BCEL Vows to Take Responsibility Regarding Money Hacking Issues
BCEL has pledge to conduct an investigation regarding money hacking issue.
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Banks
LTS Ventures Wins Global FINTECH Award
A microfinance platform helps to financially include 850 villages in Lao PDR
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Money Exchange Units Banned From Selling Foreign Currency
Under the new policy, money changers will be allowed to buy foreign currencies from customers but are forbidden to sell currencies other than kip
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Lao Central Bank Places New Banknotes In Circulation
The new banknotes can be used alongside the old 2003 notes, which will remain in circulation and can be used as normal.
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Lao Economy Projected To Grow At Only 2.2 Percent This Year: IMF
The IMF’s downgraded growth for Laos is linked to both external and internal factors, with the report forecasting that global growth will decrease from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023.
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50 Percent Of World’s Poorest Need Debt Relief To Prevent Major Crisis
Fifty-four developing economies, including Laos, that account for more than half of the world’s poorest people need urgent debt relief as a result of cascading global crises
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First-Ever Cryptocurrency Business Kicks Off In Laos
The bitqik platform provides full brokerage and trading services in cryptocurrencies and other digital assets, both within Laos and the region.
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Lao Migrant Workers Send Home Millions Of Dollar This Year
During the first six months of this year, Lao nationals working in other countries transferred millions of US dollar in remittances to Laos, with most of the money going to their parents.
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Govt Pledges To Stabilise Macro Economy
The government pledged to ensure sufficient fuel is available by pursuing market-based mechanisms, saying this would minimise damage to the economy and small-scale commercial production.
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Just Scan To Pay: S’pore And 4 SEA Countries To Link QR Code Payments By Nov, Bypassing USD
The central banks of five Southeast Asian (SEA) countries have agreed to link their payment systems by November of this year, in order to allow for easier transactions for travellers within the region.
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Why China Can’t Let Laos Default
Laos faces intensifying economic and financial crises and there is likely no way out without some form of a Chinese bailout or debt forgiveness.
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PM: Embezzlement, Lax Management Key To Losses By State Enterprises
Embezzlement by executives and staff, combined with poor management, are the main reasons for the chronic losses suffered by state enterprises, the Prime Minister has told the National Assembly (NA).
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Laos Installs New Central Bank Chief, Limits FX Sales
Laos lawmakers on Monday approved the appointment of a new central bank chief and two deputy prime ministers
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State Enterprise Reform: Some Now Profitable, Others Dissolved
Two banks previously owned by the state and which suffered chronic losses have begun making a profit following major reforms that saw a 70 percent stake in the banks sold to local investors
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Central Bank Tightens Monetary Policy
The move is aimed at reducing the amount of money in circulation and curbing the spiralling inflation rate, which was recorded at 9.9 percent in April.
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What’s Causing The Currency Crisis In Laos?
Mounting foreign liabilities and thin foreign exchange reserves have left the nation of 7 million acutely vulnerable to global financial shocks.
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Foreign Currency Deficit Among Economic Challenges Confronting Laos
Laos’ overall balance of payments situation is negative despite a trade surplus of US$1.32 billion in 2021 because foreign exchange inflows represent only 26.45 percent of the total export value.
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BOL Issues Licences For Cryptocurrency Exchange Platforms
The Bank of the Lao PDR (BOL) has issued licences authorising two companies to trade in cryptocurrencies, namely Lao Digital Assets Exchange (LDX) and Bitqik.
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Phongsavanh Group Breaks Ground For Smart City Development Project
Phongsavanh Group Co., Ltd. (PSVG) on Thursday held a groundbreaking ceremony to start construction of a model modern city project named ‘the Smart City Development Project’ at the Vientiane Industry Zone.
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Govt In Need Of Massive Financial Support
The government will require 18.7 trillion kip (US$1.8 billion) to address the projected fiscal deficit and repay domestic and overseas loans by the end of this year
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Govt Rejects Proposal To Buy Its Stake In BCEL
The government has declined a request by the Phousy Group to purchase a major stake in a leading Lao bank, the Banque pour le Commerce Exterieur Lao Public (BCEL).
