Features
GOLDEN GLORY OF DIGITAL TITANS, LOLC CLINCHES FIVE GOLDS AT TECHINNOVATION 2024
LOLC Finance PLC, Sri Lanka’s premier Non-Banking Financial Institution (NBFI), has once again set a remarkable milestone in the digital finance landscape by clinching an outstanding five gold awards at the prestigious Lankapay Technnovation Awards 2024. This exceptional achievement fortifies LOLC Finance’s utmost expertise and innovation in the realm of digital financing, further emphasizing its position as a trailblazer in the industry.
Over the years, the company has spearheaded ground-breaking initiatives, propelling the nation towards a cashless economy while prioritizing financial inclusion and customer-centricity. In a celebration of technological prowess and innovation within Sri Lanka’s financial sector, the esteemed Technnovation Awards spotlight the vanguard of technological advancement and excellence. Amongst a field of formidable contenders, LOLC Finance has emerged five times triumphed, clinching an array of five Golden accolades.
These include the coveted titles of;
Gold Award for Non-bank Financial Institution of the Year in Financial Inclusivity
Gold Award for Best Mobile Application for Retail Payments via JustPay (Banks and Non-bank Financial Institutions) – iPay
Gold Award for Non-bank Financial Institution of the Year for Excellence in Customer Convenience
Gold Award for Most Popular Digital Payment Product (Private Commercial Banks and Non-bank Financial Institutions Category – Internet and Mobile Banking) – iPay
Gold Award for Excellence in Digital Payments (Non-bank Financial Institutions)
Mr. Conrad Dias, Chairman of LOLC Finance, shared his joy at this remarkable accomplishment, remarking, “Securing five gold awards at the Technnovation Awards is a tribute to our solid commitment to digital excellence and customer satisfaction. These honours endorse LOLC Finance’s position as a leader in driving innovation and promoting financial inclusivity across Sri Lanka. We are deeply grateful for this recognition, which inspires us to continually push boundaries and establish fresh standards in the realm of digital finance. LOLC Finance has consistently embraced cutting-edge technologies, incorporating machine learning (ML), artificial intelligence (AI), and notably, Generative AI into its platforms. The strategic adoption of these technologies is geared towards enhancing overall efficiency”.
Embracing the ethos of ‘digital first’ for several years, LOLC Finance has remained dedicated to advancing digital technology across its diverse business domains. Acknowledging the gradual progression of digital evolution, the company embarked on ‘phy-gital’ journey decades ago. Further distinguishing LOLC Finance is its exclusive position as the only Non-Banking Financial Institution (NBFI) in the country to boast an integrated IT arm, LOLC Technologies. As a forerunner in the field, LOLC Finance was among the initial Non-Banking Financial Institutions (NBFIs) entrusted with introducing Foreign Currency Savings accounts while additionally becoming the first NBFI to register for SWIFT transactions in Sri Lanka. Pioneering further in the realm of internet and mobile banking, LOLC Finance was also among the first NBFIs to integrate with the CEFTS.
The evolution of LOLC Finance iPay from a simple payment gateway to a comprehensive lifestyle payment application today exemplifies its keenness to delivering exceptional service. As iPay leads the charge in LOLC Finance’s mission to provide upgraded digital solutions to its customers, it has attracted over hundreds of thousands of users, facilitating over tens of millions of monthly transactions valued at over Rs.12 billion. Recently, iPay marked a significant milestone, surpassing the milestone of processing nearly Rs. 250 billion worth of transactions since its inception in 2017, with over Rs. 140 billion of transactions coming in the last one year.
