Government of Laos Signs Agreement on Blockchain with Welnance Finance

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With the advent of modern technologies and as the world enters the era of the 4.0 industrial revolution, it has potentially become more and more interconnected. There are links between the tangible and intangible world, connecting things through digital technology and a colossal source of information like the internet.

One of them is Blockchain, also known as unique blockchain technology for exchanging values electronically through a decentralized computer network, resulting in digital assets transactions, cryptocurrencies, and digital tokens used in many industries.

On January 13, 2022, at the Don Chan Palace Hotel, Vientiane, a Memorandum of Understanding (MoU) was signed for a joint feasibility study on blockchain application and platform development projects in Laos. The purpose is to study, conduct researches, develop and provide technical services on blockchain technologies as Laos is facing considerable challenges in the era of Industry 4.0.

At the ceremony, the Ministry of Technology and Communications, Department of Digital Technology, represented by Director-General, Mr. Keonakhone Xaysulian, and Welnance Trade Online Sole.co., ltd, represented by Managing Director, Mr. Sitha Phommachith, signed the MOU;

The project will focus on developing platforms, software, and applications that will support the management and administration, including services to the government and the general public such as Digital ID, E-Resident, E-Finance, E-Health, E-School and E-Government systems.

This cooperation implements the government’s vision, strategy, and National Digital Economic Development plan to achieve the goals.

Phousy Group, previously reported to have been linked to the country’s cryptocurrency trial program, has part ownership in Welnance.