Korea South, 4th Sep 2024, - RWA LAOS Signs MOU for Laos Digital Park Development… A First Step Towards a New Leap in the Digital Economy
The Ministry of Technology and Communications of Laos and RWA LAOS CO., LTD signed a Memorandum of Understanding (MOU) on August 23, 2024, in Vientiane, formalizing a large-scale collaborative project to accelerate Laos' digital economy through the development of the Laos Digital Park.
This agreement demonstrates the Laotian government's ambition to solidify its position on the global economic stage through digital innovation. Through this MOU, Laos plans to fully harness the potential of its digital economy and take the first step towards becoming a leader in digital technology and the blockchain industry.
An RWA LAOS representative stated, "The activation of Laos' digital economy has just begun. We expect that this agreement will place Laos at the forefront of establishing a financial regulatory sandbox. This will play a crucial role in creating an environment where various global companies can freely pursue innovative business opportunities in Laos."
[Image] Representatives from RWA LAOS and the Lao government discuss the signing of a Memorandum of Understanding (MOU) for digital economic cooperation. (From left) CEO Ma Sangyong and a Ministry from the Laos Ministry of Technology and Communications
The establishment of a financial regulatory sandbox is a key component of this project, providing a space for innovative technologies and business models to be tested without restrictions. This initiative positions Laos to potentially become a digital hub in Asia. The introduction of sandbox regulations will create a global business environment in Laos similar to that of Singapore, offering opportunities for diverse businesses to operate freely.
A representative from the Ministry of Technology and Communications stated, "This agreement marks a significant turning point in accelerating Laos' digital transformation and in creating an environment conducive to global investment in Laos." They also mentioned that "the signing of this MOU symbolizes the leap forward for Laos' digital economy and provides an opportunity for Laos to develop into a central player in Asia's digital economy through its collaboration with RWA LAOS."
With this MOU, Laos has laid the groundwork for commercializing digital technology and attracting global investment, positioning itself to become a digital economy powerhouse. The Digital Park development project is expected to inject significant energy into Laos' economic growth and innovation efforts.
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