Mr. Krishan Thilakaratne, CEO of LOLC Finance, highlighted how the company improves the digital banking accessibility while fostering financial empowerment across diverse segments of society. He emphasized, “At LOLC Finance, we are persistent in our belief that technology can be a powerful tool for empowering individuals and businesses. Our consistent triumphs at the Technnovation Awards also endorses our initiate to spearheading digital transformation and driving financial inclusion on a national scale. LOLC Finance stands at the forefront, boasting a significant portion of over 25% of the entire customer base within the NBFI sector. This statistic underscores the substantial impact of our digital vision on Sri Lanka’s evolution in digital banking. LOLC Finance’s pioneering advancements have garnered praise from both industry experts and stakeholders. Innovations such as the LOLC Real Time online portal and the iPay mobile application have profoundly reshaped the digital banking landscape, introducing new levels of convenience, reliability, and security”.
The sixth edition of Sri Lanka’s Payment Technology Innovation Accolades, the LankaPay Technnovation Awards presented by Lanka Clear, took place on March 21, 2024, at Shangri-La Colombo. These awards commend member banks and non-banking financial institutions for their exceptional performance in electronic transactions throughout the fiscal year. An esteemed panel of industry experts evaluated all submissions, considering criteria such as innovation, impact, dynamism, and uniqueness to determine the winners.
With a resolute pledge to excellence and innovation, LOLC Finance is primed to shape the trajectory of digital finance, fostering sustainable growth and prosperity across the nation. The company’s significant contributions are not only driving economic resurgence but also igniting investor interest in Sri Lankan corporates, signalling a promising future for the financial landscape. Rated (SL) A by Lanka Rating Agency, LOLC Finance PLC is licensed by the Monetary Board of the Central Bank of Sri Lanka.
Features
Recruiting academics to state universities – beset by archaic selection processes?
Time has, by and large, stood still in the business of academic staff recruitment to state universities. Qualifications have proliferated and evolved to be more interdisciplinary, but our selection processes and evaluation criteria are unchanged since at least the late 1990s. But before I delve into the problems, I will describe the existing processes and schemes of recruitment. The discussion is limited to UGC-governed state universities (and does not include recruitment to medical and engineering sectors) though the problems may be relevant to other higher education institutions (HEIs).
How recruitment happens currently in SL state universities
Academic ranks in Sri Lankan state universities can be divided into three tiers (subdivisions are not discussed).
* Lecturer (Probationary)
– recruited with a four-year undergraduate degree. A tiny step higher is the Lecturer (Unconfirmed), recruited with a postgraduate degree but no teaching experience.
* A Senior Lecturer can be recruited with certain postgraduate qualifications and some number of years of teaching and research.
* Above this is the professor (of four types), which can be left out of this discussion since only one of those (Chair Professor) is by application.
State universities cannot hire permanent academic staff as and when they wish. Prior to advertising a vacancy, approval to recruit is obtained through a mind-numbing and time-consuming process (months!) ending at the Department of Management Services. The call for applications must list all ranks up to Senior Lecturer. All eligible candidates for Probationary to Senior Lecturer are interviewed, e.g., if a Department wants someone with a doctoral degree, they must still advertise for and interview candidates for all ranks, not only candidates with a doctoral degree. In the evaluation criteria, the first degree is more important than the doctoral degree (more on this strange phenomenon later). All of this is only possible when universities are not under a ‘hiring freeze’, which governments declare regularly and generally lasts several years.
Problem type 1
– Archaic processes and evaluation criteria
Twenty-five years ago, as a probationary lecturer with a first degree, I was a typical hire. We would be recruited, work some years and obtain postgraduate degrees (ideally using the privilege of paid study leave to attend a reputed university in the first world). State universities are primarily undergraduate teaching spaces, and when doctoral degrees were scarce, hiring probationary lecturers may have been a practical solution. The path to a higher degree was through the academic job. Now, due to availability of candidates with postgraduate qualifications and the problems of retaining academics who find foreign postgraduate opportunities, preference for candidates applying with a postgraduate qualification is growing. The evaluation scheme, however, prioritises the first degree over the candidate’s postgraduate education. Were I to apply to a Faculty of Education, despite a PhD on language teaching and research in education, I may not even be interviewed since my undergraduate degree is not in education. The ‘first degree first’ phenomenon shows that universities essentially ignore the intellectual development of a person beyond their early twenties. It also ignores the breadth of disciplines and their overlap with other fields.
