The Vietnam Bank for Agriculture and Rural Development (Agribank) signed an agreement with the Agricultural Promotion Bank (APB) of Laos on cross-border payments via internet banking and launched the services with the Phongsavanh Bank (PSVB) at separate ceremonies on November 4-5.

Agribank has offered cross-border payment services on the Lao market since 2008, with APB and PSVB being its first two partners.

Speaking at the launch ceremony, PSVB Managing Director Sengdao Bouphakonekham spoke highly of the expansion of Agribank’s operations in Laos.

The successful establishment of the cross-border payment system via internet banking with the two Lao banks marks a step forward, helping the parties involved develop their products and provide excellent and diversified services for their customers, which contributes to trade and investment between the two countries.

As of September 30, Agribank’s total assets amounted to approximately 36.6 billion USD. The bank has developed a network with 1,000 financial institutions and banks in nearly 100 countries and territories. International financial institutions entrusted the bank with nearly 7 billion USD.-VNA