Phongsavanh Bank to issue Japanese credit card
Phongsavanh Bank to issue Japanese credit card
The only global payment brand based in Japan, JCB International Co Ltd, on Friday signed a licence agreement with Phongsavanh Bank Limited to issue JCB cards and provide JCB swipe machines for use in Laos.
The bank hopes to improve its level of service and banking technology standards through cooperation with JCB. Both parts of the venture will come into effect in from 2013.
“We're aiming for JCB to acquire business at our merchants, ATMs, branches and service centres by July next year,” said Deputy Chairman Mr Phaiboun Phongsavanh, a major shareholder in Phongsavanh Bank, when speaking at the signing ceremony.
“We're also targeting starting the issue of JCB cards by the end of next year,” he added.
The ceremony was attended by officials from the Japanese Embassy to Laos, Bank of the Lao PDR, JCB, and Phongsavanh Bank.
The bank's Managing Director, Ms Sengdao Bouphakonekham, said “Our partnership with JCB is the culmination of business discussions and market studies by both parties over the past year. We will be the first and only bank in Laos to issue JCB cards.”
“We believe the JCB brand has a unique flavour which caters for specific niche market segments in Laos.”
Deputy President of JCB Mr Kimihisa Imada said “We are very pleased to be able to strengthen our business in Laos.”
He emphasised the importance of the Lao market where an increasing number of people are coming from countries where JCB has a solid card member base, such as China, the Republic of Korea, and Thailand.
Mr Imada stressed JCB's target to “become the top card brand in Laos in the next three years.”
Through this agreement, the bank will start enabling its merchants to accept JCB cards next year and acquiring new merchants where JCB card members are likely to visit. This will provide a much more comfortable payment environment for JCB card members visiting Laos. JCB is also planning to have more card members in Laos.
In Bangladesh, JCB is planning to start issuing cards next spring while increasing the number of partner banks in Vietnam.
Phongsavanh Bank opened for business in 2007 and currently has 21 branches and service centres throughout Laos.
JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. JCB cards are now issued in 16 countries and territories, with more than 77 million card members.
vientiane times
