Silverlake Axis & Lao Bullion Bank team to build Laos’ Gold Reserves

By Gloria Mathias

Silverlake Axis, a banking and financial technology company, has announced its partnership with Lao Bullion Bank. As part of the collaboration, SAL will implement its Silverlake Symmetri to Lao Bullion Bank.

Silverlake Symmetri is a universal banking solution that covers the entire spectrum of banking business. It helps banks modernise their core banking systems and manage growth while keeping costs low.

“As the first bank to facilitate gold trading in Laos, the creation of the Lao Bullion Bank represents a pivotal moment for the country’s financial system. It will enable both individuals and businesses to deposit and trade gold securely. We are confident that our collaboration with Silverlake Axis will help us fulfil our mission of contributing to the stability of the Lao Kip and the broader economy by standardising gold trading practices in line with international standards,” said Chanthone Sitthixay, President of Lao Bullion Bank. “We are proud to support the government’s vision for economic independence and sustainable growth.”

The partnership aims to support Lao Bullion Bank’s goal of building the gold reserves in Laos, enhancing the country’s financial stability, and strengthening its economy. As the bank looks to be fully operational towards the end of the year, Silverlake Axis will help users seamlessly trade gold and use other financial services offered by the bank, enhancing its role as a central institution in the gold market. This will enable the bank to standardise gold trading and investment, attracting domestic and international stakeholders.

“We are thrilled to work with Lao Bullion Bank,” shared Cassandra Goh, Group CEO and Deputy Executive Chairman of SAL. “We are bullish on Laos’ growth prospects and are also humbled to be given the opportunity as a tech enabler in this emerging economy with a strong growth potential. While the industry is in a nascent stage of its development, we are witnessing a transition towards digital banking with the active support of the public sector. There are opportunities to support this transition with our suite of solutions and long-standing track record, and Laos is a market of interest for us.”