Participants of the second meeting of the Financial Sector Working Group gather for a group photo.

LNCCI, EuroCham Laos convene the financial sector meeting to address key challenges facing Laos

The European Chamber of Commerce and Industry in Laos (EuroCham Laos) and the Lao National Chamber of Commerce and Industry (LNCCI) co-organised the second Financial Sector Working Group (FSWG) meeting on November 4, exploring ways to address challenges that Laos is facing.
Conducted under the Lao Business Forum framework at the Holiday Inn & Suites Vientiane, the meeting brought together representatives of government institutions, commercial banks, financial institutions, business associations, the private sector and international development partners to discuss financial sector development and opportunities for further cooperation.
Opening remarks were delivered by the FSWG Co-Chair and President of EuroCham Laos, Mr Tim Scheffmann, the Vice President of LNCCI, Mr Vanthong Sitthikoun, and the European Union Ambassador to Laos, Mr Mark Gallagher.
In his speech, Ambassador Gallagher acknowledged recent positive developments in Laos’ financial sector, including progress in stabilising the Lao kip and improvements in the country’s sovereign credit rating.

He highlighted the importance of continued cooperation for strengthening the financial sector and reaffirmed the European Union’s commitment to support Laos in enhancing its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.
Building on the first FSWG meeting in September 2025, the participants reviewed key issues relating to financial sector development, including AML/CFT, industry standards, digital transformation, innovation, financial inclusion, and poverty reduction.
A key session focused on Laos’ ongoing efforts to strengthen compliance with international AML/CFT standards.
An AML/CFT Expert from International Law and Development Support (ILSTA), Mr Tom Hanson, provided an overview of the Financial Action Task Force (FATF) Action Plan, outlining its key requirements and the importance of continued coordination among relevant stakeholders.
Beyond FATF compliance, participants explored opportunities to further strengthen and modernise Laos’ financial sector. Discussions covered foreign currency management, international financial transactions, digital transformation and access to financial services.
Particular attention was given to promoting financial innovation, AI, improving the efficiency and convenience of financial services, and expanding financial inclusion to better serve businesses and communities, especially in rural areas.
The Working Group considered how to organise these issues into focused areas for future discussions. Specific priorities and recommendations will be developed through follow-up consultations.
As a next step, the working group’s members will coordinate the preparation of evidence-based position papers to support technical dialogue with relevant authorities, including the Bank of the Lao PDR.
These consultations will help identify practical recommendations for consideration through the Lao Business Forum process.
The meeting underscored the importance of continued public-private dialogue and cooperation in supporting a stable, modern and inclusive financial sector.
EuroCham Laos and LNCCI will continue working with relevant stakeholders to facilitate constructive exchanges and follow-up activities.
The meeting was organised with the support from the European Delegation, ILSTA, LNCCI and EuroCham Laos.

By Advertorial Desk
 (Latest Update November 12, 2026)