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Shi Wenchao (right), President of China UnionPay, Wang Yongsheng (left), Vice President of China Development Bank, and Sonexay Sithphaxay (middle), Deputy Governor of Bank of Lao P.D.R attended the ceremony.
On November 30, China UnionPay, China Development Bank and Bank of Lao P.D.R jointly announced the official launching of the project of Laos national bankcard payment system, which is constructed by the three sides. UnionPay provided support for facilities construction and the operation and maintenance of the payment system. Shi Wenchao, President of China UnionPay, Wang Yongsheng, Vice President of China Development Bank, and Sonexay Sithphaxay, Deputy Governor of Bank of Lao P.D.R attended the ceremony. Guan Huabing, Chinese Ambassador to Laos, and Bounpone Bouttanavong, Deputy Prime Minister of Laos were also present with congratulations.
The project lasts one year from contract-signing to system-launching, and is completed one month ahead of schedule, forming a network of all bankcards issued in Laos. The successful launch of this project will substantially enhance the level of payment industry in Laos and will motivate the local economic, financial and social development; it also marks a breakthrough in the “Going Global” process of the experience of China’s bankcard industry and the technical standards of UnionPay cards.
As a significant country along the “Belt and Road”, Laos has become one of the emerging markets that attract increasing investment from China. On the other hand, China is a major source of tourists to Laos. In this context, UnionPay’s presence in Laos has increased rapidly. Currently, 80% of the local ATMs and merchants accept UnionPay cards, satisfying the payment demands of tourists as well as the local cardholders. In addition, Laos has issued 600,000 UnionPay cards, which is over 70% of all the bankcards issued in the country. UnionPay has become the largest bankcard brand in Laos, and these UnionPay cards are frequently used in the Chinese Mainland.
Shi Wenchao expressed his gratitude for the trust and support offered by the Lao government and all sectors of society in the construction process. He said that UnionPay is willing to further share the experience of bankcard industry operation with the Lao people, and looks forward to participating in and investing the management and operation of Lao bankcards, taking this successful cooperation as the starting point. In this way, UnionPay can better serve the communication and cooperation between China and Laos, as well as the economic and social development of the two countries, and thus make greater contribution to deepening the friendship between China and Laos.
Wang Yongsheng said that China Development Bank have closely cooperated with UnionPay for a long time. This time, the two sides have joined hands to complete the national bankcard payment system in Laos; this marks a new phase of the two sides’ cooperation. China Development Bank and UnionPay would make full use of their advantages to facilitate the connectivity of China and Laos’ financial infrastructure, and jointly promote the exchange and cooperation between China and the surrounding countries.
Sonexay Sithphaxay thanked China UnionPay and China Development Bank for their efforts in constructing Laos national bankcard payment system. He said UnionPay cards have great advantages in Laos, and have become a popular payment option among local residents. He believes that the launch of this system will open a new prospect for Laos bankcard industry. Bank of Lao P.D.R will also keep enhancing UnionPay’s presence in Laos and deliver better services to both local and foreign UnionPay cardholders.
