Mr. Santiphab Phomvihane, Deputy Minister of Finance, announced that the registry system for moveable property has been established by the Ministry of Finance. The Moveable Property Registry office is a centralized computer registry that serves the entire country of Lao. It is the first system in Lao PDR that allows both individuals businesses and institutions to utilize their moveable (personal) property such as motor vehicles, inventory, crops or accounts receivable for the purpose of obtaining loan guarantees and increase opportunities to access funding sources for micro, small and medium enterprise which account for more than 90% of the private sector in Lao PDR. This system will introduce transparency about the property subject to guarantee by searching all registered notices for the entire country with a single transaction. The date and time that identified in the registry system will determine the priority for debt re- payment in accordance with the priority on debt re-payment determined in the law. Additionally, it will also ensure the simplicity, accuracy, transparency and remote access from everywhere as well as transparency for the client.
The Deputy Minister of Finance also expressed his conviction that after the launch of this system commercial banks, financial institutions and pawnshops will strengthen their cooperation on the management, applicability and confidence in releasing loans by accepting a guarantee on moveable property, helping personal, individual and enterprises to have easy access to sources of finance. This will be a factor in the development and establishment of Small and Medium Enterprises in the future and will also contribute the social-economy development of the country.
The Registry Office for Security Interests in Movable Property (Registry Office) has been established by the Ministry of Finance. The Moveable Property Registry office is a centralized computer registry that serves the entire country of Lao. The Registry office allows both individuals and institutions to record their financial interest in moveable (personal) property (motor vehicles, inventory, accounts receivable, crops, etc.).
You can find for more information and details at the website of The Registry Office for Security Interests in Movable Property (Registry Office) here http://www.mof.gov.la/str/en_index.html
Information source: Trade-Economy Newspaper, issued date 21 November, 2013.
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