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No Decision Made On Proposed Purchase Of BCEL
No decision has yet been made on the proposed purchase of a major stake in the Banque pour le Commerce Exterieur Lao Public (BCEL) currently held by the Ministry of Finance
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Laotian Govt Budget Expected To Gain $194M From Crypto Miners By 2022
Lawmakers reportedly plan to use the extra revenue for “priority programs,” including paying down the national debt and responding to the pandemic.
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Laos Enlists Japan Startup For Study On Digital Currency
Laos will explore issuing its own digital currency with support from a Japanese financial technology startup that was involved in a similar effort by Cambodia
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BOL Gives Update On Authorised Money Exchange Units
Some 419 money exchange units have become representatives of commercial banks and will operate under the authorisation of the bank, in an attempt to tackle the difference in currency exchange rates between banks and money-changing outlets.
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Laos Pushes Into Crypto As It Authorises Mining And Trading
Laos has authorised the mining and trading of cryptocurrencies, in a policy shift by the debt-laden south-east Asian nation that positions it to profit from the crackdown on digital currency mining in China.
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BOL Requires Currency Exchange Units To Partner With Commercial Banks
BOL issued a notice informing currency exchange units nationwide to register with commercial banks to ensure their operations are carried out under the authorisation of the banking system.
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Thai Baht Could Sink Even Further, Analyst Warns
Thailand’s baht could weaken further after reaching its lowest point since late 2017 level of 33 baht per USD, an analyst at Krungsri Securities said on Wednesday, as the economy is challenged by its most severe Covid-19 outbreak so far.
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BOL To Take Urgent Action On Differences In Exchange Rates
The Bank of the Lao PDR (BOL) is now working to tackle several unresolved issues related to financial matters, including differences between the exchange rates in the market and banks.
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Once Asia’s Top Performer, The Thai Baht Is Now Becoming The Region’s Worst-Hit Currency
The Thai baht, once the strongest-performing currency in Asia before the pandemic, has been steadily falling in 2021 and is this year’s worst-hit currency in the region
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LCB’s Depositors To Be Repaid
Officials of the Bank of Lao PDR (BOL) have confirmed that customers or depositors of the Lao Construction Bank Limited (LCB) will be repaid once data of the bank’s depositors are provided.
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Laos’ Banks Linked For Money Transfers Via Mobile App
Customers of many banks in Laos will now be able to transfer money via a mobile application managed by the joint venture Lao National Payment Network Co Ltd (LAPNet) under the Bank of the Lao PDR (BOL).
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BOL To Transform IT Infrastructure System
The Bank of the Lao PDR (BOL) is upgrading its IT infrastructure system to ensure financial transaction services throughout the country.
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Fluctuating Exchange Rate Increases Pressure On Lao Economy
Many firms are effectively conducting business and basing their pricing on foreign currencies sold in the parallel market
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Laos Faces Sovereign Default As Forex Reserves Dip Below $1bn
The country’s foreign exchange reserves have fallen below $1bn, less than Laos’ annual debt payments
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Laos To Lose Millions Of Dollars Remitted By Workers Due To Covid-19 Crisis
Laos expects to lose millions dollars in remittances from overseas workers this year following the return of thousands of Lao citizens to the country due to the Covid-19 pandemic.
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Laos Toughens Anti-Money Laundering Measures
Source: Vientiane Times The National Committee for anti-money laundering (AML) and counter-terrorism financing (CTF) has reviewed the progress of preparations
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Lao Central Bank Imposes New Regulation For Currency Exchanges
The Bank of the Lao PDR has come up with a new administrative rule designed to administer currency exchange businesses amid the appreciation of international currencies against the Lao kip.
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Laos Suffering From Limited Sources Of Foreign Currency
Source: Vientiane Times Laos needs at least US$4 billion in foreign currencies to purchase goods from other countries each year,
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BOL Launches Real Time Financial System
Bank of the Lao PDR (BOL) has officially launched the Lao Payment and Settlement System (LaPASS), a real-time gross settlement system, to promote a more efficient financial system.
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Little Laos Teeters Towards Big Debt Crisis
Laos will be hard-pressed to meet its external debt obligations
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Lao Economy Needs Cash Injection
The government needs to speed up the provision of the loans it has approved as this is one of the best ways to help Lao businesses survive amid the Covid-19 pandemic
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Covid-19: Major Thai Bank Stops Exchanging Foreign Money
Kasikorn, one of Thailand’s largest banks, has announced they have shut all their in branch and foreign exchange booths immediately.
