New cash transfer network pools ATM services

Vientiane Times: "New cash transfer network pools ATM services
The Lao Central Payment Network service officially opened for business on Monday, providing a new service for commercial banks wanting to access shared ATM facilities.

Mr Phouphet Khamphounvong ( right ) and Mr Tharman Shanmugaratnam attend the opening ceremony of the Lao Central Payment Network.

Bank of the Lao PDR Governor Phouphet Khamphounvong and Singaporean Finance Minister Tharman Shanmugaratnam cut a ribbon to officially open the Lao-Singaporean joint venture at the Bank of the Lao PDR in Vientiane.
The ATM pool system will enable commercial banks in Laos to share ATMs around the country, which will help them to reduce expenditure to expand their own ATM services.
Banks that participate in the ATM pool will issue their customers a common debit card, known as the Lao1.
Cardholders can use the card to withdraw cash from the ATMs of participating banks. Cardholders will also find it easier to transfer cash from their own bank to accounts at banks that are ATM pool members.
According to a press release from the Lao Central Payment Network (LCPN), the Bank of the Lao PDR initiated the network in 2008 with the aim of setting up a “central electronic network for Laos which provides the service of clearing electronic transactions including debit, credit, ATMs, and also provides clearing services to banks and other financial institutions”.
Speaking at the opening ceremony, LCPN Director Khaikeo Luangvilay said “Singapore is a country which has undergone rapid growth in its banking and financial sector. Today Singapore is one of the major financial hubs in the region. We are happy to have some of this expertise from Singapore to help in the development of this network.”"


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