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Korean Company Expands Leasing Business into Laos

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The Welcome Financial Group from the Republic of Korea has expanded its leasing business into Laos after beginning its first overseas operation in the Philippines and the second in Cambodia.

Welcome Leasing Lao Co., Ltd. was officially opened last Friday in Vientiane, in a ceremony attended by the Deputy Governor of the Bank of the Lao PDR, the Korean Ambassador to Laos Mr. Yoon Kang-Hyeon, Chairman of Welcome Financial Group Mr. Son Jong-Joo, Director of Welcome Credit Holdings Mrs Park Gil-Ran, and the CEO of Welcome Creditline Corp. Mr. Chang Sae-Young.

Speaking at the opening ceremony, the CEO of Welcome Leasing Lao Company Mr. Yeom Seong-Eyeol said that since its business started in 2002, the Welcome financial group has grown rapidly to become one of the leading consumer financing groups in Korea.

It began its first overseas operation in the Philippines in 2014 and the second in Cambodia this year, he added.

The company’s two shareholders are Welcome Creditline Corp and Welcome Holding Co., Ltd. of the Welcome financial group.

Last year the company decided to take up the challenge in Laos after realising not only its remarkable economic performance during these years but the very big potential in the future based on the desire of the Lao people to develop the country under the strong leadership of the government.

The company’s vision is to be the best leasing company, the choice of company to work for, and above all, the most beloved company by Lao people, Mr. Yeom said.

“To make this vision come true, we have no doubt that customer satisfaction is the most important factor, and therefore we give our commitment that Welcome will make every effort to support those people in financial needs by serving at the right time, with affordable conditions, and in the most convenient way,” he added.

This will be backed up by more specific action plans such as building an advanced IT system for fast and accurate service, developing a credit appraisal system for credit-only-basis decision making, transparent management for strengthening trust with all related parties, and providing continuous training opportunity for our employees so they become more professional, Mr. Yeom added.

Geographically, the company can only service the Vientiane area for the time being, but will not neglect to prepare to reach people in the provinces soon.

Services will cover almost all items ranging from consumables like vehicles, motorbikes and electronic appliances to industrial equipment like heavy machines and factory and farming machinery.

Leasing conditions will be determined by taking many factors into account including the prevailing market situation, customers’ ability to pay for services and the company’s capability, but it will be very competent in the market, he said.

Mr. Yeom noted that as a domestic player in the Lao financial market, the company did not envisage any direct role for contribution to the ASEAN Economic Community, but would surely make some contributions eventually through indirect ways such as helping the economic development of Laos by supplying financing needs, providing more job opportunities, and leading the enhancement of the overall financial industry with sufficient experience and advanced knowledge.

 

Source: Vientiane Times