Sacombank Lao receives ‘best SME bank 2020’ award
Sacombank Lao has received ‘Best SME Bank Lao People’s Democratic Republic 2020’ award given by the United Kingdom (UK) based Global Banking and Finance Review magazine.
The award recognises the friendly financial service policies that Saigon Thuong Tin Bank Lao Co., Ltd also known as Sacombank Lao has offered to the small and medium enterprises (SMEs).
This honourable prize was approved by the magazine’s board of directors following their analysis and assessment of the business success index coupled with unique policies of the bank that meets the particular need of the SMEs.
Established in 2008, Sacombank Lao is a subsidiary branch of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), a leading commercial bank in Vietnam.
Sacombank has been trusted by buisnesses and individual cusotmers reflected by many awards it has received and its customer bases in many Indochinese countries.
Sacombank Lao has always studied and introduced policies with special conditions that meet the need and support the growth of the SMEs in line with the Lao government’s policy.
The prize reflects the right policies and quality financial services the bank has offered that meet particular need of the SMEs. It imposes simple and streamlined procedures to quicken approval process. The bank also provides consultation services to strengthen the SMEs, while introducing quality and innovative products to SMEs adding highest value to their businesses.
The products provided included Credit Card, domestic and transnational money transfer, payment for export by letter of credit and more.
“The prize appropriately recognises the effort of all staffs of Sacombank Lao in researching for and developing new products and services to serve the SMEs,” Director of Sacombank Lao Mr. Pham Quang Phu said.
“We have always adhered to customer centric services and attached great importance to providing financial services to meet the need of targeted customers to bring the highest value to customers. Sacombank Lao stands by side the SMEs to strengthen their businesses and grow steadily.”
The bank’s outstanding financial service to support SMEs is in line with the Lao government’s policy to promote and develop the SMEs to help drive the country’s socio-economic development.
SMEs are an integral part of the Lao economy. The SMEs accounts for about 99 percent of all registered firms in Laos and about 82 percent of employment, according to World Bank.
Recognising the important role SMEs play, the government has attached great importance to introducing policies and measures to promote the SMEs, especially supportive initiatives to strengthen the SMEs and help them to access to finance.
Trusted by the government and financial institutions, Sacombank Lao has received finances from many sectors including the Department of SME Promotion (DOSMEP) of the Ministry of Industry and Commerce, World Bank and the Bank of the Lao PDR.
In 2020, Sacombank Lao has also released loans under a credit initiative financially supported by the Bank of the Lao PDR to assist SMEs impacted by Covid-19 pandemic in order to help them to recovery their businesses and overcome difficulties.
Sacombank Lao is committed to continue improving its quality services comprehensively be developing new products to meet the needs of individual customers and businesses to support their growth.
Global Banking & Finance Review is a leading Online and Print Magazine, which has evolved from the growing need to have a more balanced view, for informative and independent news within the financial community. Its experienced contributors provide this quality and in-depth insight in a clear and concise way, providing leading players and key figures with up to date information within the finance sector.