Agreement on Retail Payment Systems (Bank of the Lao PDR, No. 439/BSL)
关于零售支付系统的协议（老挝人民民主共和国国家银行，第439/国行号）
ຂໍ້ຕົກລົງ ວາດ້ວຍລະບົບການຊຳລະທຸລະກຳຢ່ອຍ (ທະນາຄານແຫ່ງ ສປປ ລາວ, ເລກທີ 439/ທຫລ)
Summary
This agreement stipulates principles, rules, and measures for the management of retail payment systems to promote efficient, robust, and secure operation with appropriate risk management, covering licensing, capital, operations, risk management, consumer protection, and supervision and inspection of retail system operators.
Articles
Article 1
Purpose. This Agreement stipulates the principles, rules, and measures concerning the management of retail payment systems in the Lao People's Democratic Republic, in order to promote the efficient, robust, and safe operation of retail payment systems with appropriate risk management, aiming to ensure that retail payment systems can provide continuous, convenient, rapid, and efficient services, contributing to the economic and social development of the country.
Article 2
Retail payment system. A retail payment system refers to a system that acts as a central hub, connecting system members to process transfers, clearing, and debiting of small-value settlements, primarily including settlements via checks, transfers, electronic money, and bank cards.
Article 3
Term Interpretation. The meanings of terms used in this Agreement are as follows: 1. Retail System Operator means a system operator and service provider licensed by the Settlement and Clearing System Management Department to provide retail payment system services to members; 2. Major Risk Categories means Strategic Risk, Liquidity Risk, Operational Risk, Legal Risk, Reputational Risk, Information Technology Risk; 3. Settlement and Clearing System Management Department means the Bank of the Lao PDR, which has the responsibility for managing settlement and clearing systems in accordance with the Law on Settlement Systems, and delegates this function to the Settlement and Clearing System Management Department for exercise; 4. Member means a person authorized to directly or indirectly use the services of a retail payment system; 5. External Service Provider (Outsourcing) means a legal entity hired by a retail system operator to assist in operating and managing a part of its information technology system on its behalf, while the retail system operator remains responsible for the operation and management of that system; 6. Manager means the board of directors, manager, or equivalent position of a retail system operator, or a committee authorized to decide on all operational matters of the retail payment system; 7. Capital Adequacy Ratio means a ratio reflecting the level of short-term debt repayment capacity of a retail system operator arising from its business operations.
Showing the first 3 of 51 articles. Open the LaoPaniti app for the full trilingual text.
Read the full trilingual text with AI explanation in the LaoPaniti app← LaoPaniti home: AI legal Q&A · contract drafting · Chinese-Lao translation