Bank of Laos. This image is used only for representational purpose. (photo: Fintech News Singapore)
Widespread corruption in Laos’ banking sector led to nearly LAK 1.6 billion (around USD 74,000) in financial losses in 2024, according to the Bank of Laos (BOL). Only LAK 137.43 million (about USD 6,300) has been recovered so far.
The central bank reported 21 corruption cases across the banking system last year. Six were new cases, two within the Bank of Laos itself, three at Nayoby Bank, and one at Banque pour le Commerce Exterieur Lao Public (BCEL).
The other 15 cases were linked to earlier investigations, involving ten at the Agricultural Promotion Bank (APB) and five at Nayoby Bank.
While only a small portion of losses from 2024 cases has been recovered, ongoing investigations from previous years led to the recovery of an additional LAK 4.74 billion (about USD 218,700).
Authorities took disciplinary action against 167 individuals, including 114 staff from APB, 37 from BCEL, 11 from BOL, and five from Nayoby Bank. Three officials, two from BCEL and one from Nayoby Bank, were suspended pending further investigation.
These findings highlight ongoing corruption challenges within Laos’ banking sector, part of a broader national issue.
One of the most serious corruption cases in 2024 involved former employees of the Lao Post Office, who embezzled over LAK 58 billion (around USD 2.7 million). Investigations are still ongoing, with state-owned enterprises, including the national power utility, Electricité du Laos, under continued scrutiny.
The case highlights ongoing governance issues in Laos. In Transparency International’s 2024 Corruption Perceptions Index, the country ranked 114th out of 180, with a score of 33 out of 100. Any score below 50 indicates a serious corruption problem.
Lao and Korea attendees was discussing about sending Lao workers to work in fisheries sector in Korea. (Photo: Ministry of Labor and Social Welfare)
Laos is set to deploy workers to South Korea’s fisheries sector for the first time under the E-10-2 visa program, a move aimed at curbing illegal migration, expanding legal employment pathways, and deepening bilateral labor cooperation, according to Bounsuan Xaiyasin, Head of the Overseas Employment Division, on 12 June.
MANILA, PHILIPPINES – Media OutReach Newswire – 17 June 2025 – Salmon Group Ltd (“Salmon”), a leading emerging markets financial services firm, operating a financing company and BSP-regulated bank in the Philippines, announces the completion of a $88MM fundraise to double down on its commitment to bring cutting-edge financial services and simplify access to credit across Southeast Asia.
The funding transaction consists of the $60MM drawdown under a 3-year $150MM Nordic bond framework agreement and $28MM of new equity raised from blue-chip US institutional investors, Antler Elevate as well as existing shareholders of Salmon. The list of existing investors of Salmon includes International Finance Corporation, the sovereign wealth fund of Abu Dhabi ADQ/Lunate, Northstar, Back in Black Capital and prominent Filipino investors.
The equity round was led by Spice Expeditions, LP (“Spice”), a venture capital firm focused on global financial services. Spice was founded by Nick Huber, who was a partner at Ribbit Capital prior to launching the firm in 2024. The bond transaction marks the first-ever Nordic bond issuance by a technology firm out of Southeast Asia. At $88MM of combined funding the transaction is one of the largest recent investments in the Philippines financial technology industry, propelling Salmon to the top ranks of challenger banks in the Philippines.
Commenting on the transaction, Pavel Fedorov, Co-founder of Salmon, noted that “Salmon is on a mission to revolutionise banking in Southeast Asia. For too long the legacy banks in the region provided sub-standard product, service and customer experience, and the Philippines is the case in point of this. At Salmon, we believe in the quality of our technology and proprietary AI solutions to bring customers better products, of which the most empowering is access to credit. Even though Salmon is only two and a half years old, today we have one of the highest-rated financial service applications in the Philippines (rated 4.8/4.7 in App Store/Google Play), are present both online and at 3,000+ locations across the country and offer four consumer credit products that unlock access to better lives for millions. The 8.88% deposit rate offered by our BSP-regulated bank is the highest in the Philippines as we pass cost efficiencies of our tech-centric model and limited branch infrastructure directly to bank depositors. With successful closing of this transaction and with the strength of Salmon’s one-of-a-kind team, we will be taking Salmon to leadership positions in the financial services industry across Southeast Asia. We are grateful to new and existing investors for their trust and support of our vision.” Hashtag: #Salmon
The issuer is solely responsible for the content of this announcement.
