Laos, RoK partner to facilitate cross-border money transfers
Laos and the Republic of Korea (RoK) are cooperating in a pilot project to facilitate cross-border money transfers for Lao workers abroad and foreign workers in Laos.
Illustrative image (Source: Maruhan Japan Bank Laos)
Vientiane (VNA) - Laos and the Republic ofKorea (RoK) are cooperating in a pilot project to facilitate cross-border moneytransfers for Lao workers abroad and foreign workers in Laos.
This move comes as Lao employees abroad often facenumerous barriers when dealing with cross-border money transfers, includingdifficulties in opening foreign bank accounts, complex transfer documentationprocedures, and high transfer costs, Laotian Times reported.
These challenges have led to the use of unauthorisedand often risky money-transfer channels, frequently resulting in unfavourableexchange rates and unscrupulous brokers that can harm the interests of Laoworkers abroad.
To overcome these hurdles, the Lao Ministry of Laborand Social Welfare, in conjunction with the Bank of Lao PDR, has long beenresearching effective mechanisms, tools, and payment channels. The goal is tocreate a more convenient system for workers sending money back to Laos throughthe banking sector.
Such a system will not only simplify the process butalso enable the government to monitor transactions, collect data, and formulatemore effective policies and management procedures.
This collaborative effort marks a vital step towardimproved financial management for Lao workers abroad and foreign workers inLaos. It also promotes the use of formal banking channels, enhances currencystability, and reduces potential gaps in public sector management that couldimpact the national economic system./.
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Illustrative image (Source: Maruhan Japan Bank Laos) 
