Phongsavanh Bank to start JCB issuing and acquiring in Laos
Date: Nov 20, 2012
Categories: Retail Banking, Technology & Operations
Keywords: Phongsavanh Bank, JCBI
Vientiane/ Tokyo, November 16th 2012 – Phongsavanh Bank Limited (PSVB), a major private commercial bank in the Lao People’s Democratic Republic, and JCB International (JCBI), the international operations subsidiary of JCB, the only global payment brand based in Japan, today announced that they have signed a license agreement for issuing JCB cards and acquiring JCB merchants in Vientiane Capital, Lao PDR. PSVB will start both operations from 2013. The signing ceremony was held in Vientiane today.
Madam Sengdao Bouphakonekham, General Managing Director of PSVB, said “Our partnership with JCBI is the culmination of business discussions and market studies by both parties for the past year. We are very proud to be the first direct member of JCBI in Lao PDR. PSVB will also be the first and only bank in Lao PDR to issue JCB Cards at the time we start issuing in the next year. We believe that the JCB Brand has a unique flavor which caters for specific niche market segments in Lao PDR. And we aim to be a bank of choice for customers in this region.”
Mr. Kimihisa Imada, Deputy President of JCBI, said “We are very pleased to be able to strengthen our business in Lao PDR through the partnership with Phongsavan Bank Limited”, while emphasizing the importance of Lao market where increasing numbers of people are coming from countries where JCB has a solid cardmember base such as China, Korea, and Thailand. Imada also vigorously expressed JCB’s target as “Becoming the top card brand in Laos in the next three years” by pursuing a unique position as a Japanese company.
Through this agreement, PSVB will start enabling its merchants to accept JCB cards around July 2013 as well as acquiring new merchants where JCB cardmembers likelyvisit, thus contributing to a much more comfortable payment environment for JCB cardmembers visiting Laos.
Both PSVB and JCB are scheduled to issue the first JCB credit card in Lao PDR by the end of 2013. The card product will heavily focus on “Japanese uniqueness”, as Laotian interest in apanese culture has been increasing in recent years. JCBI is also planning a wide variety of merchant promotions and other privileges for JCB cardmembers in Laos as well as customizing its existing promotions in Thailand specifically for Laotians, as Thailand ranks by far number one in Laotian international destinations.
Re-disseminated by The Asian Banker