event not only promotes cooperation among countries in the region but also opens up new opportunities for the people of both countries in accessing and using financial services.