Star Fintech has signed a Memorandum of Understanding with ACLEDA Bank Lao on cooperation in e-commerce.
A signing ceremony was held at the Star Telecom head office in Vientiane yesterday, with the agreement signed by Dr. Hay Svay, Managing Director & CEO of ACLEDA Bank Lao, and Mr. Luu Manh Ha, Director of Star Fintech.
The signing ceremony was witnessed by Mr. Soulisack Thamnouvong, Director-General of the Department of Payment Systems of the Bank of the Lao PDR, and members of the boards of both companies.
The agreement marks a commitment to cooperate in expanding access to banking services and providing greater convenience to customers who use the u-wallet electronic wallet system. It will allow ACLEDA customers to make utilities payments or funds transfers via their smartphones directly from their ACLEDA bank account.
Star Fintech, under the trademark of u-money, is a subsidiary of Star Telecom and is fully licensed by the Bank of the Lao PDR to operate e-wallet services. It has already signed agreements with several banks, including Military Commercial Joint Stock Bank Lao Branch, Lao-Viet Bank, Maruhan Japan Bank Lao, Joint Development Bank, and Banque Pour Le Commerce Exterieur Lao Pubilc.
The cooperation by both partners is a strategic development by Star Fintech an ACLEDA Bank, under the slogan, “Mobile Bank of Lao People,” which will help respond to the needs of customers in the era of digital banking.