Senior Lao and Chinese officials officially launch the new UnionPay VW Card in Vientiane on Tuesday.

ICBC, UnionPay launch VW Card, boost Lao-China financial ties

The Industrial and Commercial Bank of China’s (ICBC) Vientiane Branch has taken an important step in financial innovation by officially launching the UnionPay Vientiane Win Card (VW Card).
The launch event was held concurrently with the announcement of an initiative for cooperation on convenient payments, marking a major collaborative milestone aimed at enhancing cross-border financial transactions and promoting the Belt and Road Initiative (BRI).
The high profile  ceremony underscored the importance of this venture in strengthening economic and cultural ties between Laos and China, with key dignitaries in attendance, including the Chinese Ambassador to Laos, Ms Fang Hong, the Deputy Governor of the Bank of the Lao PDR (BOL), Mr Aloun Bounyong, and the Chairman of China UnionPay, Mr Guo Dayong.
Representatives of various news agencies and business partners were also present to witness the event.
In his address, the Director of ICBC’s Vientiane Branch, Mr Shen  Xueqin, emphasised that convenient payment is the lifeblood of cooperation, and crucial for robust economic and cultural exchanges between the two nations.
He said the launch of the VW Card is set to significantly elevate the quality of payment experiences for the people of both nations.

Leaders from the Lao and Chinese financial sectors and partner companies pose for a group photo after the official launch ceremony of the ICBC UnionPay VW Card.

The new card is designed to be highly secure and incredibly convenient, enabling seamless cross-border transactions both within Laos and across borders in China and globally, wherever UnionPay is accepted.
Further adding to its unique appeal, each card features a special cultural image of China’s Guangxi Province, a region renowned for its rich tourism, thereby symbolising the friendly exchanges and cultural connections between Laos and China.
Ms Fang Hong said that convenient payments actively promote the Belt and Road Initiative, likening financial transactions to the lifeblood of the economy and a spiritual connection between the people.
She affirmed that the launch of the VW Card is a unified action designed to provide direct service to travellers and consumers, ultimately benefiting the daily lives of the citizens.
Mr Aloun Bounyong added that Laos places great importance on promoting a secure, convenient and modern electronic payment system. He affirmed that BOL will continue to support and provide a favourable policy environment for institutions from China, encouraging commercial banks to continually develop the system to boost trade and investments between the two countries.
Mr Shen Xueqin articulated the company’s commitment to implementing strategies that meet the demand for upgraded convenient payment services.
He said UnionPay will focus on improving the payment environment and upgrading cross-border services to be secure and efficient in Laos and the entire Southeast Asian region, thereby ensuring the coordination of Lao-China economic and trade efforts.
The initiative announced at the event calls for an aggressive push towards digital transformation, including the potential utilisation of E-CNY (Digital Yuan) for cross-border payments. Furthermore, ICBC called on UnionPay and its partners to upgrade their services in five key areas – expanding the customer scope to include merchants, hotels and transport along the railway, creating excellent experiences through card-use programmes such as discounts and cash-back, improving modernisation based on secure technology, promoting integration to uplift the Lao payment system, and finally, driving digitalisation.
This official launch and the accompanying initiative are expected to drive greater trade, investment and tourism, creating tangible public benefits and further strengthening the enduring friendship between Laos and China, with ICBC’s Vientiane Branch committed to continuously expanding and improving its cross-border payment products and services.

By Times Reporters
(Latest Update November 5, 2025)