BCEL, Lao-Viet Bank launch ATM pool system
BCEL, Lao-Viet Bank launch ATM pool system
An ATM Pool System linking Banque pour le Commerce Exterieur Lao Public (BCEL) and Lao-Viet Bank (LVB) officially launched in Vientiane on Thursday to provide more convenience to the banks' card users.
Attending the launch were Governor of the Bank of the Lao PDR (BOL), Dr Somphao Phaysith, Rector of the National University of Laos, Prof. Dr Soukkongseng Sayaleuth, staff of the Vietnamese Embassy to Laos, business owners, and officials from the Ministry of Finance and the two banks.
Dr Somphao said the introduction of the integrated system is a historic step for the two banks. Integration of their ATM networks will provide clients with more convenient services, retain more cash in the banks and allow customers to access it when needed, attracting more card use.
The pool system will help create a centralised ATM network, which will cut unnecessary costs and save time for customers as they will no longer have to seek out the ATM of a particular bank. The system will also help maintain an appropriate level of cash flow in keeping with real needs.
“The system also reflects the strong solidarity between the banks, that are together determined to make their services much simpler for customers, and this will lead to increasing satisfaction with domestic banks,” Dr Somphao said.
BCEL's General Managing Director, Mr Vanhkham Voravong, said “I can see that this integration marks another significant stage in the development of commercial banks in Laos.”
BCEL signed a memorandum of understanding (MOU) with seven domestic banks regarding the development of an ATM Pool System on November 23, 2012.
“The ultimate aim is to provide convenience to ATM card users and engender pride concerning banks in Laos,” Mr Vanhkham said.
BCEL's ATM card users account for about 65 percent of total ATM card users in Laos, but the current number of its ATMs is inadequate to meet the needs of its customers.
“We see that in some significant business areas and communities, clients have to queue up to access our ATMs,” he added. ATM integration should be able to remove the delays and customers are, in fact, prepared to pay a small fee to get a quick service.
“We believe the ATM Pool System will not only provide wider choices for clients, but also provide certain incentives to participating banks,” Mr Vanhkham said.
General Managing Director of Lao Viet Bank, Mr Doan Viet Nam, said “Almost 40,000 ATM cards and 300 ATMs provided by the two banks have officially integrated. The success of this integration reflects the good cooperation and relationship between the two banks in creating new products and services and facilitating procedures for the banks' customers.”
Dr Somphao said that while only two banks were now operating the system, it was a crucial starting point for the expansion of the project to other banks, as agreed by members of the Lao Bankers' Association in the MOU.
BOL regards the development of the ATM Pool System as a significant tool contributing to the socio-economic development of Laos.
vientiane times
