The Bank of Thailand and the Bank of Laos PDR have signed a memorandum of understanding (MOU) on cooperation in the areas of financial innovation and payments systems in Chiang Rai yesterday after the meeting of the 5th Asean Finance Ministers’ and Central Governors’ Meeting and related meetings in Chiang Rai yesterday.
Veerathai Santiprabhob, governor of the Bank of Thailand (BOT), and Sonexay Sitphaxay, governor of the Bank of Lao PDR, signed the MOU that aims to enhance the collaboration on financial innovation and payment services to promote more efficient and secured domestic and cross-border payment transactions, as well as to promote the usage of local currencies. The two central banks are working together to develop interoperable QR Code for payments and innovative real time remittance to facilitate cross-border retail payment services between Lao PDR and Thailand.
In this connection, their financial institutions have been collaborating to offer cross-border QR payment to enable easy and convenient payment for Laos and Thai tourists, as well as SMEs in both countries to receive payments in an efficient and convenient way. The progress is also achieved in the area of corporate funds transfer between two countries using blockchain technology, Veerathai said.