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Velo Web3+ Ecosystem Partners with PTL Holdings Co. LTD. to Fuel Laos’s Digital Economic Renaissance and Foster Financial Empowerment for All





Velo, a Thailand-based Web3+ Ecosystem Velo (including subsidiaries), is pleased to announce its partnership with PTL Holding Co. Ltd, an investment holding company headquartered in Laos PDR. The collaboration aims to combine Velo’s digital finance prowess with PTLH’s industrial might, propelling Laos into a new era of economic growth and digital innovation.

The strategic partnership emphasizes Laos’s progressive stance in the global financial landscape, aligning its vision with innovative nations. The signed MOU is a concrete commitment to the joint integration of advanced digital financial solutions, bringing Laos to the forefront of digital finance adoption.

Velo Web3+ Ecosystem: Pioneering Digital Finance

Velo stands as a trailblazer in the digital finance realm, championing inclusive and efficient financial solutions through its Web3+ Ecosystem. With a commitment to revolutionizing the way people engage with finance, Velo brings cutting-edge technology to the masses, fostering financial inclusion and accessibility to all.

PTL Holding Co. Ltd: Energizing Laos’s Industrial and Economic Landscape

PTL Holding Co. Ltd (PTLH) stands as a prominent player in Laos’s industrial landscape, steering economic development through its subsidiaries. PTLH is also a prominent industrial conglomerate based in Laos, with a diversified portfolio across various sectors. The company, in collaboration with its banking affiliate, plays a pivotal role in driving economic growth within Laos. Notably, PTLH is recognized for its significant contributions to the commodities sector, particularly in oil & gas operations.

Collaborations for Digital Economic Renaissance

  1. Laos’s Visionary Leap into Next-Generation Finance:

This collaboration signifies the Lao PDR’s proactive steps toward embracing next-generation finance leveraging blockchain technology, strategically aligning its trajectory with forward-thinking nations. From this partnership, Velo, PTLH and Laos nation are committed to realizing the potential of advanced digital financial solutions, setting the stage for a digital economy that empowers citizens and fuels economic growth.

  1. Dynamic Implementation of Progressive Policies:

Laos’s nimble and forward-thinking approach to policy execution is emphasized through all parties’ commitment, establishing it as a beacon of progress in digital finance. In contrast to ongoing discussions in neighboring countries, Laos’s decisive action accelerates the realization of benefits derived from a digital economy.

  1. Laos’s Distinct Advantage in Future Web3 Payment Innovation:

With an eye on the future of Web3 payments, Laos positions itself as a hub for innovative solutions in the evolving landscape of future Web3 payments. The collaboration between Velo, PTLH, and a distinguished bullion bank emphasizes Laos’s potential to lead in seamlessly integrating generic future wen3 payments.

As Velo, PTLH and Laos nation officially enter into this transformative collaboration with a signed MOU, the stage is set for a dynamic future where finance is not only more accessible, inclusive, and technologically advanced but also firmly grounded in a partnership that values progress and innovation. Stay tuned for further updates as we collectively shape the digital future in Laos and beyond.

The post Velo Web3+ Ecosystem Partners with PTL Holdings Co. LTD. to Fuel Laos’s Digital Economic Renaissance and Foster Financial Empowerment for All appeared first on Hipther Alerts.

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Central banks and the FinTech sector unite to change global payments space





The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.

Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.

Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).

At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.

The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.

As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.

Source: fintech.globa

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TD Bank inks multi-year strategic partnership with Google Cloud





TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.

The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.

This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.

TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.

Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.

TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.


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MAS launches transformative platform to combat money laundering





The MAS has unveiled Cosmic, an acronym for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, a new money laundering platform.

According to Business Times, launched on April 1, Cosmic stands out as the first centralised digital platform dedicated to combating money laundering, terrorism financing, and proliferation financing on a worldwide scale. This move follows the enactment of the Financial Services and Markets (Amendment) Act 2023, which, along with its subsidiary legislation, commenced on the same day to provide a solid legal foundation and safeguards for information sharing among financial institutions (FIs).

Cosmic enables participating FIs to exchange customer information when certain “red flags” indicate potential suspicious activities. The platform’s introduction is a testament to MAS’s commitment to ensuring the integrity of the financial sector, mandating participants to establish stringent policies and operational safeguards to maintain the confidentiality of the shared information. This strategic approach allows for the efficient exchange of intelligence on potential criminal activities while protecting legitimate customers.

Significantly, Cosmic was co-developed by MAS and six leading commercial banks in Singapore—OCBC, UOB, DBS, Citibank, HSBC, and Standard Chartered—which will serve as participant FIs during its initial phase. The initiative emphasizes voluntary information sharing focused on addressing key financial crime risks within the commercial banking sector, such as the misuse of legal persons, trade finance, and proliferation financing.

Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS, highlighted that Cosmic enhances the existing collaboration between the industry and law enforcement authorities, fortifying Singapore’s reputation as a well-regulated and trusted financial hub. Similarly, Pua Xiao Wei of Citi Singapore and Loretta Yuen of OCBC have expressed their institutions’ support for Cosmic, noting its potential to ramp up anti-money laundering efforts and its significance as a development in the banking sector’s ability to combat financial crimes efficiently. DBS’ Lam Chee Kin also praised Cosmic as a “game changer,” emphasizing the careful balance between combating financial crime and ensuring legitimate customers’ access to financial services.


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