On September 27, Lao Bullion Bank celebrated its eagerly awaited Soft Opening Ceremony at its headquarters in Phonsay village, Xaysettha district, Vientiane Capital. This event marked a pivotal moment in Laos’ financial sector, showcasing the government’s strategic initiatives to bolster the nation’s economic stability.

The ceremony saw the attendance of key figures such as 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 presence underscored the widespread support for this new financial institution. The inauguration of Lao Bullion Bank represents a significant milestone in the country’s broader objective of ensuring economic resilience and securing its gold reserves. As the first institution of its kind in Laos, Lao Bullion Bank is poised to play a crucial role in stabilizing the Lao kip’s value and enhancing the government’s capacity to manage its reserves.

Vatthana Dalaloy, Acting Governor of the Bank of Laos, emphasized the launch’s significance, noting that Lao Bullion Bank is integral to 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 confidence in the bank’s forthcoming operations, set to commence by the end of September 2024. He highlighted the collaborative efforts with the Ministry of Finance and the Bank of Laos, ensuring the institution is fully prepared to fulfill its commitments to the public.

In addition, the soft opening also introduced the bank’s initial key services, including Gold Savings Accounts and Gold Vending Machines. The Gold Savings Accounts, available to customers from the launch date, offer a secure and efficient method for managing personal gold investments. 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 establishment of Lao Bullion Bank, Laos makes a significant stride towards enhancing its financial system, ensuring the stability of the national currency, and promoting long-term economic growth.