This can be helped (not solved) by a simple fix, which can also reduce brain drain: give precedence to the doctoral degree in the required field, regardless of the candidate’s first degree, effected by a UGC circular. The suggestion is not fool-proof. It is a first step, and offered with the understanding that any selection process, however well the evaluation criteria are articulated, will be beset by multiple issues, including that of bias. Like other Sri Lankan institutions, universities, too, have tribal tendencies, surfacing in the form of a preference for one’s own alumni. Nevertheless, there are other problems that are, arguably, more pressing as I discuss next. In relation to the evaluation criteria, a problem is the narrow interpretation of any regulation, e.g., deciding the degree’s suitability based on the title rather than considering courses in the transcript. Despite rhetoric promoting internationalising and inter-disciplinarity, decision-making administrative and academic bodies have very literal expectations of candidates’ qualifications, e.g., a candidate with knowledge of digital literacy should show this through the title of the degree!
Problem type 2 – The mess of badly regulated higher education
A direct consequence of the contemporary expansion of higher education is a large number of applicants with myriad qualifications. The diversity of degree programmes cited makes the responsibility of selecting a suitable candidate for the job a challenging but very important one. After all, the job is for life – it is very difficult to fire a permanent employer in the state sector.
Widely varying undergraduate degree programmes.
At present, Sri Lankan undergraduates bring qualifications (at times more than one) from multiple types of higher education institutions: a degree from a UGC-affiliated state university, a state university external to the UGC, a state institution that is not a university, a foreign university, or a private HEI aka ‘private university’. It could be a degree received by attending on-site, in Sri Lanka or abroad. It could be from a private HEI’s affiliated foreign university or an external degree from a state university or an online only degree from a private HEI that is ‘UGC-approved’ or ‘Ministry of Education approved’, i.e., never studied in a university setting. Needless to say, the diversity (and their differences in quality) are dizzying. Unfortunately, under the evaluation scheme all degrees ‘recognised’ by the UGC are assigned the same marks. The same goes for the candidates’ merits or distinctions, first classes, etc., regardless of how difficult or easy the degree programme may be and even when capabilities, exposure, input, etc are obviously different.
Similar issues are faced when we consider postgraduate qualifications, though to a lesser degree. In my discipline(s), at least, a postgraduate degree obtained on-site from a first-world university is preferable to one from a local university (which usually have weekend or evening classes similar to part-time study) or online from a foreign university. Elitist this may be, but even the best local postgraduate degrees cannot provide the experience and intellectual growth gained by being in a university that gives you access to six million books and teaching and supervision by internationally-recognised scholars. Unfortunately, in the evaluation schemes for recruitment, the worst postgraduate qualification you know of will receive the same marks as one from NUS, Harvard or Leiden.
The problem is clear but what about a solution?
Recruitment to state universities needs to change to meet contemporary needs. We need evaluation criteria that allows us to get rid of the dross as well as a more sophisticated institutional understanding of using them. Recruitment is key if we want our institutions (and our country) to progress. I reiterate here the recommendations proposed in ‘Considerations for Higher Education Reform’ circulated previously by Kuppi Collective:
* Change bond regulations to be more just, in order to retain better qualified academics.
* Update the schemes of recruitment to reflect present-day realities of inter-disciplinary and multi-disciplinary training in order to recruit suitably qualified candidates.
* Ensure recruitment processes are made transparent by university administrations.
Kaushalya Perera is a senior lecturer at the University of Colombo.
(Kuppi is a politics and pedagogy happening on the margins of the lecture hall that parodies, subverts, and simultaneously reaffirms social hierarchies.)
Features
Talento … oozing with talent
This week, too, the spotlight is on an outfit that has gained popularity, mainly through social media.
