Wednesday, April 01, 2020

Lao bankers open to emerging tech trends

May 29. 2017
Participants at the seminar on banking solutions held in Vientiane last week.
Participants at the seminar on banking solutions held in Vientiane last week.
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By VIENTIANE TIMES
ASIA NEWS NETWORK
VIENTIANE

THE LAO banking sector will have an opportunity to apply the use of new technology in banking solutions especially for payment and enterprise integration.

Last week, First Lao Solutions co-operated with Fiorano and OpenWay, two of the leading technology companies providing banking solutions to present the event on “The New Trends in Payment and Enterprise Integration Middleware” in Vientiane.

The event drew interests from the banking and microfinance representatives, energy sector and Electricite du Laos (EDL).

In his remarks at the seminar, Chief Executive Officer of First Lao Solutions Rob Grantham said the banking sector is also looking for updated technology to improve bank management, reduce costs, time and to provide the highest level of security.

“We have enjoyed a long term partnership with Fiorano and Open Way who have introduced new technology which has transformed how we bank locally and internationally.”

“We have found the solutions from Fiorano and Open Way to respond to customers’ business development needs,” he added.

When asked about how this new technology will adjust to local banking system in Laos, Grantham said the solutions can be customised to adjust to any banking system because it is flexible.

Meanwhile the Managing Director of OpenWay Asia Rudy Gunawan also shared experiences of the payment industry through the evolution of the WAY4 solution.

He said the financial institutions and payment industry players in Laos will be able to map and to forecast their businesses plan with through the evolution of the WAY4 solution. 

“Responding to decades of consumer and market demand, WAY4 has evolved from a regional Card Management focus into a world leading omni-channel payment suite.”

Each market revolves around different cultures and in different timescales.

Developed markets will take the path of contactless tokenization and Banking APIs whilst the developing market will respond to cost effective branchless banking and QR Code based payments.

With proven global experiences and regional specific resources, OpenWay Asia brings unparalleled values to financial institutions and payment industry players in Laos.

Director of Business Development of Fiorano Rajesh Krishna Rao also said that Fiorano has over the years helped many banks integrate their Core Banking Systems (CBS) with other disparate applications, boosting operational efficiency and productivity across processes, customers and partners.

“Many typical challenges faced by banks in end-to-end integration of internal and external services in the journey of Digital Banking and Fiorano can help to facilitate and reimage customers’ business and business models to thrive in this new economy.”

 

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