While the Lao Kip serves as the primary official currency, transactions are conducted within a multi-currency environment where both the US Dollar and Thai Baht are widely accepted in retail and corporate transactions. Consequently, BIC Bank Laos capitalises on its correspondent banking relationships to facilitate international remittances in USD or other currencies globally. This reliance has introduced limitations and constraints within their cross-border payment solutions.
"Our partnership with Bottomline has enabled us to offer our customers the most innovative and technologically advanced payment solutions available. This includes the ability to send fast and efficient cross-border payments, without the need for an intermediary bank. We are proud to be the first bank in Laos to implement Visa B2B Connect, which has revolutionised the way businesses make cross-border payments."
Felix D. Francis, General Manager, Banking Operations
