On 27 September, Lao Bullion Bank hosted its much-anticipated Soft Opening Ceremony at its headquarters in Phonsay village, Xaysettha district, Vientiane Capital. The event marked a significant step forward in Laos’ financial landscape, highlighting the government’s strategic efforts to enhance the country’s economic stability.
The ceremony was attended by Santiphab Phomvihane, Minister of Finance, Atsaphangthong Siphandone, Mayor of Vientiane Capital, Vatthana Dalaloy, Acting Governor of the Bank of Laos, Thongphat Inthavong, Deputy Minister of Energy and Mines, and Chanthone Sitthixay, Chairman and Founder of PTL Holding Co., Ltd. Their participation reflects the broad support for this new financial institution.
The opening of Lao Bullion Bank marks a milestone in the nation’s broader goal of safeguarding economic resilience and securing the country’s gold reserves. As the first institution of its kind in Laos, Lao Bullion Bank is expected to play a critical role in stabilizing the value of the Lao kip, while enhancing the government’s ability to manage its reserves.
Vatthana Dalaloy, Acting Governor of the Bank of Laos, underscored the importance of this launch, stating that Lao Bullion Bank is a central player in the nation’s economic development and financial stability. She highlighted the institution’s alignment with the strategic goals of both the government and the party.
Chanthone Sitthixay, Chairman and Founder of PTL Holding Co., Ltd., expressed his confidence in the bank’s upcoming operations, set to begin by the end of September 2024. He emphasized the collaborative efforts with the Ministry of Finance and the Bank of Laos, ensuring that the institution is fully prepared to deliver on its promises to the public.
The soft opening also introduced the bank’s first key services, which include Gold Savings Accounts and Gold Vending Machines. The Gold Savings Accounts, offered to customers starting from the launch date, allow for a secure and efficient way to manage personal investments in gold. However, due to the bank’s early-stage operations, the number of accounts is limited to 50 per day, ensuring careful management during this initial phase.
With the opening of Lao Bullion Bank, Laos takes a significant step toward enhancing its financial system, ensuring the stability of the national currency, and fostering long-term economic growth.
