Representatives of FIS and LaoVietBank signed a memorandum of understanding to boost co-operation in Vientiane City on March 24. — VNA/VNS Photo

HA NOI (Biz Hub) — FPT Information System (FIS) will become the main partner of LaoVietBank and help it implement its information technology (IT) strategies during the 2015 to 2020 period.

The two parties had signed a memorandum of understanding in Laos' capital of Vientiane on March 24.

They will mutually exchange services, join hands to boost co-operation with other credit institutions operating in the Lao market, as well as promote IT development trends related to banking and finance.

FIS will also assist LaoVietBank in training employees and launching services, so that the bank can maximise the efficiency of applying technology to business management.

FIS is a member of the FPT Group, one of the leading IT and telecommunications companies in Viet Nam. LaoVietBank is a joint venture between the Bank for Investment and Development of Viet Nam and Banque Pour Le Commerce Exterieur Lao.

Last September, the automated teller machines (ATMs) of LaoVietBank were connected to the system of the Viet Nam National Financial Switching Joint Stock Company (Banknetvn).

The linkage has helped bank card holders of nearly 30 Vietnamese banks, who are Banknetvn members, to carry out transactions via LaoVietBank's ATMs across Laos, and vice versa.

The connection will also reportedly help more than 30 million customers in both countries save billions of dong in transaction costs. — VNS