Modern Money Solutions for Developing Countries

Posted by Hailey Roos on Tue, Oct 13, 2020 @ 10:30 PM
  • - Laos’ mostly rural population does not have access to traditional banking services
  • - Star Fintech Sole Co. (Star Telecom) developed “u-money” which is easy to use, low-cost, and accessible via mobile devices

About Star Fintech Sole Co. 

Founded by Star Telecom (Unitel) in 2019, Star Fintech Sole Co. is the first “u-money” mobile phone service in Laos. This provides nationwide financial services that are quick and convenient, low-cost electronic payments. 

Modern Money in Laos

Laos is a developing country where most areas are rural. Most people live in mountainous areas and do not have bank accounts, thus access to financial services is quite limited. As a leader in telecommunication and digital transformation, Star Telecom is committed to investing and concentrating its resources to people who would benefit the most. 

Unitel engaged with the Bank of Lao PRD (BoL) and the United Nations Capital Development Fund (UNCDF) in 2014 to develop “u-money”, a digital financial service product. U-money now takes an active part in the development of Laos and allows people in rural areas to access financial services via mobile devices. In 2019, Star Telecom became the first company to receive a legal license for e-wallet services in Laos.

Startelecom (Star Fintech Sole Co.) won a Silver Stevie for Innovation in Product Design & Development - Consumer Products & Services in The 2020 Asia-Pacific Awards®. 

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Topics: Asia-Pacific Stevie Awards