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BOL Launches QR Code Payment Standard
The Bank of the Lao PDR (BOL) makes a soft launch of the Lao QR Code standard for payments
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China’s Central Bank Signs Currency Settlement Agreement With Laos
China and Laos have signed an agreement on bilateral monetary cooperation to enhance the use of local currencies in trade and investment,
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Lao Banks Partner In Integrated Payment System
The Bank of the Lao PDR (BOL), the country’s central bank, on Monday officially launched the new joint venture Lao National Payment Network Co Ltd (LAPNet) in collaboration with seven major banks.
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Govt Proposes Amendment To Enterprise Bankruptcy Law
Source: Vientiane Times The government has asked the National Assembly to approve an amendment to the Law on Enterprise Bankruptcy,
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Central Bank To Focus On Currency Management Amid Challenges
Laos’ central bank will tackle challenges to ensure the stability of the kip and prevent it weakening further against the Thai baht, and ensure the rate of inflation stays below 5 percent.
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Baht To Further Strengthen, Expert Warns
The baht could further strengthen to Bt29 per dollar, a Kasikornbank analyst warned this week.
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Cambodia’s “Reckless” Microfinance Industry Puts Economy At Risk
Cambodia’s $8 billion microfinance industry, touted by Western aid groups and foreign investors as bringing financial opportunities to the country’s poor, is ensnaring families in crushing debt and could threaten the country’s economy
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Central Bank To Circulate 2015 Version Of 500 Kip Note
The Bank of the Lao PDR has announced that it will issue a 2015 version of the 500 kip banknote. It is giving advance notice of the circulation of the new banknote in a bid to prevent doubts about the validity of the currency.
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Fund To Boost SME
The government has issued a prime ministerial decree to establish a Small and Medium-Sized Enterprise Promotion Fund, hoping the intervention will boost business access to finance.
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Cabinet Pushes For Effective Management Of Exchange Rates
The cabinet has named the management of currency exchange as one of its top priorities in the coming months, as the gap between the official and market exchange rates widens.
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World Bank Urges Laos To Let Kip Follow Market
Source: Vientiane Times The World Bank has recommended that Laos let its currency follow the market as other nations cut
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Lao Central Bank Advised To Strictly Regulate Money Changers
The Bank of the Lao PDR (BoL) should not merely issue warnings to money changers who break the currency regulation rules
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Govt To Issue Bonds To Tackle Fiscal Deficit
The Lao government will try to sell more domestic bonds in the local currency in an attempt to address the fiscal deficit and strengthen the national capital market.
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Bank Lending Slows Amid Economic Downturn
The injection of bank credit into the economy continues to slow despite government measures to improve the investment climate for the private sector.
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Kip Weaker Against Thai Baht, US Dollar
There is growing concern about the strengthening of the Thai baht and US dollar against the Lao kip.
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LDB Partners Everex To Facilitate Blockchain-Based Cross Border Payments
Lao Development Bank (LDB) and Singapore-headquartered blockchain-based fintech Everex have signed Memorandum of Understanding (MOU) on the initiative.
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Private Sector Hopes For Easier Business Operation Through Int’l Evaluation
The private sector in Laos is optimistic that trade and investment will be made easier by the public sector following the application of international evaluation standards.
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Thailand Resisting Falling Into Rail Debt Trap
Despite Thailand’s vow to rely on domestic funding as it expands its network of high-speed railways, it could soon accept the offer of a low-interest loan from the Export-Import Bank of China (CEXIM), raising concerns about whether the country is on the verge of falling into a debt trap.
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Lao Banks Join Hands To Boost Payment System
Seven major banks in Laos signed a memorandum of understanding on April 22 to establish the Lao National Payment Network (LAPNet) company for a faster, reliable and more convenient payment system.
