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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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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Lao Development Bank (LDB) and Singapore-headquartered blockchain-based fintech Everex have signed Memorandum of Understanding (MOU) on the initiative.
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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 ….