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Lao-Viet Bank upgrades operating system
The Lao-Viet Bank in Vientiane will launch a ‘core banking system' on July 2, to provide faster services than are currently available.
According to the bank, it has been preparing the system for a year and is now ready to put it into operation, after spending about US$5.5 million to develop the system. It will be installed at all the bank's offices including its head office and branches in Laos and Vietnam.
The core banking system is an international, modern system and provides the software used to support a bank's most common transactions.
The prime features of the core banking system are that it facilitates banking operations like ATMs, electronic funds, transfers, telebanking and Internet banking.
By using this system, the bank can provide faster and better services for its clients.
Lao-Viet Bank is a joint investment between Banque pour le Commerce Exterieur Lao (BCEL) and the Bank for Investment and Development of Vietnam (BIDV) and was established in 1999.
The bank plans to open branches in all the provinces of Laos by 2015. It recently increased its registration funding to US$37.5 million and is now targeting US$70 million.
Through its 13 years of operation in Laos, the bank has contributed significantly to economic growth, especially businesses activities between Laos and Vietnam. Trading and investment by Vietnam has increased year by year and these businesses use the bank for their financial transactions.
vientiane times
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