- Silverlake Axis will implement its world-leading Silverlake Symmetri core banking solution to Lao Bullion Bank
- Silverlake Axis' third partnership in Laos, following Phongsavanh Bank and RHB Bank
- Partnership aligns with Silverlake Axis's strategy of regional expansion through local BFSIs
Silverlake Axis (SGX: 5CP) ("SAL"), a leading banking and financial technology company, has announced its partnership with Lao Bullion Bank. The partnership was commenced in a signing ceremony on Friday, 13 September 2024.
As part of the collaboration, SAL will implement its Silverlake Symmetri to Lao Bullion Bank. Silverlake Symmetri is one of the leading universal banking solutions today, covering the entire spectrum of banking business. The solution serves to help 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 securely deposit and trade gold. 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."
This is SAL's third partnership in Laos and the company's first new partnership in over a decade, following Phongsavanh Bank and RHB. Across Southeast Asia, the company has been actively looking to increase business activity and enter new markets. In recent months, SAL ventured into Cambodia and Vietnam with its partnerships with Chip Mong Group (Cambodia) and KMS Solutions (Vietnam). With new leadership at the helm, SAL now also aims to expand its portfolio of solutions to cover more challenges across more industries in this region.