CEL sets sights on becoming bill payment hub
CEL sets sights on becoming bill payment hub
Banque pour le Commerce Exterieur Lao Public (BCEL) is modernising its systems and becoming a bill payments hub, by creating closer links with the ATM Pool and InterBank.
The bank's goals were disclosed at ceremony last week to mark the 25th anniversary of BCEL becoming a commercial bank.
Speaking at the event, BCEL Director General Mr Vankham Voravong said “To achieve our aim, we need to carry on with improvements to technology and services and the development of human resources, as these are considered critical factors in our success.”
BCEL's long term strategy plan for 2013-2020 is to become a truly modern bank with a focus on state-of-the-art technology, modern products and online services so that customers can make payments independently.
In preparation for the Asean Economic Community (AEC) next year, BCEL has accelerated its development and is intent on becoming a hub for the payment of bills.
Mr Vankham said the bank wo uld continue to further its collaboration with leading banks, especially Asean banks, to forge closer connections with the international commun ity prior to being part of the AEC.
BCEL recently partnered with 35 allied banks from nine countries to announce the Asean+3 Banking Initiative, which aims to enhance service provision for customers seeking to conduct cross-border transactions, he added.
Over the past 25 years BCEL has grown strongly and improved in many areas.
The bank now has 19 branches, 65 service units, 11 money exchanges, and 276 ATMs across the country.
BCEL now offers a wide variety of modern products, including real-time computing, a core banking system, BCEL One and Internet Banking, and bank cards for use in Laos and other countries.
BCEL currently has the largest market share in the banking sector, with 28 percent of assets, 36 percent of deposits, 27 percent of loans, 57 percent of ATMs, and 35 percent of credit cards.
Mr Vankham said “We have been collaborating with foreigners over the past 25 years and have entered into joint ventures with various sectors.”
In 1999, BCEL teamed up with the BIDV bank of Vietnam to establish the Lao-Viet Bank, and in 2008 Vietnam's BIC insurance company created the Lao-Viet Insurance Company.
In 2010, France's COFIBRED bank set up the French-Lao Bank and Thailand's KTZ securities company established BCEL-K.
In another development, China's Fudian bank joined forces to create the Lao-China Bank this year.
BCEL has also collaborated with other leading banks worldwide to facilitate easier customer transactions.
Laos will benefit from more investment and foreign expertise when there is a more fluid movement of professionals within the AEC in 2015, Mr Vankham added.
vientiane times
