Star Fintech Celebrates Two Years of U-Money Service

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On December 9, 2020, at the Hall of Star Telecom Co., Ltd, a ceremony was held to celebrate the 2 Years Anniversary of the “u-money” service of Star Fintech Sole Co., Ltd, the subsidiary of Star Telecom Co., Ltd.

Honored to be joined by Mr. Sonexay Sitphaxay – Governor of the Bank of the Lao PDR, Prof. Mr. Boviengkham Vongdara – Minister of Ministry of Science and Technology, Mrs. Trinh Thi Tam – Minister Counsellor of Vietnam to the Lao PDR, Mr. Bounsalemxay Khennavong – the Vice Minister of the Ministry of Posts and Telecommunications, Major General Mr. Vongkham Phommakon – General Director of the Ministry of Defense, Brigadier General Ulaha Thongvantha, General Director of Lao-Asia Telecom, Mr. Luu Manh Ha, General Director of Star Telecom Co., Ltd and Director of Star Fintech Sole Co., Ltd. Along with the distinguished guests and enterprises participated in this event.

Star Telecom Company Limited (Unitel) and Star Fintech Sole Company on Wednesday held a ceremony to mark two years of the u-money service, with the number of people using the platform reaching 500,000.

The ceremony took place at the Unitel Headquarters in Vientiane. The event was attended by the Minister of Science and Technology, Prof. Dr Boviengkham Vongdara; Deputy Minister of Post and Telecommunications, Mr Bounsaleumxay Khennavong; Governor of the Bank of the Lao PDR, Mr Sonexay Sitphaxay; General Director of Star Telecom Company and Star Fintech Sole Company, Mr Luu Manh Ha, guests, and officials.

U-money provides finance and banking services through a digital system on mobile phones. It enables easy money transfer, transaction security, saves time, and allows other payment services on mobiles through the Unitel network.

From the results of the assembly of the trust of customers as consumer products such as these thus u-money award Silver Stevie® theme: “Innovative new products and services for consumers(Award for Innovation in Consumer Products & Services) from the awards Asia- Pacific Stevie Awards of 2020 Award Silver winners in the “products and services technology areas of finance, banking and insurance(IT Products & Services for Finance, Banking and Insurance) from the IT world Awards 2020 organized by Network Product Guide.
In the near future, Umoney will move towards digital payments, a cashless society, e-commerce, and open links with banks in Lao PDR and other business groups to expand access to funding for parents, especially people in remote areas. All of these are the main basis for socio-economic development to improve the living standards of the people in order to reduce poverty for the parents of the Lao people.

Over the past two years of providing service, 10,000 points of sale have been opened in 148 districts. The number of people registered to use u-money has risen to 500,000, and contracts have been signed for the payment of salaries via u-money with up to 50 percent of government officers in districts across the country.

U-money has received international awards this year, namely Silver Stevie® in the category of Innovation in Consumer Products & Services Award from Asia Pacific Stevie Award 2020, and Silver Winner in the category of IT Products & Services for Finance, Banking and Insurance from IT World Award 2020, Mr Luu said.

As part of the vision for a telecommunication network, there must be infrastructure systems and a mobile money service, and u-money aims to expand the mobile money service from urban to rural areas. Star Fintech Sole Co., Ltd. has signed contracts with 10 banks in Laos, helping to promote e-commerce and the transformation to a cashless society.

Star Fintech Sole Company’s ambition is that, by 2025, the target of 80 percent of people who use mobiles will be registered to use the mobile money service, with each village having one to three outlets.

This will facilitate easier financial transactions, especially transferring, cash out, mobile top-ups, internet payments, purchase of consumer goods, salary payments for employees, linking services to banks, and other services.

It will accelerate the development of e-commerce and the transition to a cashless society. In particular, it will improve conditions in rural areas, contribute to the eradication of poverty, and bolster socio-economic development.

“We believe that u-money will be successful and grow steadily, become a symbol of national pride, and promise to bring the best service to the government and people in the future,” Mr Luu said.