U-money signs Memorandum of Understanding with Prudential Laos to offer payment services via the u-money platform
On 30th December 2020, u-money signed a Memorandum of Understanding with Prudential Life Assurance (Lao) Co., Ltd. (“Prudential Laos”) to offer payment services via the u-money platform, especially for life insurance premium payments, to enhance the service quality and convenience for customers of both companies.
The Memorandum of Understanding was honorably signed by Mr. Kenyon KY Ho - Chief Commercial Officer of Prudential Laos and Mr. Tran Minh Duc - Deputy Director of Star Fintech Sole Company.
Attended as a witness by Mrs. Southany Sysouvong, Deputy Director of Payment Systems Oversight Division, Payment System Department, The Bank Of Lao PDR,
Along with the representatives from Prudential Laos., Star Fintech Sole Company and Star Telecom Company as well as the technical staffs of both parties.
Prudential Laos is a wholly-owned subsidiary of Prudential Corporation Asia. Prudential Laos opened its representative office in Vientiane in March 2015 and received its operating license from The Ministry of Finance in April 2016. Prudential Laos began business in May 2016 and offers life and health insurance products that meet the protection and savings needs of the Lao people. Currently Prudential Laos distributes products and services through the network of reputable bank partners, direct sales force as well as its mobile application – Pulse by Prudential.
Star Fintech Sole Co., Ltd., under the u-money Trademark, is a subsidiary of Star Telecom Company. Authorized by the Bank of the Lao PDR to provide official e-wallet services, since 2019, this service will be beneficial to mainly retail customers in the outskirts of Laos where they will be able to easily access digital banking.
In the past Star Fintech Sole Company has successfully signed cooperation agreements with commercial banks in Laos to provide value-added services to customers. The payment for insurance is another area that customers currently pay attention to and Star Fintech Sole Company (u-money) will continue the cooperation with Prudential Life Assurance (Lao) Co., Ltd. to develop this new payment service as soon as possible for the convenience and secured transaction of the customer.