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BOL To Transform IT Infrastructure System

Source: Vientiane Times

The Bank of the Lao PDR (BOL) is upgrading its IT infrastructure system to ensure financial transaction services throughout the country.

The bank, in cooperation with Sysmatik IT Solution Company Limited, will implement the IT infrastructure transformation system project. Both parties signed an agreement in this regard on October 14 in Vientiane.

Director General of Information Technology Department, under the management of the BOL, Mr Khaikeo Luangsivilay briefed the media about the project at the signing ceremony.

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He said that the Bank of the Lao PDR is the IT system connection centre of finance around the country and supports financial services. However, the existing technology currently being used is out-of-date. So the bank needs to update to the new system for expanding its financial transactions, and ensuring the consistency of business operations in the present and the future.

The bank launched a bidding process, in line with international standards, to find a suitable company to conduct the project, especially network improvement.

Director of Sysmatik IT Solution Company Limited, Mrs Thanongsit Thepphongeun, said that the signing ceremony is a milestone and an important cooperation between the company and the Bank of the Lao PDR to transform banking IT system to match with ISO 27001 step by step.

The agreement was signed by the Office Head of BOL Office, Mr Phetsathaphone Keovongvichith, and the Chairman of Sysmatik IT Solution Company Limited, Mr Vichit Xindavong. The event was witnessed by the Deputy Governor of the Bank of the Lao PDR, Mrs Vathana Dalaloy, President of AIF Group, Mrs Kingphongeun Phoummasack, and other invitees.

Sysmatik IT Solution is one of the companies of the AIF group that has been operating IT business services since 2013, aiming at providing services and developments of integrated IT and IT infrastructure, including payment gateways.

In the past, the company has developed a call centre and mobile app for Electricite du Laos, provided a payment gateway for Lao Airlines and supplied IT equipment for banks such as Banque pour le Commerce Exterieur Lao Public.

At the signing ceremony, President of AIF Group, Mrs Kingphongeun Phoummasack, who represented Sysmatik IT Solution, presented IT equipment – IdeaHub Enterprise 65” Pro, costing US$16,500, to the Bank of the Lao PDR.