Beijing, September 19 (Daily Kiran) : The People’s Bank of China has announced the formal launch of a cross-border digital payment service between China and Laos. This initiative marks a significant advancement stemming from a memorandum of understanding signed in June 2026, aimed at strengthening cooperation in financial innovation, digital payments, and legal digital currencies.
In the realm of barcode payments, the digital renminbi (Chinese currency) international operating center has developed and implemented a comprehensive service platform for cross-border settlement known as CBETS. This platform has successfully established a system connection with Laos’s national payment network, LAP-Net, facilitating cross-border payments between the digital renminbi and Laos’s local barcode payment systems.
By the end of 2025, Chinese residents will be able to make payments via scan codes at local businesses connected to commercial banks in Laos using digital renminbi wallets. Both countries are actively working to enhance this service and expand its usage, aiming to simplify shopping for people traveling between China and Laos, as well as promote cultural and tourism activities.
Moreover, economic and business settlements between the two nations are also progressing. Several local banks in Laos have joined CBETS and have launched a new trade settlement and investment financing service named “Digital Renminbi Lift” under the CBETS framework.
This development is expected to further strengthen ties between China and Laos, paving the way for increased economic collaboration and mutual benefits.
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