Last week we had MISTER Band in our scene, and on 10th February, Yellow Beatz – both social media favourites.
Talento is a seven-piece band that plays all types of music, from the ‘60s to the modern tracks of today.
The band has reached many heights, since its inception in 2012, and has gained recognition as a leading wedding and dance band in the scene here.
The members that makeup the outfit have a solid musical background, which comes through years of hard work and dedication
Their portfolio of music contains a mix of both western and eastern songs and are carefully selected, they say, to match the requirements of the intended audience, occasion, or event.
Although the baila is a specialty, which is inherent to this group, that originates from Moratuwa, their repertoire is made up of a vast collection of love, classic, oldies and modern-day hits.
The musicians, who make up Talento, are:
Prabuddha Geetharuchi:
(Vocalist/ Frontman). He is an avid music enthusiast and was mentored by a lot of famous musicians, and trainers, since he was a child. Growing up with them influenced him to take on western songs, as well as other music styles. A Peterite, he is the main man behind the band Talento and is a versatile singer/entertainer who never fails to get the crowd going.
Geilee Fonseka (Vocals):
A dynamic and charismatic vocalist whose vibrant stage presence, and powerful voice, bring a fresh spark to every performance. Young, energetic, and musically refined, she is an artiste who effortlessly blends passion with precision – captivating audiences from the very first note. Blessed with an immense vocal range, Geilee is a truly versatile singer, confidently delivering Western and Eastern music across multiple languages and genres.
Chandana Perera (Drummer):
His expertise and exceptional skills have earned him recognition as one of the finest acoustic drummers in Sri Lanka. With over 40 tours under his belt, Chandana has demonstrated his dedication and passion for music, embodying the essential role of a drummer as the heartbeat of any band.
Harsha Soysa:
(Bassist/Vocalist). He a chorister of the western choir of St. Sebastian’s College, Moratuwa, who began his musical education under famous voice trainers, as well as bass guitar trainers in Sri Lanka. He has also performed at events overseas. He acts as the second singer of the band
Udara Jayakody:
(Keyboardist). He is also a qualified pianist, adding technical flavour to Talento’s music. His singing and harmonising skills are an extra asset to the band. From his childhood he has been a part of a number of orchestras as a pianist. He has also previously performed with several famous western bands.
Aruna Madushanka:
(Saxophonist). His proficiciency in playing various instruments, including the saxophone, soprano saxophone, and western flute, showcases his versatility as a musician, and his musical repertoire is further enhanced by his remarkable singing ability.
Prashan Pramuditha:
(Lead guitar). He has the ability to play different styles, both oriental and western music, and he also creates unique tones and patterns with the guitar..
Features
Special milestone for JJ Twins
The JJ Twins, the Sri Lankan musical duo, performing in the Maldives, and known for blending R&B, Hip Hop, and Sri Lankan rhythms, thereby creating a unique sound, have come out with a brand-new single ‘Me Mawathe.’
In fact, it’s a very special milestone for the twin brothers, Julian and Jason Prins, as ‘Me Mawathe’ is their first ever Sinhala song!
‘Me Mawathe’ showcases a fresh new sound, while staying true to the signature harmony and emotion that their fans love.
This heartfelt track captures the beauty of love, journey, and connection, brought to life through powerful vocals and captivating melodies.
It marks an exciting new chapter for the JJ Twins as they expand their musical journey and connect with audiences in a whole new way.
Their recent album, ‘CONCLUDED,’ explores themes of love, heartbreak, and healing, and include hits like ‘Can’t Get You Off My Mind’ and ‘You Left Me Here to Die’ which showcase their emotional intensity.
Readers could stay connected and follow JJ Twins on social media for exclusive updates, behind-the-scenes moments, and upcoming releases:
Instagram: http://instagram.com/jjtwinsofficial
TikTok: http://tiktok.com/@jjtwinsmusic
Facebook: http://facebook.com/jjtwinssingers
YouTube: http://youtube.com/jjtwins
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