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Japanese software developer Soramitsu said the Bank of the Lao is launching a Digital Lao Kip (DLak) central bank digital currency (CBDC) proof of concept. Soramitsu was responsible for developing the Bank of Cambodia's Project Bakong blockchain-based payment system that has been incorrectly referred to as a CBDC system. This Bank of the Lao project looks like a CBDC platform (see figure in the Soramitsu post below). https://soramitsu.co.jp/dlak-cbdc

Japanese blockchain company Soramitsu will start testing a new "White Tiger" digital currency for retailers at the University of Aizu. It will run on the company's native Hyperledger Iroha blockchain. Testing is starting with the university's cafeterias and shops before gradually being utilized at locations off campus. Soramitsu is one of the blockchain startups behind the development of Cambodia's blockchain-based Project Bakong retail payment system.

"Japanese blockchain firm Soramitsu has reportedly landed feasibility studies for central bank digital currency (CBDC) with both Vietnam and the Philippines. Soramitsu is establishing a considerable footprint in Southeast Asia following its successful implementation of Cambodia's Bakong project in 2020. Last year it also started working with Laos' central bank on a CBDC research project."

Palau has contracted with Soramitsu Labs to build a distributed ledger technology (DLT) based government bond issuance platform. Soramitsu, the developer of Cambodia's Bakong DLT-based national payment system, is also working with Laos, the Philippines and Vietnam on central bank digital currency (CBDC) projects, and with the Asian Development Bank on a proof of concept for the cross border settlement of bond transactions. The 100 million yen cost of the Palau project will be covered by Japan's Ministry of Economy, Trade and Industry, and the Japanese foreign and finance ministries will provide advice on strategy and project management.

The National Bank of Cambodia (NBC) partnered with Soramitsu to modernize the country's legacy retail payments using the Hyperledger Iroha blockchain framework. The project, called Bakong, allows users to transfer money and buy from merchants with a simple smartphone app. Merchants gain a fast, cashless, and secure payments system. And banks can do interbank transfers at much lower cost. A pilot project went live in July 2019 and ran successfully with more than 10,000 users. The next step is to let everyone in the country know that the system is available and working, and launch country-wide later in 2020.

Soramitsu, the developer behind the Bank of Cambodia's Project Bakong interbank payment system, is involved in a new project to enable payments between Cambodia, other Southeast Asian countries and Japan. Bakong already has cross border payments using QR codes with Malaysia, Thailand and Vietnam, and the additional jurisdictions being worked on include India, China and Laos, with Bakong effectively at the center of a hub. The new Mutsumi project will use Bakong and Japanese yen stablecoins to support Japanese SMEs in selling goods and digital services to Southeast Asian customers.

On October 4, 2021, Soramitsu was selected by the Japan International Cooperation Agency to explore with the Bank of the Lao PDR the potential contribution of CBDC to the inclusive development of the financial system of the Lao People's Democratic Republic.

On January 10, 2022 Soramitsu was selected by the NTT Data Institute of Management Consulting to evaluate the potential risks and benefits of introducing CBDC in Fiji, Solomon Islands, Tonga, and Vanuatu. Confirmed by the IMF in September 2022: https://www.imf.org/en/Publications/fintech-notes/Issues/2022/09/27/Towards-Central-Bank-Digital-Currencies-in-Asia-and-the-Pacific-Results-of-a-Regional-Survey-523914

The Central Bank of Papua New Guinea (CBPNG) is working with Soramitsu on a central bank digital currency (CBDC) proof-of-concept (POC) aimed at building a common payment platform across the Pacific Island region. Also, some areas of Papua New Guinea are plagued by instability, violence, and frequent occurrences of robberies and muggings, so the POC will explore digital technologies that will allow recovery of funds after such incidents. The project is being funded by the Government of Japan's Ministry of Economy, Trade and Industry's 2023 supplementary budget "Subsidy for Global South Future-Oriented Co-Creation Projects (Indirect Subsidy Project Related to the Survey on the Overseas Deployment of Infrastructure by Japanese Companies)."

The Central Bank of Solomon Islands (CBSI) started a retail CBDC ("Bokolo Cash") proof-of-concept (PoC) on November 1, 2023. The CBSI has been testing the Soramitsu-provided system for domestic and foreign payments, including simulated international remittances. Within the PoC, users will be able to seamlessly scan a QR code with their Bokolo Cash wallet to send instant cash payments to selected merchants or make peer-to-peer transfers.

The Bank of the Lao People's Democratic Republic is reportedly launching a CBDC study. The monetary authority has employed the Japanese fintech firm Soramitsu which was involved in a similar project in neighboring Cambodia (Project Bakong). (Laos recently signed a memorandum of understanding with the Japan International Cooperation Agency.)

The Asian Development Bank (ADB) has launched a project to develop ways to directly connect central banks and securities depositories in the ASEAN+3 region within a blockchain network. The region consists of the Association of Southeast Asian Nations plus Japan, the People's Republic of China, and the Republic of Korea. ADB is partnering with ConsenSys, Fujitsu, R3, and Soramitsu on the project, which will also examine systems interoperability and the viability of central bank digital currency (CBDC) in the region.

The National Bank of Cambodia's Project Bakong is a Hyperledger Iroha-based payment system renewal project. A pilot with dozens of banks will soon be launched. The ultimate target is to provide instant payments via a mobile app.

The Government of Palau launched a prototype of its blockchain-based savings bond system, Palau Invest, which will offer Palauan citizens, via a mobile app, a simple way to invest in their country while earning returns. The funds raised will be allocated to key national projects such as bridges, roads, and public infrastructure. The project is sponsored by the Japanese Ministry of Economy, Trade, and Industry (METI) Global South Future-Oriented Co-Creation Project. The system runs on Soramitsu's SORA v3 Hub Chain's Hyperledger Iroha 2-based network.