The Joint Development Bank (JDB) will soon incorporate a modern technology for money transfers and online transactions for smartphones to better serve its customers.
The service is expected to be launched later this year with the aim of providing better customer service for transactions that are both safe and save time, said its director general, MrSounthoneChanthavong.
Last year, JDB had net profit of more than 10 billion kip (over US$1.2 million), mobilising about 1.9 trillion kip in deposits from the general public, releasing 700 billion kip in loans and creating over 500 positions for local people, said MrSounthone.
The bank has 48 branches across the country and this year the bank plans to mobilise deposits of about 2.8 trillion kip and provide loans totaling around 2.1 trillion kip.
JDB was established in 1989 as a joint venture between the Bank of Lao PDR, which held 30% of shares, and Thai businessmen who held the remaining 70% of shares.
In 2010, the Bank of Lao PDR sold its share to the Thai businessmen turning the bank into a foreign investment bank.
However in October 2012, the bank was sold back to the Simueang Group, and as a result, JDB then belonged to a private Lao company.
Presently, at least two national leading banks, BCEL and Lao Development Bank, already provide technology to allow for online transactions via smartphones.
Source: Lao News Agency