The Lao Bullion Bank President, Dr Chanthone Sitthixay (left), shakes hands with the Singapore Bullion Market Association CEO, Mr Albert Cheng (right), after signing the MOU on October 10.

                                           
Lao Bullion Bank and Singapore Bullion Market Association sign MOU to enhance precious metals market collaboration

The Lao Bullion Bank (LBB) and the Singapore Bullion Market Association (SBMA) have signed a landmark Memorandum of Understanding (MOU) to enhance collaboration in the precious metals market.
In conjunction with the ASEAN Business and Investment Summit (ABIS-2024), held at the Landmark Hotel in Vientiane during October 8-11, 2024, the two parties formalised their future cooperation. The MOU was signed by the LBB President, Dr Chanthone Sitthixay, and the SBMA CEO, Mr Albert Cheng, marking a pivotal step towards strengthening strategic ties between the two institutions.

Representatives of both organisations and guests gather for a group photo at the signing ceremony.

The signing of the MoU highlights a shared commitment to fostering the development of the precious metals market in Laos and across ASEAN. The collaboration aims to support the bilateral development of bullion supply chains, while enhancing LBB’s global presence in the precious metals market.
The MOU outlines a framework for professional exchanges, market development strategies, and consultancy services on regulatory matters, with the ultimate goal of establishing a precious metals hub in Laos.
The signing of the MOU was witnessed by several distinguished guests, including the Deputy Minister of Energy and Mines, Mr Thongphat Inthavong, the Deputy Minister of Industry and Commerce, Dr Manothong Vongsay, the Lao Ambassador to the Republic of Singapore, and the President of the Lao National Chamber of Commerce and Industry (LNCCI), Mr Oudet Souvannavong. Senior representatives from the public and private sectors were also in attendance.
In his remarks at the ceremony, Dr Chanthone stated, “This partnership with the SBMA marks an exciting new chapter for Lao Bullion Bank. We look forward to leveraging SBMA’s vast experience and industry connections to enhance our offerings in the bullion market and position Laos as a key player in the regional precious metals sector.”
The SBMA CEO, Mr Cheng, remarked, “The precious metals market is a key pillar of economic development in Southeast Asia, and we are thrilled to partner with the Lao Bullion Bank. Through this MOU, we are committed to sharing knowledge and expertise and fostering stronger connectivity between Singapore and Laos in the bullion industry.”
A key objective of the MOU is to secure the LBB’s membership in the SBMA as a Foreign Associate Member, facilitating a mutual exchange of market information and industry knowledge. The two parties have agreed to establish a sustainable bilateral cooperation network between members of both organisations and support the LBB’s ambition to become a regional hub for gold and precious metals.
This partnership is expected to stimulate the growth of the precious metals market in Laos, contributing to economic stability while offering secure and efficient bullion banking services. It will also provide the LBB access to global markets and best-in-class services, further solidifying its position in the regional and international bullion industry.

By Advertorial Desk
 (Latest Update October 14, 2024)