BCEL takes lion's share of electronic card products
Banque Pour Le Commerce Exterieur Lao Public (BCEL) occupies the largest market share among commercial banks in Laos in terms of electronic card products and services.
BCEL General Managing Director Mr Phoukhong Chanthachack spoke recently at the bank's electronic data capture (EDC) merchant annual party in Vientiane, saying that Electronic Data Capture or Point of Sale (EDC/POS) terminals of BCEL can provide flexible, secure and convenient service for its customers.
At the end of 2016, the bank had a total of 499,245 debit cardholders, 338 BCEL automatic teller machines, 1,790 (EDC) terminals and issued 11,574 visa cards to customers.
Consumers are now reducing cash payments and switching to the convenience of electronic transactions.
He said the merchant annual party offered the bank a good opportunity to meet business and shop owners who are the bank's agents and provide payments and services via EDC for customers.
�Without your support we wouldn't be successful in our electronic card services. In addition, your contribution will help develop a modern payment system by reducing cash payments and contributing to economic development,� Mr Phoukhong said.
�Customer service via BCEL's EDC and ATMs is expected to increase in future, so we hope that you will continue to cooperate with the bank team and provide the best services to customers who use electronic cards of the bank,� he added.
BCEL, established in 1975, is the biggest state-owned commercial bank in the Lao PDR, with stability and transparency in banking services. The bank not only has various branches and service units throughout the country, but is also a leader in using innovative technology such as ATMs, deposit machines, mobile and internet banking which allow its customers access services, according to the bank. The bank now has 19 branches, 75 service units, 11 money exchanges, and over 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 debit and credit cards for use in Laos and other countries.
The bank has been collaborating with foreign partners over the past 25 years and has 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 with 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.