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Lao Banking Industry Updated On Financial Regulations
Source: Vientiane Times The Lao banking sector is working to improve regulations and update preparations for implementing the Basel II
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Central Bank Urged To Stabilise The KIP
The Bank of the Lao PDR must introduce more concrete measures to keep the value of the kip stable, otherwise the country will face a big challenge in keeping the cost of living at an acceptable level
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Govt Sets Measures To Boost Foreign Reserves
The government is planning to purchase foreign currencies from various sectors as part of measures to boost foreign reserves, according to a government leader.
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PM Urges Central Bank To Facilitate Access To Finance
Prime Minister Thongloun Sisoulith has urged the Bank of the Lao PDR (BOL), the nation’s central bank, to pay serious attention to implementing Order No. 02/PM on improving the climate for doing business.
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Maybank Foundation Expands Silk Weaving Centre In Laos
Maybank Foundation has expanded its Maybank Women Eco-Weavers centre in Laos with the addition of a hostel for the women who are being trained in this traditional skill.
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Thai Banks ‘Prepared’ Amid Warning Of Global ATM Attack
Commercial banks in Thailand have boosted security to prevent unauthorised access to their automatic teller machines as cybercriminals are reportedly planning to carry out a large-scale global ATM attack.
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Central Bank Faces Challenge In Stablising Exchange Rate
The Bank of the Lao PDR looks set to face a big challenge in keeping the value of the kip against the US dollar stable, as the local market is ignoring the official reference currency exchange rate.
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Laos’ Tiny Bourse Still Struggles After All These Years
Despite development boom, exchange has listed only 7 companies since 2011 launch.
The Lao Securities Exchange wants to increase the number of listed companies from the current seven to 25 or 35 by 2020, but experts are skeptical.
Central Bank Removes Foreign Currency Borrowing Restrictions
The removal of barriers to bank lending and borrower withdrawals foreign currencies are set to benefit enterprise in Laos after the Bank of the Lao PDR removed restrictions in this regard, according to an announcement from the central bank.
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Reminder: Pay Road Tax 2018 Latest By End Of June
The deadline for 2018 road tax payments is June 30 this year.
The finance ministry warned that those failing to pay by the deadline would be fined 40 percent of their obligated road tax rates.
First Certified Crypto Exchange In Laos Launches: Vientiane Exchange Money
Laos makes a move towards increasing its crypto-friendliness. The new development has brought the first-ever crypto exchange with an official certification in Laos. The exchange’s name is Vientiane Exchange Money, and it will only offer seven currencies – digital and traditional, at least for the time being.
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Bank Credit Injection Into Lao Economy In Decline
The injection of bank credit into the Lao economy has been on the decline after reaching a peak over the past several years, according to economists.
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BOL Warns Public About Unauthorised QR Code Payments
The Bank of the Lao PDR (BOL) is warning the public about illegal QR code payment services being offered by banks or financial institutions that have not been granted permission by the BOL.
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Thailand’s Top Banks To Waive Off Digital Transaction Fees
Thailand’s four largest banks have decided to waive off digital transaction fees to retain retail customers as new channels for online payments and electronic wallets are being launched in the country.
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BCEL In QR Code Payment Service Tie-up With Thai Bank Thanachart
MID-TIER lender Thanachart Bank has joined with Laos’ largest bank by assets, Banque Pour Le Commerce Exterieur Lao Public (BCEL), to provide a cross-border QR code payment service for Laotians visiting Thailand.
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Unloved Kip Stays On Outer Despite Lao Push
Many business people and ordinary savers still deposit money in foreign currencies despite increased efforts by the Bank of the Lao PDR to promote the use of the national currency, according to data from the central bank.
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ANZ Shuts Laos Retail Products And Services
Australia and New Zealand Banking Group said on Thursday it would close its retail products and services in Laos to focus on its institutional banking business in the Southeast Asian country.
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Maybank Expands Women Eco-Weavers Programme To Laos
Maybank Group through its Corporate Responsibility arm, Maybank Foundation, has expanded its “Maybank Women Eco Weavers” programme to Laos making it the third country in Asean to have such an initiative.
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BCEL Launches Cashless Payment System In Laos
Banque pour le Commerce Exterieur Lao Public (BCEL) has launched a new service called ‘OnePay’- a mobile phone app that allows users to pay anyone, anywhere, directly from their account by simply photographing a QR code.
