In the evening of 05/08/2020, Banque pour le Commerce Exterieur Lao Public (BCEL) and Lao-Viet Insurance Company (LVI) have entered into a contract to collaborate on selling LVI’s insurance via BCEL One and BCEL i-Bank. Mr. Nanthalath Keopaseuth - Deputy Director of BCEL, represented BCEL, while the representative from LVI was Mr. Nguyen Viet Hai – General Director of LVI. The ceremony was witnessed by Mr. Soulysack Thamnuvong, Director-General of the Payment Systems Department of the Bank of the Lao PDR, Lieutenant Colonel Keomala Sengthong - Deputy Director General of Traffic Police Department, Ministry of Public Security, Laos; Lieutenant Colonel Phengsavan – Chief of Vientiane Traffic Police Department, the representatives of SOE Management, Development & Insurance Department, Ministry of Finance, together with the management teams, executives , divisions, centers, and BCEL branches in Vientiane, and the staff of both parties.

LVI is one of BCEL’s affiliate companies, which the bank holds 35% of the company’s shares. Previously, BCEL and LVI have communicated and cooperated regularly on selling LVI’s insurance products over the counter at the Head Office and the branches of BCEL since 2014.

With a high demand from customers for a more modern, faster and easier payment system for insurance fee payment, in the late of 2019 BCEL and LVI discussed on studying and developing an online channel for customers to pay for insurance fees. The First phase of the project is to enable the customers to buy the vehicle insurance and the health insurance of LVI on BCEL One and BCEL i-Bank. This channel will make the insurance selling more modernized, secured and convenient for customers.

When customers purchase the vehicle and health insurance of LVI via online channel with BCEL, they will receive an electronic insurance certificate which can be downloaded or the customers can also get the printed version (hard copy) at the service counter of BCEL. The certificate will be effective from the date that the customer has successfully made their payments, and it can be presented as reference to the related officers or insurance officers in case of having emergency cases such as road accident.

This cooperation is one of the important steps of the insurance products selling of LVI, which the modern system is applied to it. In the future, the two parties will continue the research to develop the selling channel for more insurance products. BCEL is ready to cooperate and support the development of LVI since the company is the bank’s affiliate company and to grow their business together. The bank will also contribute to the development of the payment system and to meet all obligations from the government as provided in the regulations.

BCEL would like to express sincere thanks to LVI and all customers for using BCEL’s products and services. The bank will continue developing on the service to be more modern and to continue the cooperation with other entities to support on the payment system development for the customers in this digitalized era.