About Salmon
Salmon Group Ltd. operates a BSP-regulated bank (the Rural Bank of Sta. Rosa Laguna), and SEC-licensed lending companies in the Philippines. The company is on a mission to build the best credit-led technology-centric bank in Southeast Asia with the Philippines representing its first market of operation.
Founded in July 2022 by banking and technology veterans Pavel Fedorov, George Chesakov and Raffy Montemayor, Salmon uses AI-enabled technology and a proprietary credit engine to offer consumer credit (Salmon Credit, Salmon Installment, and Salmon Cash Loans), providing differentiated simplicity, quality of service and convenience to its customers. Salmon’s mobile application is rated 4.8/4.7 in App Store/Google Play – one of the highest ratings for a financial services app in the Philippines; 92% of Salmon customers recommend its services to their friends and family. In 2024, Salmon’s BSP-regulated bank on the back of the strength of its consumer loan portfolio launched a Salmon time savings deposit, which at 8.88% offers one of the most appealing deposit rates across the Philippines.
Vietnam leads Southeast Asia in financial confidence and readiness for major purchases, Visa survey
With Visa Flex Credential, consumers can seamlessly choose how they pay, via credit, debit, and more, all on a single credential, redefining the future of payments
HCMC, VIETNAM – Media OutReach Newswire – 17 June 2025 – Visa (NYSE: V), a global leader in digital payments, announced the launch of Visa Flex Credential, offering new ways for consumers to manage and spend their money, with Asia Commercial Joint Stock Bank (ACB) becoming the first bank in Vietnam – and Southeast Asia – to offer this feature. Starting today, ACB Visa cardholders can seamless switch between debit and credit cards via the ACB One app. Similarly, Visa cardholders of Vietnam International Commercial Joint Stock Bank (VIB) will soon be able to experience VIB PayFlex – developed on the Visa Flex Credential technology platform – through the MyVIB app. By the end of 2025, additional issuers will expand Flex Credential to more Vietnamese consumers, enabling expanded use-cases.
According to Visa’s latest Green Shoots Radar survey[1], Vietnamese consumers, especially Gen Z and Millennials, lead Southeast Asia in financial confidence and ambition. Today’s young Vietnamese are prioritising investments in education (66%), healthcare (65%), electronics (63%), and travel (61%), showing a readiness to make big-ticket purchases and take control of their financial futures.
Visa Flex Credential is reimagining the credential for the next generation, designed to put the power of choice directly in consumers’ hands at every transaction – enabling them to opt for debit on daily purchases, credit for larger expenses, or even redeeming loyalty points when checking out, whether it’s for everyday essentials or a dream vacation.
“Visa is committed to empowering consumers with innovative solutions that put them in control of their financial future. Flex Credential is Visa’s breakthrough solution that enables the integration of multiple funding sources through a single card credential, providing cardholders with maximum flexibility to efficiently manage and utilize their payment forms. In specific markets such as the U.S. and UAE, Visa Flex Credential allows cardholders to choose to pay now or pay over time directly from the app, as well as access multiple currency accounts through a single credential – making cross-border payments simple and seamless. We are proud to bring this solution to Vietnam, making digital payments more accessible and contributing to Vietnam’s digital and financial inclusion and overall economic growth,” said Ms.Dung Dang, Visa Country Manager for Vietnam & Laos.
Mr. Nguyen Tam Khoa, Deputy Head of Consumer Division at ACB, shared: “The Flex Credential truly speaks for itself, elevating the customer experience to a new level. While there are quite a few similar solutions in the market, the Flex Credential stands out by meeting all customer needs, such as flexible payment source selection, a variety of transaction methods from offline to online, and the ability to choose from a wide range of suitable offers, all while ensuring independent, clear, and transparent spending management for each card.”