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Laos Central Bank Eyes Cooperation With Neighboring Countries
The Bank of the Lao PDR (BOL) will enhance bilateral banking cooperation with the central banks of China, Cambodia, Vietnam and Thailand to ensure better management of payments in foreign currencies at international checkpoints.
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Beware Of Illegal Transactions By Fake Banks, Public Warned
The Bank of the Lao PDR has warned members of the public to beware of unauthorised bank accounts after learning that some people have been tricked into making transactions with fake banks.
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Laos Prints Its Largest, Longest Sovereign Bond Issue
The Lao People’s Democratic Republic successfully completed its largest and longest bond issue, with a 14 billion baht ($419 million) six-tranche offering in the Thai debt capital markets.
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US Dollar, Thai Baht Appreciation Increasingly Impacting Lao Economy
The US dollar and Thai baht have continued to appreciate against the Lao kip over recent weeks, sparking concerns that the currency fluctuation could further drive up prices of products sold in Laos.
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Bank Credit Growth Slowdown Due To Dawdling Construction Sector
Business loans given to private companies have not increased this year since the government limited finance granted to developers for carrying out infrastructure projects.
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Sell Baht Now: Credit Suisse
Investors who have overseas exposure should take advantage of the baht, which is close to this year’s highest level, by swapping the local currency for the US dollar, says Credit Suisse Thailand.
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Central Bank Permits Importers To Borrow In Foreign Currency
The Bank of the Lao PDR has permitted commercial banks to release loans in foreign currency to importers, including those who currently have no income in foreign currency.
The central bank issued a decision recently to relax borrowing restrictions, which previously allowed only those having income in foreign currency to borrow in ….
Unlawful Financial Institutions Warned of Legal Action
Illegal financial institutions that have sourced funds by offering abnormally high interest rates will face legal measures, the governor of the central bank has warned.
Governor of the Bank of the Lao PDR, Dr Somphao Phaysith, told the ongoing ordinary session of the National Assembly (NA) that 24 institutions have been found acquiring deposits illegally. He said the bank has issued a notice instructing these institutions to …..
Many Banks In Laos Refuse To Sell Foreign Currencies
Many people want to buy foreign currencies especially dollars and baht for transactions including the import or purchase of foreign goods but currently customers are confused as to the current situation regarding foreign exchange.
Customers who need kip to buy dollars or baht at the Banque Pour Le Commerce Exterieur Lao Public (BCEL) can only ….
Banks Cut Interest Rates On Kip Accounts, Raise For Foreign Currencies
Commercial banks in Laos have lowered the interest rates charged on loans and offered on kip accounts in line with a recent decision made by the Bank of the Lao PDR, hoping to stimulate economic activity.
Conversely banks have raised the interest rates offered on Thai baht and US dollar deposit accounts hoping to build up …..
BOL Teams Up With Police To Combat Money Laundering
The government is taking a tough stance on financial transparency as well as crime prevention, especially in the area of money laundering, to help encourage foreign direct investment in Laos.
As part of government’s efforts to bring the country’s financial standards in line with international systems, the Bank of the Lao PDR (BOL)’s Anti-Money Laundering Intelligence Unit yesterday signed a Memorandum of Understanding (MoU) with the ….
Banks To Issue More Loans Despite Lower Rates
Despite the fact that the Bank of the Lao PDR (BOL) recently declared a lower interest rate for deposits and loans, many banks in Laos believe the number of depositors and borrowers will not decrease in the years to come.
ACLEDA Bank Lao Ltd. is one of several banks that have expressed confidence that the lower interest rate will not cause a decrease in …..
Lao Foreign Reserves Grow
The Bank of the Lao PDR looks set to be in a strong position to secure sufficient supplies of US dollars for goods importers despite a rising demand for the currency in the country.
Value of foreign reserves in the country has been growing over the past several months thanks to the imposition of an appropriate monetary policy.
Foreign reserves rose to US$994 million in August, which made the country able to …..
Thailand Issues New B1,000 Banknote
The Bank of Thailand will issue a new 1,000 baht banknote later this week, one that celebrates the many contributions made to the country by King Chulalongkorn, who reigned from 1868-1910.
The first 100 million of the new banknotes will be put into circulation on Friday, central bank governor Prasarn Trairatvorakul said on Monday.
