5. Visa and MasterCard license as the only Issuing agent in Lao PDR – Phongsavanh Bank has positioned itself as an innovation leader in the market and aims to modernize the banking sector in Lao PDR. Since opening in 2007 we have worked hard to develop our information and communications technology infrastructure. We have invested more than US$20 million to our Card Project which we aim to complete by the end of 2010. PSVB will be the only issuing agent in Lao PDR for credit cards through VISA and MasterCard. We hope to launch the VISA and MasterCard issuing products to our customer soon.
The Phongsavanh Bank team is very proud of its achievements during the first three years of serving clients across Lao PDR and beyond our borders. We remain sharply focused on making sure our clients continue to have the right solutions to meet their financial needs, while maintaining strong control and risk management and compliance in accordance with the anti-money laundering rules and procedures. With all these efforts, on the 31st May 2010, Phongsavanh Bank became a winner of the International Quality Summit Award for Excellence and Business Prestige from Business Initiative Directions in New York, USA.