Financial Crime World

NewPay Strategic Plan: Building a Digital Economy Infrastructure in Laos

Introduction

NewPay, a financial technology company operating in Laos, has outlined its strategic plan to build a digital economy infrastructure, develop comprehensive financial initiatives, create an ASEAN stablecoin payment system, and expand its services beyond ASEAN borders.

Key Initiatives

Cross-Border Renminbi Transactions

  • NewPay is collaborating with China’s Yunnan Fudian Bank to provide cross-border Renminbi settlement services for online trade and border transactions between Laos and China.
  • This initiative aims to facilitate smoother cross-border transactions, promoting economic growth and development in the region.

Consumer Finance and Credit Loans

  • NewPay has received approval from the Bank of Laos to start a test program for credit loans using big data credit reporting system, NewPay Credit.
  • This innovative approach will enable individuals and businesses to access financial services more easily, promoting financial inclusion and economic growth.

Stablecoin Mobile Payments

  • NewPay is collaborating with the Laotian National Digital Technology Group (LADT) to create a payment system that blends Web2 and Web3 technologies using the ASEAN USD stablecoin.
  • This cutting-edge technology will provide secure, fast, and convenient mobile payments, revolutionizing the way people make transactions.

Strategic Vision

NewPay’s strategic vision includes:

  1. Building an internet economy infrastructure: NewPay aims to establish a robust digital economy infrastructure that supports innovation, entrepreneurship, and economic growth.
  2. Developing a comprehensive financial framework: The company will develop a comprehensive financial framework that caters to the needs of individuals and corporate clients, providing them with a wide range of financial services.
  3. Creating a digital ecosystem: NewPay plans to create a digital ecosystem with various services such as bill payments, e-commerce, local service payments, medical insurance, etc.
  4. Establishing partnerships with strategic allies: The company will establish partnerships with strategic allies across regions to expand its reach and provide innovative financial services.

Conclusion

NewPay’s strategic plan aims to make it a leading player in Laos’ digital economy by leveraging technology and financial resources to provide innovative financial services and expand its reach beyond ASEAN borders.