The signing of a memorandum of understanding on cooperation between the Bank of Lao PDR (BoL) and the Bank of Korea (BoK) took place in Luang Prabang Province on Dec 4.
Signatories to the document were BoL Governor, Mr Somphao Phaysith and his Korean counterpart Juyeol Lee in the presence of relevant officials.
The MoU aims to broaden the existing cooperation and exchanges in banking sectors of the two countries.
On Dec 5, the two banks co organized a seminar on a development plan for modernising the Lao PDR payment and settlement system to encourage cashless payment system.
The Korean bank governor also gave a lecture on economic development in the Republic of Korea to students of Souphanouvong University. The lecture also saw the presence of a vice rector of the university Mr Vila Anolak, and faculty members.
Source: Lao News Agency