Fintech firm Soramitsu develops cross-border payment system using digital currency

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Fintech firm Soramitsu develops cross-border payment system using digital currency
Fintech firm Soramitsu develops cross-border payment system using digital currency

In the issuance and deployment of Asian central bank digital currency, such as Bakong and Laos’ Digital Lao Kip, Soramitsu has played a significant role

Japanese fintech innovator Soramitsu, using Cambodia’s central bank digital currency (CBDC), Bakong, as the foundation for an expanding international network, is leading an effort to create a cross-border payment system for Asian countries.

In the issuance and deployment of Asian central bank digital currency, such as Bakong and Laos’ Digital Lao Kip, Soramitsu has played a significant role. With 8.5 million users and a transaction volume of around $15 billion, Bakong has already achieved remarkable milestones, enabling QR code-based digital payments between Cambodia and various countries.

With plans to eventually extend this innovative network to include Japan, the company’s goal is to enable seamless cross-border transactions across India, China, and Laos. Soramitsu’s approach has the potential to revolutionise cross-border transactions and enhance global trade connectivity.

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