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Lao bank, Thai shopping centre ink credit card deal
Phongsavanh Bank has entered into a cooperation agreement with Central Plaza Udon Thani to facilitate cross border credit card transactions for customers from Laos.
A memorandum of understanding was signed at the shopping centre in Udon Thani province last Thursday between Phongsavanh Bank Limited (PSVB) and Central Pattana Public Company Limited (CPN), the owners of Central Plaza Udon Thani.
“We are pleased that Phongsavanh Bank has chosen us as a business partner when it comes to providing services for customers using PSVB credit cards at CPN's Udon Thani shopping plaza,” CPN representative Dr Nattakit Tangpoonsinthana said at the signing ceremony.
“Working together will present both parties with the opportunity to be leading service providers in the retail industry and well known among both Lao and Thai people,” Dr Nattakit said. The agreement would make shopping at the plaza much more convenient for Lao customers, he added.
PSVB Deputy Managing Director Mr Phaiboun Phongsavanh said “Our bank is ready to enter into long term business cooperation with CPN and we envisage our cooperation growing in many ways.”
“Initially, we will offer the cross border credit card payment facility at Central Plaza Udon Thani and plan to extend our cooperation to other areas in the future.”
PSVB has nine banks for business cooperation with other countries, and two representative offices in Hanoi, Vietnam, and Bangkok, Thailand.
A cross border ATM link was recently launched between PSVB and the Bangkok Bank and Processing Centre Company Limited of Thailand.
On average, it processes between five and six thousand transactions each day, and the number of people using its services is continuing to grow, according to a recent report.
CPN is Thailand's largest retail developer, operating for over 30 years in the industry. It is currently managing 18 shopping centres, six office buildings, one hotel and two residential projects. Combined, all of these projects have a floor space of more than 2 million square metres.
Founded in 1980, CPN is a leader in the retail development and management sector. It has the biggest share of Bangkok's retail market at 24 percent.
vientiane times
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