Sri Lanka banks, tech firms urged to co-operate to push e-commerce

Published by: Economy Next

ECONOMYNEXT – Sri Lankan banks need to co-operate among themselves and with technology companies to encourage greater use of digital transactions, Channa De Silva, chief executive of LankaClear.

He said LankaClear, an electronic clearing house owned by banks which handles inter-bank funds transfers and provides links for a common automated teller machine network, was keen to encourage digital transactions and reduce use of cash.

“We’re also interested in identifying why things are not moving the way they ought to and working with you, including your customers, to make it happen,” DeSilva told BankTech Asia 2017 in Colombo, a forum organized by Malaysia based Knowledge Group.

“Because the addressable market size is there, the technology is there, banks, customers and their requirements are there and what are we doing about it? How do we get together as a community and grow this business?”

De Silva said greater use of technology and encouragement of digital transactions has the potential to increase business for banks.

“If you grow the pie bigger, everybody benefits,” he said. “Because the size of the pie is not growing at the pace we want.”
(COLOMBO, March 27, 2017)

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