Everex Announces Collaboration With Lao Development Bank

At the signing ceremony, Phoutsala Omdalah, deputy managing director at LDB, discussed how blockchain could strengthen the country's banking sector. "Blockchain technologies enable banks to transact faster and cheaper," he said. "LDB's mission is to contribute to Lao's financial sector and by utilizing this new technology, we can achieve progress for Laos, the banking sector and for Lao people."

Tim Scheffmann, regional managing director of Everex, cited Laos's location as critical to the strategy. "Due to its strategic position, Laos is well suited for digital border trade transactions in combination with migrant workers' remittances and financial inclusion," Scheffmann noted. Blockchain adoption, he argued, would benefit Laos and neighboring countries. "Blockchain technology can reduce transaction costs, increase security and transaction speed. This will increase the nation's GDP and trade volumes," he said.

The agreement marks the latest expansion in Everex's growing presence across Southeast Asia. In April, the company received approval from Thailand's central bank to launch an Ethereum-powered cross-border remittance platform linking Thailand and Myanmar. Everex partnered with Krungthai Bank of Thailand and Shwe Bank of Myanmar to create the Krungthai and Shwe Remittance project.

Customers can transfer money within Thailand at any time through the platform, with competitive foreign exchange rates applied. Everex develops blockchain-based payment solutions spanning cross-border transfers, merchant payments, and currency exchange.