BCEL, Fudian bank establish a debt clearance facility

(KPL) BCEL and Fudian Bank of China signed a MOU to establish a debt clearance mechanism to facilitate money transfer for Lao, Chinese and international currencies in Vientiane on 5 June.
Director of BCEL, Mr. Sonesay Sitpasay said, up to date the two countries, Laos and China do not have any facility on debt clearance, money transfer and currency exchange for the kip, remimbi and other currencies.
In order to get the system going BCEL would deposit remimbi in Fudian Bank and Fudian Bank would reciprocate by depositing kip in BCEL.
The MOU would enable the two banks to exchange lessons, learn each other’s culture and cooperate to establish an inter-country banking system between the two countries in Laos.
“The Fudian Bank, a business oriented bank in Yunnan province, is well capitalised, with 40.50 billion remimbi or USD 5.9 million in its coffer.
This bank has 80 branches in the country and it has agencies in 73 countries” said Deputy Director of Fudian Bank, Mr. Zhong Shijun.
The two signatories of the MOU were the Deputy Director of BCEL, Mr. Onkeo Domlongboun and Mr. Zhong Shijun.