Star Fintech has signed a Memorandum of Understanding with BIC Bank on cooperation and interconnectivity between the two banks.
The signing of a Memorandum of Understanding (MoU) on cooperation on Linking Payments between Star Fintech and BIC Bank was held on 7 September.
Mr. Lim Wai Hoong, CEO of BIC Bank and Mr. Tran Minh Duc, Deputy Director of Star Fintech represented their respective companies in the signing ceremony which took place at Star Telecom’s Headquarters.
The event was witnessed by Mrs. Lammone Simmalaivong, Deputy Director-General of the Bank of the Lao PDR. Mdm. Kingphongeun Phoummasack CEO of AIF Group and Chairman of BIC Bank, Mr. Luu Manh Ha, General Director of Star Telecom Company and Star Fintech Sole Company, a host of VIPs from BIC Bank and Star Fintech, as well as staff of both parties.
The main purpose of the signing of this MoU is to embark on a collaboration to make avail fast and convenient banking services to customers of both establishments. This endeavor provides customers of U-Money and BIC Bank the ease to make direct transfers between BIC Bank and U-Money and vice versa. Types of transactions that are able to be performed are fund transfers and payment services.
Currently, U-Money has successfully completed collaborations with Lao-Vietnam Bank and Maruhan Japan Bank Lao. In addition, U-Money has signed agreements with Banks such as Military-Lao Commercial Joint Stock Bank, Joint Development Bank, Lao Foreign Trade Public Bank and ACLEDA Bank.
Star Fintech Co., Ltd., under the u-money Trademark, is a subsidiary of Star Telecom Company. Authorized by the Bank of the Lao PDR to provide official e-wallet services, since 2019, this service will be beneficial to retail customers in the outskirts of Laos where they will be able to more easily access digital banking services.
This cooperation is considered as another development strategy of Star Fintech Sole Co., Ltd. and BIC Bank to meet customers’ needs and both parties will continue to explore other useful cooperation in the future.