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Online credit information bureau service launched
The Bank of the Lao PDR has officially opened a new service of online Credit Information Bureau (CIB) to facilitate customers.
The online CIB was announced by Deputy Governor of the Bank of the Lao PDR, Mr. Somphao Phaysith at the Lao Plaza Hotel, on 2 November.
Mr. Somphao said that the online CIB was not only a tool to help its members as business banking and financial institutes limit risks in credit release, but also created and developed many products to serve members and society as well as manage finance.
The Asian Development Bank, European Commission-Small and Medium Enterprises and International Finance Cooperation have provided technical assistance for the online credit information bureau programme for the Bank of the Lao PDR.
?This is the first our successful, so we will further to upgrade and develop credit information bureau in the future,? said Mr. Somphao.
We will use this online CIB to follow up information sent via fax system, according to Mr. Somphao.
"The International Finance Cooperation around the world shows that credit bureaus are crucial in enabling financial institutions to sagely expand lending to consumers and micro, small and medium enterprises" said IFC Vice President for Business Advisory Services Rachel Kyte at the launching ceremony.
This will help considerably increase access to finance for business, which leads to greater economic growth and faster poverty reduction, she added.
On the same day, the Bank of the Lao PDR and the IFC signed a memorandum of understanding to bolster support for the creation and supporting regulation of an online CIB system at the Lao Plaza Hotel.
The MoU was signed between Director General of the Bank Supervision Department of the Bank of the Lao PDR, Mr. Phouthaxay Sivilay and IFC Vice President for Business Advisory Services Rachel Kyte.
kpl lao news agency
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