Visa first launched Flex in partnership with Sumitomo Mitsui Banking Corporation (SMBC) and Sumitomo Mitsui Card Company (SMCC), known as Olive, two years ago in Japan. Today, more than 5 million Olive account holders are benefitting from the Visa Flex Credential. The Olive card continues to outperform, with cardholder transactions averaging 40% higher than the national average in Japan over the past year. Visa and SMCC have expanded the Visa Flex Credential to support small businesses with the flexibility to switch between business and personal accounts using the same Olive card, enhancing access to credit and cash flow management.
Key features of Visa Flex Credential:
Customisable payment options: Switch effortlessly between payment modes, such as debit, credit, prepaid, loyalty points etc. to suit different spending needs and having one credential for life.
Advanced security protocols: Benefit from Visa’s latest security technologies to stay protected against fraud.
Personalised insights and control: Use AI-driven insights to better manage your finances and spending habits.
Unified payment experience: Manage all your financial transactions through a single, easy-to-use platform.
Visa and ACB are proud partners of Cashless Day 2025, demonstrating their commitment to promoting digital payment solutions in Vietnam. This collaboration further highlights their shared vision of fostering economic empowerment through innovative technology.
[1] The Green Shoots Radar study is conducted quarterly by Visa to track consumer sentiments across financial services, commerce, travel, and other categories. The total sample size is 14,250 respondents across 14 Asia-Pacific countries, including Vietnam, with male and female participants aged 18 to 65 years old.
The issuer is solely responsible for the content of this announcement.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
Prime members can access thousands of deals across popular categories with a refreshed shopping experience on Amazon.sg.
Shop some of Amazon’s top discounts, including deals from top local and international selection, some of the lowest prices of the year to date on popular brands such as FOREO, Sennheiser and UGREEN, and Amazon exclusive deals from Sukin, Renpho, Dettol and 100PLUS.
SINGAPORE – Media OutReach Newswire – 17 June 2025 – (NASDAQ: AMZN) – Amazon Singapore today announced that Prime Day 2025 will run for seven days, from 8 to 14 July, marking the longest Prime Day event in Singapore to date. This extended duration gives Prime members more time to access deals across popular categories including Home & Kitchen, Health and Personal Care, Beauty and lots more. Prime members can look forward to some of the lowest prices of the year on quality products from top local, international, and small business brands such as FOREO, Sennheiser and UGREEN, and Amazon exclusive deals from Sukin, Renpho and Dettol on Amazon.sg/PrimeDay.
This Prime Day, get deals on your daily needs from Amazon.sg’s Everyday Essentials store, a dedicated storefront offering more than 100,000 frequently shopped items – including groceries, baby care, and personal care products – catering to rising demand for fast, convenient, online access to daily necessities. The store is designed to become a convenient shopping destination for Singapore households, with local and international selections and flexible delivery options to meet both routine and urgent needs. Visit Amazon.sg/essentials for more.
“We’re pleased to bring Prime Day back to Singapore with our longest event yet filled with incredible savings and exciting deals,” said Peter Li, Director, China & Singapore, International Stores at Amazon. “This year, we’re focused on delivering even greater value through trusted selection, competitive pricing, and fast, reliable delivery. From everyday essentials to top brands, Prime members can expect a seamless and rewarding shopping experience that reflects our long-term commitment to serving the evolving needs of Singapore customers.”
Exclusive Deals for Prime members* Prime Day deals are available exclusively to Prime members. Members can sign up for personalised deal alerts in advance based on their recent activity by visiting the Amazon.sg app. Once Prime Day begins, they’ll receive push notifications when deals go live. Not a Prime member? In Singapore, Prime membership includes benefits such as up to 10% off over a million eligible items on Amazon.sg, unlimited access to movies and TV shows on Prime Video, in-game content with Prime Gaming, and access to Prime Day savings. To top it off, Prime members enjoy access to free one-day delivery on eligible domestic items, free international delivery with no minimum spending on eligible items, free delivery on selected delivery windows for orders of S$60 and above on Amazon Fresh, free 2-hour scheduled delivery for orders of S$60 and above on Watsons and Little Farms on Amazon.sg.
