100th agent of Western Union opened at Agricultural Promotion Bank of Laos

(KPL) The Western Union Company (NYSE: WU), a leading company in global money transfer service, has signed an agreement with the Agricultural Promotion Bank (APB) to provide money transfer service in Laos.
The statement was released during the celebration to open its 100th agent in the Lao PDR held in Vientiane yesterday.
The function was attended by the Deputy-Governor of the Bank of the Lao PDR Mr Bounsong Sommalavong, Regional Director for Indochina Ms Ly Nguyen and Managing Director of the APB Mr Bounvong Duangdokket and other guests from sectors concerned.
This was the first remittance network in Laos to achieve a network of 100 locations. The agreement with the APB, which will add 20 locations to the local Western Union network in Laos, marks the point at which the number of Western Union Agent locations exceeds 100 and reinforces Western Union’s commitment to provide an extensive money transfer network across the various provinces in Lao PDR.
The APB is widely acknowledged as the country development bank, focusing on the agricultural sectors. The bank aims to be the first provider in rural finance and to operate in a market-oriented, financially self-sustainable way to contribute to poverty reduction and the country’s economic growth and prosperity.
Lao people descent living and working overseas can send money to their families and friends in Laos reliably and quickly in minutes, without the need to open a bank account.
Ms Ly said, “Reaching 100 locations is more than just a milestone for us in Laos. It’s a tangible demonstration of Western Union’s commitment to be wherever our customers need us to be”.
“This agreement combines international access to Western Union’s global network of over 345,000 locations across 200 countries and territories, with the APB strong local network across all 17 provinces in Laos”, said Mr Bounvong.
Western Union began offering its international transfer money service in Laos in 2002. Western Union Agents including the Lao Development Bank, the Enterprise Des Postes Lao, the Bank of Ayudhaya, the Saikhong Trading Import - Export Co., Ltd. and Phongdavanh Bank.
Recently, the Western Union Foundation and Western Union Agents made a contribution to the Room to Read program which will soon enable more than 89,000 Lao children to have access to libraries in five main provinces of the Lao PDR.
The contribution was made possible with donations from Western Union Agents such as the Lao Development Bank, the Enterprise Des Postes Lao, the Bank of Ayudhaya, the Saikhong Trading Import-Export Co., Ltd. and Phongdavanh Bank, matched with funds from the Western Union Foundation.
On the occasion, Mr Bounsong said that the APB is the 6th Agent to have formed a partnership with Western Union to provide an international money transfer service.
“This is a partnership between one of the largest banking networks in Laos and the world’s leader in global money transfer services which will help bring about better service quality and more products for our banking customers”, he said.
Mr Bounsong also said, “The collaboration with Western Union importantly will not only benefit the APB, but also aid the economy as a whole in term of foreign currency inflows, which in turn will help the banking sector and the Bank of Laos increase its foreign reserve”.

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