BOL urges Lao banks to join ATM pool
BOL urges Lao banks to join ATM pool
The Bank of the Lao PDR (BOL) is urging banks to speed up progress on an automated telling machine (ATM) integration project agreed to by a number of financial institutions last year.
Under the ATM Pool System memorandum of understanding (MOU) signed last year, major banks' customers would be able to use other banks' ATMs for a variety of services.
Banks to be part of the ATM network include Banque pour le Commerce Exterieur Lao Public (BCEL), Lao Development Bank, Agricultural Promotion Bank, Lao-Viet Bank, Joint Development Bank, ST Bank Co. Ltd, Indochina Bank Ltd and Banque Franco-Lao Ltd.
BOL Governor, Dr Somphao Phaysith, said the wider the system was, the higher customer satisfaction would be.
“This will also boost our banking business and increase the competitiveness of our domestic banks,” he said.
Dr Somphao said the integration of Laos into the World Trade Organisation and the forthcoming introduction of the Asean Economic Community (AEC) meant each sector of the economy needed to prepare for increased competition.
“There is a need for the banking sector to begin solid preparations,” he said.
“We have to accelerate the development of a wider ATM pool system to bring our banks in line with international development trends.
“We cannot afford any more delays, otherwise we will be disadvantaged in the AEC.”
Once complete, the pool system will include about 90 percent of domestic ATMs.
BCEL General Managing Director, Mr Vanhkham Voravong, said his bank signed the agreement with seven banks regarding the development of an ATM Pool System last November.
He said some banks had indicated a readiness to join the pool, while others were not ready yet.
“We have agreed on a timeframe in which they should complete the necessary upgrades of their systems,” Mr Vanhkham said.
“In the future we will continue to work hard to integrate this system with other banks who have signed the MOU with us.”
“We welcome other banks who are interested in joining our system and when possible, we will integrate the system with those of high profile banks in neighbouring countries.”
Dr Somphao said BCEL and Lao-Viet Bank were the only two banks currently in the pool, but that had formed a crucial starting point to its expansion.
“I believe that in the future BCEL will develop and integrate the pool system with other local and international banks so as to make ATM cards of our domestic banks accepted,” he said.
“The BOL is prepared to support this effort in terms of policies and regulations.”
vientiane times
