Representatives of Agribank and Laos' Phongsavanh Bank cut the ribbons to launch the cross border payment system via internet banking. — VNA/VNS Photo

VIENTIANE (Biz Hub) — The Vietnam Bank for Agriculture and Rural Development (Agribank) launched a cross-border payment system via Internet banking with Laos' Phongsavanh Bank (PSVB) on November 5 in Laos' capital Vientiane.

Speaking at the inauguration ceremony, PSVB General Director Sengdao Bouphakonekham appreciated Agribank's expansion of operations in Laos.

She said that the expansion will help provide the best-quality banking services to users, as well as promote trade and investment between the two countries.

Earlier, Agribank signed an agreement on the cross-border payment system via Internet banking with the Agriculture Promotion Bank of Laos (APB) on November 4 in Vientiane.

Agribank has been implementing the cross-border payment system with Laos' banks since 2008, and PSVN and APB are its first partners.

Agribank's co-operation with Laos' banks on the cross-border payment system is part of its strategy to expand markets and diversify its banking services.

As of September 30, Agribank's total assets touched USD$36.6 billion, which meets Viet Nam's standards for the banking business.

Agribank has received the largest capital investment from international financial organisations, amounting to $7 billion. — VNS