Palau has contracted Soramitsu Labs, a DLT firm, to develop a government bond issuance platform with the goal of using it as an investor for less than 20,000 people in Palau. Soramitsu is known for developing Cambodia's Bakong National Payment System and has CBDC projects in Laos, the Philippines and Vietnam. Palau plans to test the system later this year with the goal of issuing its first bond next year. Other countries such as the Philippines and Thailand have also used blockchain for government bond issuance by individual investors.