The new note will eventually replace the …..
Laos Prepares For Tax Payments Via The Banking System
The Ministry of Finance expects to have widened the availability of modern tax payment systems via private banks in Laos, seeking to make it easier for business operators to meet their tax obligations.
The project shall help prepare towards the AEC while the tax and duty collection sector requires modern services systems to improve accountability and make it easier for …..
Taking Stock In Vientiane
Quiet Lao bourse looks to attract more companies, possibly with the help of dual listings.
Having been open since October 2010, the slow-moving Lao Securities Exchange (LSX) is looking to raise the number of listed companies to about 25 by 2020 from the six that are now trading.
“Our aim is to have a least 25 companies listed by 2020 and we are looking at encouraging many state-owned enterprises and private-sector companies to be on the ……
ATM Pool System Goes Ahead
The Chinese government has agreed to provide a grant of 56 million yuan (more than 70 billion kip) to the Lao government to improve the Lao ATM Pool Switch (LAPS) project.
The pool system will effectively create a centralised ATM network, cutting unnecessary costs and saving time for customers as they will no longer have to seek out the ATM of a particular bank.
The system will also ….
Kasikornbank Opening Bank In Laos This Month
Kasikornbank is venturing into the Asean market by opening a bank with registered capital of Bt1.2 billion in Laos. The bank, which will commence operations this month, will focus on high-end customers and groups of companies investing in that country.
With its high growth potential, proximity to Thailand, and small number of privately run banks, KBank sees Laos as attractive for business.
In the initial stage, Kasikornbank Co Ltd will focus on …..
Bank BFL Launches VISA Debit Card
Banque Franco-Lao (BFL) is launching a new VISA Debit Card program.
BFL is the chosen partner bank of J&C Services; by referring our Expat customers to BFL we rest assured that they will receive modern, professional premium banking services.
Visa debit cards are a convenient and secure way to pay anytime, anywhere. With the new VISA debit card BFL clients will be able to shop online, draw ……
Central Bank To Combat Financial Crimes
The Bank of the Lao PDR is gaining support from the local and foreign communities after receiving legal backup to fight financial crimes in the country.
ANZ Lao, one of the international commercial banks in the country, joined with the Bank of the Lao PDR last Thursday to hold a workshop, aiming to educate Lao bank officials on how to combat financial crimes in the country.
A number of diplomats from the UK and US embassies, as well as representatives from international organisations and banks also ….
BCEL Warns Of User Password Theft
A leading Lao bank has warned its e-banking customers to be aware of identity and password theft which has occurred recently to several customers.
Banque Pour Le Commerce Exterieur Lao (BCEL) made the announcement to warn customers using i-Banking and e-Banking to be aware of someone stealing their private information such as user identity and password.
The bank noted that recently criminals have been attempting to steal user and password information of BCEL i-Banking and E-Banking customers by using ……
Lao Gov’t Suspends Approval For New Commercial Banks
The Bank of Lao PDR, the nation’s central bank, has announced a suspension of the establishment of new commercial banks in Laos, as it moves to evaluate the current situation in the country’s banking industry.
The suspension applies to investors and legal identities who are not representing an existing bank or group of banking businesses which already have operations in foreign countries. It will be imposed from ….
Central Bank Builds Up Foreign Reserves
The Bank of the Lao PDR has built up a strong foreign reserve as part of efforts to secure the supply of international currencies for importers, according to a senior bank official.
The central bank governor, Mr Somphao Phaysith said the bank had been able to increase its foreign reserves to meet the demand of imports. “The current foreign reserve is now able to secure imports for about ….. .
Lao Banks Remain Financially Sound
Commercial banks in Laos are still in sound financial shape as non-performing loans (NPL) remain below 3 percent despite a rapid increase of credit, according to the top central bank official.
Speaking at a session of the National Assembly conference recently, the Bank of the Lao PDR Governor, Mr Somphao Phaysith said that credit released by banks in Laos saw a 42 percent increase in September compared to the same period last year.
Despite the rapid increase of credit, non-performing loans remain at 2.75 percent, below the annual target of 3 percent, he told law makers amid worries that at rapid rise in credit would pose negative impacts on …..