BOC Hong Kong Launches Digital Yuan Cross-Border Payment in Laos
Bastillepost · 2 SOURCES1 day ago2 MIN
Summary
Bank of China Hong Kong's Vientiane branch officially launched digital RMB cross-border payment services in Laos on September 18, 2026, marking the first full external service under the CBETS platform. The launch coincided with the 23rd China-ASEAN Expo and included a pilot digital yuan salary disbursement to employees of a Lao enterprise, conducted in collaboration with BOC Zhejiang branch and China Power Construction (Laos). Chinese travelers can now pay by scanning LAPNet merchant QR codes via the digital yuan app, with real-time exchange rate conversion eliminating the need for pre-exchange of foreign currency.
Key Points
- BOC Hong Kong's Vientiane branch launched digital yuan cross-border payment services on September 18, making it the first product under the CBETS platform to provide full external services
- The service achieved interoperability with Laos' national payment network (LAPNet), allowing Chinese travelers to scan LAPNet merchant QR codes via the digital yuan app for seamless payments
- Real-time exchange rate conversion is applied during transactions, enabling Chinese tourists to pay without pre-exchanging currency while Lao merchants receive local currency instantly
- Vientiane branch, together with BOC Zhejiang branch and China Power Construction (Laos), successfully tested the first digital yuan cross-border salary payment to employees of a Chinese-invested enterprise
- BOC Hong Kong Deputy CEO Xing Guiwei stated the service represents an important milestone under central bank guidance , further facilitating China-ASEAN personnel exchanges
Why It Matters
The CBETS platform, operated under the People's Bank of China's Digital Currency Research Institute, demonstrates how Hong Kong-based institutions can facilitate China's fintech expansion across ASEAN markets . This development may serve as a model for Hong Kong financial institutions developing similar cross-border payment solutions, potentially strengthening the city's role in regional financial infrastructure connectivity.
The CBETS platform, operated under the People's Bank of China's Digital Currency Research Institute, demonstrates how Hong Kong-based institutions can facilitate China's fintech expansion across ASEAN markets . This development may serve as a model for Hong Kong financial institutions developing similar cross-border payment solutions, potentially strengthening the city's role in regional financial infrastructure connectivity.