tl;dr
Laos and Vietnam are enhancing bilateral ties through LamoPay, a mobile app enabling streamlined digital payments for tourists and SMEs, facilitating cross-border transactions and reducing costs. At a seminar, Laos introduced LaoApp, an instant messaging platform to be integrated with Vietnam's Vivi...
Laos and Vietnam are strengthening their bilateral relations through the launch of LamoPay, a mobile application designed for digital payments that aims to streamline transactions for tourists and small and medium enterprises (SMEs). Introduced at a seminar in Vietnam with representatives from both nations, the LamoPay e-wallet facilitates seamless cross-border payments, reducing reliance on costly traditional systems. Vietnamese Ambassador to Laos Nguyen Minh Tam emphasized the benefits for SMEs and tourists, highlighting cross-border e-commerce as a critical growth driver by removing geographical and cost obstacles.
Alongside LamoPay, the seminar featured Laos’ new instant messaging platform, LaoApp, and discussions about integrating it with Vietnam's Vivina Technologies to enhance e-commerce operations. The Vietnamese-Lao company AZ (VLCO) also unveiled plans to support SME cross-border transactions, signaling heightened cooperation in emerging digital technologies focused on e-commerce and logistics.
In embracing digitalization, both countries announced initiatives that include the launch of AI-powered e-commerce websites and progress toward central bank digital currencies (CBDCs) in Laos, aiming to boost financial inclusion. Vietnam is meanwhile developing an international financial center in Da Nang and has legalized digital assets, with blockchain technology finding expanded use beyond payments.
Meanwhile, digital payment adoption is accelerating at a remarkable pace in Malaysia, where consumer enthusiasm notably exceeds that in North America and Europe. A Mastercard survey reports that 99% of Malaysians intend to use digital wallets, QR code payments, and Tap to Pay features, with QR payments already at 64% adoption. This contrasts sharply with slower uptake in Western nations, while the overall Southeast Asian average sits at 53%. Analysts predict digital payments will outpace cash transactions in Malaysia by 2026, supported by the rise of AI-infused super applications reshaping consumer habits.
Despite this rapid embrace, security concerns remain high in Malaysia, where the majority of consumers worry about data breaches and prefer biometric payment methods for their enhanced protection. The government’s pro-digital initiatives, such as the Digital Asset Innovation Hub and regulatory explorations into tokenization, are crucial in facilitating this digital transformation and ensuring secure, innovative payment solutions continue to flourish across the region.