BCEL to issue student IDs that double as ATM cards
BCEL to issue student IDs that double as ATM cards
Banque pour le Commerce Exterieur Lao Public (BCEL) is cooperating with six public and private educational institutions in Vientiane to issue student identity cards which also serve as ATM cards.
Representatives from BCEL and Pakpasak Technical College, Dongkhamsang Teacher Training College, the Institute of Economy and Finance, Dongkhamsang Agriculture Technical School, Settha Business Administration College and the Lao-German Technical School signed a Memorandum of Understanding (MOU) in Vientiane on Tuesday.
Also present on the occasion were the Vice Governor of the Bank of the Lao PDR Mr Sonxay Sithphaxay and BCEL Director General Mr Vankham Voravong.
“The issuance of student identity cards which also serve as ATM cards is a project that BCEL hopes will modernise Lao society, especially in the education sector,” Mr Vankham said at the ceremony.
In the past, BCEL has partnered with the Banking Institute, the National University of Laos, Savannakhet College, Souphanouvong College, and Champassak College to issue these cards.
“We have every intention of expanding this project to educational institutions across the country. It will make it easier for students to handle their money matters and make payments for school fees, textbooks and other items using their ATM cards,” Mr Vankham said.
“Students will be able to use the cards for identity purposes and also to withdraw money from ATMs and to make purchases both at home and abroad.”
People in most developed countries use cards to pay for goods because it is safer than carrying cash. In Laos, the use of such cards will result in greater use of the kip and will help familiarise students with banking procedures and services when studying abroad or in the region, he added.
“This cooperation between BCEL and the six parties will, besides modernising the use of student identity cards, help students to access bank technology just as they do other forms of technology,” Mr Vankham said.
He said the move would also be a factor in the overall development of the country and help prepare Laos to participate in the Asean Economic Community, which comes into effect in 2015
vientiane times
