Source: Vientiane Times
Bank of the Lao PDR (BOL) has officially launched the Lao Payment and Settlement System (LaPASS), a real-time gross settlement system, to promote a more efficient financial system.
The launch of LaPASS on Monday was a significant step in the development of the payment system in Laos. This connects all the participants together, allowing exchange of payments in real time instead of the exchange of paper orders, with the possibility of online monitoring of account balances.
This modern system will allow more efficient business operations by the public and private sectors as the payment system accepts a high volume of transactions.
An official opening ceremony was organised by BOL in Vientiane on Monday. The event was attended by Deputy Prime Minister and Minister of Finance, Mr Somdy Duangdy, Governor of BOL, Mr Sonexay Sithphaxay, Deputy Governor of BOL, Mrs Vatthana Dalaloy, and Deputy Minister of Post and Telecommunications, Mr Bounsaleumsay Khennavong.
Mr Sonexay said this system was being participated in by different parties, banks and ministries, and the most important priority is to focus on security through training sessions to avoid any operational risks or mistakes.
“We also focused on drafting a regulation or legal process to ensure any risks of financial operation system were taken care of,” he said.
Mr Sonexay said this real-time gross settlement system is designed only for official working hours, but it is useful for payments of large amounts of money.
The newly launched system is designed to be used for three main purposes – it will accept the payment of the state budget, general payments and cheque clearing.
Currently, a total of 39 commercial banks in Laos, the Ministry of Finance, the Lao National Payment Network Co Ltd and the Lao Securities Exchange (LSX) are members of this payment system.