Anyone can join Prime or start a 30-day free trial at Amazon.sg/prime.
Sneak Peek of deals on Prime Day: Add these items to cart for Prime Day. Shoppers can expect great savings and discounts from a wide range of quality products from top local, international brands and small businesses. Top highlights include:
o Save up to 50% off on selected products from FOREO o Save up to 50% off on selected products from Sukin o Save up to 50% off on selected products from Dettol o Save up to 44% off on selected products from UGREEN o Save up to 40% off on selected products from Renpho o Save up to 40% off on selected products from SMEG, with additional buy 2 Get 5% off o Up to $800 off Roborock Vacuum Cleaners o $60 off Nintendo Switch 2 console o Buy 4 get 20% off Ice Mountain Sparkling on Amazon Fresh o Buy 4 get 20% off all 100PLUS on Amazon Fresh
*Terms and conditions apply to all promotions listed above.
As part of its efforts to make shopping simpler and more relevant to individual customers, Amazon Singapore has redesigned its homepage. Now on mobile browsers and the Amazon Shopping app for iOS and Android, the refreshed layout features a more personalised and streamlined shopping experience. Customers can enjoy easier navigation, relevant product recommendations, and quicker access to frequently repurchased items – helping them save time and find deals that matter most during Prime Day.
Additional Prime Day Perks:
Amazon Fresh: o First-time customers get 50% off their first order with a minimum spend of S$40. Use code PD50NEW. Valid from 8 to 14 July. T&Cs apply. o Prime repeat customers get S$15 off S$140. Use code PD15OFF. Valid from 8 to 14 July. T&Cs apply.
Amazon.sg Gift Cards: Amazon.sg Gift Cards offer an easy, simple, and convenient gifting experience, providing access to an extensive selection of products on Amazon.sg at Amazon.sg/giftcard. Purchase S$180 or more worth of Amazon.sg Gift Cards to receive additional S$15 credit from 24 June till 14 July. T&Cs apply.
Make the Most of Your Shopping during Prime Day
Join Prime: New customers can start a 30-day free trial and enjoy these benefits for S$4.99 a month or S$49.90 per year. Sign up at Amazon.sg/prime.
Enjoy convenient Delivery and Return options: Prime members can enjoy fast and free shipping on millions of eligible items across domestic selection as well as Amazon International Store. Need to return an item from US, Japan or Germany? Easy – customers can now experience hassle-free and faster returns, including pick-up from your address or via a drop-off center. More information here.
Shop for Good this Prime Day This Prime Day, Amazon invites customers to make a meaningful impact while they shop through the Amazon x Shop for Good Wishlist. In addition to enjoying great deals, customers can support local non-profit organisations and their causes by purchasing items they need most from their Amazon wishlists. As Singapore marks its 60th year, this initiative aims to support local communities and encourage giving back.
Shop Prime Day Deals Around the World Prime Day will kick off on July 8 in Australia, Austria, Belgium, Canada, Colombia, France, Germany, Italy, Ireland, Japan, Luxembourg, the Netherlands, Poland, Portugal, Singapore, Spain, Sweden, Turkey, the U.S., and the UK. Prime members in Brazil, Egypt, India, Mexico, Saudi Arabia, and the United Arab Emirates can shop Prime Day deals later this summer.
Every Day Made Better with Amazon Prime Amazon Prime was designed to make your life better every single day. Over 200 million paid members around the world enjoy the many benefits of Prime, including the best of shopping and entertainment. In Singapore, Prime membership offers a range of benefits including a discount of up to 10% on over a million eligible products on Amazon.sg, unlimited access to award-winning movies and TV episodes with Prime Video, unlimited access to video game benefits with Prime Gaming, Prime Day, and more. Prime was built on the foundation of unlimited fast, free shipping. Prime members enjoy access to free one-day delivery on eligible domestic items, free international delivery with no minimum spending on eligible items, free delivery on selected delivery windows for orders of S$60 and above on Amazon Fresh, free 2-hour scheduled delivery for orders of S$60 and above on Watsons and Little Farms on Amazon.sg, as well as early access to deals and exclusive deals. Prime is S$4.99 per month, and S$49.90 per year. Start a 30-day free trial of Prime at Amazon.sg/prime
Hashtag: #AmazonSingapore #PrimeDaySG
The issuer is solely responsible for the content of this announcement.
