Washington, D.C., January 6, 2020 – Phongsavanh Bank became the newest member of the SME Finance Forum, a global membership network that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs.
“40 percent of small and medium businesses worldwide struggle to get access to the credit and capital that they need to grow their enterprises. We are thrilled to welcome Phongsavanh Bank to our network of more than 170 members who are working to eliminate the finance gap for SMEs,” said Matthew Gamser, CEO of the Forum.
Phongsavanh Bank (PSVB) is the first locally owned private bank in Lao People’s Democratic Republic (Lao PDR). Established in 2007, PSVB has pioneered a change in the local banking industry by being the first to provide full retail and commercial banking services to clients. It offers banking services all seven days of the week. New initiatives include setting up a specialized International Business Desk to tap foreign investors setting up shop in Lao PDR.
“Phongsavanh Bank aspires to become the first internationalized bank from Lao PDR. We trust that membership in the SME Finance Forum will connect us with powerful minds that can help us achieve this goal,” said Phaiboun Phongsavanh, Managing Director of the bank.
To see all SME Finance Forum members, please visit: https://www.smefinanceforum.org/members/member-list
About SME Finance Forum
The SME Finance Forum was established by the G20 Global Partnership for Financial Inclusion (GPFI) in 2012 as a knowledge center for data, research and best practice in promoting SME finance. As an implementing partner for the GPFI, the International Finance Corporation (IFC) was tasked with managing the initiative.
About Phongsavanh Bank
Established in 2007, Phongsavanh Bank (PSVB) is the first locally owned private bank in Lao PDR, and the first local bank to provide full retail and commercial banking services to clients. PSVB has helped to stabilize the foreign exchange rates in Laos and internationalize Treasury business. The bank services SMEs by increasing access to finance in different currencies, including Lao Kip, Thai Baht, and the U.S. Dollar. PSVB’s distribution network is currently spread out across the country with more than 40 branches and service units.