PANews reported on December 27 that the Bank of China completed the first cross-border QR code payment transaction between the two countries in Laos. Under the joint guidance of relevant departments of the People's Bank of China and the Central Bank of Laos, the Bank of China was among the first to participate in the cross-border pilot project for digital payment and central bank digital currency cooperation between the two countries.
Meanwhile, the Vientiane branch of Bank of China was among the first to connect to the People's Bank of China's digital RMB cross-border digital payment platform. By providing real-time exchange rate quotes and efficient clearing services, Bank of China successfully completed the production verification of QR code payments for merchants in Laos. This service will significantly lower the barriers to cross-border settlement between China and Laos, achieving a seamless experience throughout the entire "payment-exchange-clearing" process.
