ID :
185738
Wed, 06/01/2011 - 07:48
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IFC helps improve Laos’ National Payment Systems to sustain economic development

VIENTIANE,MAY.(KPL) - The International Finance Corporation (IFC) and Bank of the Lao PDR has signed a Memorandum of Understanding on helping improve a legal framework of the country’s payment systems and increase payment-method choices for small and medium enterprises and consumers, stimulating economic growth.
A signing ceremony of MoU took place at the Bank of the Lao PDR between Mr. Panom lathouly, Deputy Director General of International Relations Department, Bank of the Lao PDR and Aimilios Chatzinikolaou, Head of IFC’s office in Vientiane in the presence of Governor of Bank of the Lao PDR, Mr Phouphet Khamphouvong and other relevant officials.
Drawing on IFC’s and the World Bank’s experience and expertise in developing payment systems in more than 100 countries, IFC, a member of the World Bank Group will advise Bank of the Lao PDR on a legal and regulatory framework for the National Payment Systems, paving the way for the operation of safer, more efficient, cheaper, and innovative payment methods such as mobile payments.
“The Lao National Payment Systems lack a sound legal basic to support its development and expressed thanks to the IFC for further assistance,” said Mr. Panom. “The Government of an appropriate regulatory framework for the Lao National Payment Systems is an agent agenda for us and we greatly appreciate IFC’s engagement.”
The Lao PDR’s Financial Institution Development Strategy has identified payment systems reform as critical to the development of the country’s financial infrastructure and to the stability of the overall economic.
“A sound and efficient payment-system infrastructure is dispensable for the stability of the young and growing financial market in the Lao PDR,” said Chatzinikolaou, “Development of payment systems has important social implications when it is able reach underserved segments of the population and provide them with affordable payment services.”

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