Star Fintech has signed a Memorandum of Understanding with BCEL on cooperation and interconnectivity between the two mobile banking systems.
A signing ceremony was held at the Star Telecom head office in Vientiane on Thursday, with the agreement signed by Mr. Nanthalath Keopaseuth, Deputy Managing Director, Banque Pour Le Commerce Exterieur Lao (BCEL) Public, 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, the managing director of BCEL Public, and members of the boards of both companies.
The agreement marks a commitment to cooperate in expanding access to banking services through joint research and development of a means of connecting the electronic wallet system (u-money) of Star Fintech with the BCEL One system.
It is hoped that in future users will be able to transfer money from their u-money account to a BCEL account and transfer money from a BCEL account through the BCEL One to a u-money account.
The u-money system can be used via mobile phone networks without requiring an internet connection, which will make transfers from u-money to BCEL accounts easier for users in remote areas.
This partnership is considered a strategic link between BCEL Public and Star Fintech, which will serve to facilitate the growing demand of customers for e-commerce and electronic banking solutions.
The two sides have said they will continue to explore collaborative efforts in future, hoping to further develop the financial sector and provide more convenience for retail and commercial banking customers in Laos.