About Amazon
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, personalized recommendations, Prime, Fulfillment by Amazon, AWS, and Kindle are some of the products and services pioneered by Amazon. For more information, visit Amazon.sg.
This image is used only for representational purpose (photo credit: Oulayvanh Sisounonth)
The National Assembly has approved a new policy aimed at promoting road construction and repair across the country, as proposed by the Minister of Public Works and Transport on 16 June.
US President Donald Trump attends an arrival ceremony during the Group of Seven (G7) Summit at the Pomeroy Kananaskis Mountain Lodge in Kananaskis, Alberta, Canada on June 16, 2025. (Photo by Ludovic MARIN / POOL / AFP)
AFP – The United States is considering extending its travel ban to 36 more countries, a person who has seen the memo said on 16 June, marking a dramatic potential expansion of entry restrictions to nearly 1.5 billion people.
Goodwill coverage for affected travel insurance customers includes extending claim submission period from 30 to 90 days to help customers better manage their travel disruptions
SINGAPORE – Media OutReach Newswire – 17 June 2025 – On 16 June 2025, Etiqa Insurance Singapore announced its commitment to supporting its travel insurance customers who have been affected by the impending closure of Jetstar Asia’s operations. Recognising the disruption and inconvenience this situation has caused for many travellers, Etiqa Insurance Singapore will extend coverage for eligible travel insurance customers with affected Jetstar Asia bookings. While airline cessation of operations is not typically covered by travel insurance policies, Etiqa Insurance Singapore is extending its coverage as a gesture of goodwill to alleviate the financial burden on its valued customers.
Etiqa Insurance Singapore customers who have purchased single-trip or annual travel insurance plans before 8.00 a.m. on 11 June 2025 can claim for non-refundable expenses related to pre-booked accommodation, local transportation, and activities during their trip, subject to applicable limits and criteria. To enhance customer support, the company has also extended the claim submission period from 30 to 90 days, allowing customers additional time to review their travel plans and submit their claims when they are ready.
“At Etiqa Insurance Singapore, we understand the stress and uncertainty that the impending Jetstar Asia closure has brought to customers. We hope this goodwill gesture helps ease challenges faced by those with disrupted travel plans,” said Raymond Ong, Chief Executive Officer, Etiqa Insurance Singapore. “We want to assure our customers that we remain committed to being ‘With You’ throughout their journeys, especially during unexpected situations. “Our team is committed to providing the support and assistance our customers need to manage their travel plans with confidence and peace of mind”.
Affected customers can contact Etiqa’s Customer Care Officers via WhatsApp / Call at +65 6887 8777 or email customer.service@etiqa.com.sg for assistance and/or clarifications on their coverage.
Hashtag: #EtiqaInsurance
The issuer is solely responsible for the content of this announcement.
About Etiqa Insurance Pte. Ltd. (Etiqa Insurance Singapore)
Protecting customers since 1961, Etiqa Insurance Singapore is a licensed life and general insurance company regulated by the Monetary Authority of Singapore (MAS) and governed by the Insurance Act 1966. The local insurer is the Singapore operating entity of Etiqa Insurance Group – a leading insurance and Takaful business in ASEAN offering life and general insurance and family and general Takaful products through its agents, branches, offices and bancassurance network in the region. Etiqa Insurance Singapore is rated ‘A’ by credit rating agency Fitch for the group’s ‘Favorable’ business profile and ‘Very Strong’ capitalisation.
Etiqa Insurance Singapore is owned by Maybank Ageas Holdings Berhad, a joint venture company that combines local market knowledge with international insurance expertise. The company is 69% owned by Maybank, the fourth largest banking group in Southeast Asia, and 31% by Ageas, an international insurance group with footprints across 16 countries and a heritage that spans over 190 years.