The DGB Financial Group from the republic of Korea has expanded its financial business into Laos after finding success in its home country, and has set up DGB Lao Leasing Co., Ltd in the capital, Vientiane.

At the opening ceremony for the new company, Sonexay Sitphaxay, chairman and chief executive officer of DGB Financial Group, highlighted the significant growth of financial institutions in Laos in recent years, which are serving to enable people and business units to access sources of finding.

DGB Financial Group has more than 50 years of experience in the finance sector in the republic of Korea, so the company believes in can bring its experience to the leasing business to Laos, allowing consumers on low and medium incomes to gain access to financial services correctly and fairly according to regulations, he said.

The Lao government has issued guidance to promote the business sector in various aspects, in particularly the leasing sector. At present, there are 166 financial institutions registered with the Bank of the Lao PDR which include 29 leasing companies.

“DGB Financial Group invests in various financial businesses so we hope that besides the leasing business the company will be able to expand its business into various financial areas in Laos,” Sonexay added.