Business Agreement between BNK Financial Group and Lao Development Bank lowers overseas remittance costs. --Photo Embassy of the Republic of Korea

BNK MFI expands financial services to support Lao workers in Korea

As the number of Lao seasonal workers in the Republic of Korea continues to rise, financial services tailored to their needs are gaining increasing attention.
Among the leading initiatives is a programme implemented by BNK Laos MFI in Vientiane, developed under a business agreement between BNK Busan Bank and the Lao Development Bank (LDB).
The service aims to ease the financial burdens faced by Lao workers abroad, particularly by reducing the cost of overseas remittances.
According to Lao government officials, workers using the service saw their remittance-related fees drop significantly — by approximately US$100 to US$150 for each worker over a five-month work period.

Lao seasonal workers access services at a BNK Gyeongnam Bank mobile teller vehicle stationed in the parking lot of the Nanum Welfare Centre in Yeongo-myeon, Goseong County. --Photo Gyeongnam Daily

This reduction has, in effect, made many of these transfers nearly free of charge. If approximately 10,000 Lao workers in Korea use this service annually, the national savings would be significant.
BNK Financial Group, the parent company of several financial institutions including two local banks in South Korea, announced that it will continue to provide greater financial services to Lao workers.
This commitment is already being demonstrated through a growing list of customer benefits.
BNK Busan Bank and BNK Laos MFI are providing Samsung Fire & Marine Insurance’s accident insurance service free of charge to BNK Financial Group customers, creating a buzz.
Beyond remittance support, BNK Laos MFI Corporation has positioned itself as a key player in financial inclusion, offering low-interest loans and worker-friendly financial products. These services are designed to improve the welfare and rights of workers in Laos, and to assist Lao labourers employed in Korea, Thailand, Singapore and Japan.
With financial barriers easing and worker protections improving, BNK’s initiatives are being viewed as a meaningful step toward strengthening the economic resilience of Lao migrant workers, while supporting broader national development goals.

By Times Reporters
(Latest Update December 4, 2025)