Business
Arimac innovates and Rredefines the Sri Lankan banking industry
Mobile payments have seen an increased development after the world faced the COVID-19 crisis in 2020. In the new socially distanced world, customers swiftly moved to digital solutions, whether it was for purchasing groceries or indulging in entertainment. Many businesses had to digitally transform themselves to keep up with the “no contact” way of functioning. “Within ten years, the objects used to make physical payments, be it plastic cards, paper cash, or metal coins will be obsolete, with most of that obsolescence happening over the next five years. Arimac currently has partnered with several multinational companies that have already started the trend of digitalization. This isn’t science fiction either. Look no further than Asia for examples of countries where most commerce is transacted through the mobile phone. At Arimac, we are excited to be at the forefront, leading the Sri Lankan fintech industry to the next stage of digitalization,” says Chamira Jayasinghe, Founder/CEO of Arimac.
One such partnership is Arimac’s collaboration with People’s Bank to launch the People’s Pay digital wallet, enabling individuals and businesses to transact electronically and store their data safely. Through the People’s Bank mobile wallet, customers can now check their account balances, transfer funds, pay utility bills as well as manage accounts at other banks. Additionally, customers can also conveniently carry out mobile reloads, bill payments, and QR code payments. Merchants are also provided a host of user-friendly features including registration requests within the app, history and overview based on the currency, same-day refunds, and QR code generation with the convenience of using the same app for both personal and merchant financial management.
Providing customers with enhanced biometric security features, such as fingerprint scanning and facial recognition, the mobile wallet is also equipped with AI technology that would facilitate customers to verify all the information that is uploaded onto the platform as well as capture the users’ digital signatures. The app’s onboarding security features will be further enhanced to facilitate EKYC and VKYC modules for additional identity verification.
“We developed this app in the course of just two months. It normally takes around 8 months to develop a fully functional mobile wallet; however, the team was determined to meet the timeline that was given to us and worked tirelessly to achieve this. We are currently working on enhancing the features even further by transforming the standard mobile wallet to a complete banking solutions app. This will transform the way people handle money and redefine the Sri Lankan banking industry. We are excited to have partnered with People’s Bank to pioneer this groundbreaking technology to the Sri Lankan market,” says Chamira Jayasinghe.
The wallet is fully compliant with all regulatory and cyber security requirements and is approved by the Central Bank of Sri Lanka. Available on all mobile platforms and compatible in Sinhala, English and Tamil, the People’s Pay Mobile Wallet is the ideal tool to manage all your online transactions.
Addressing the 58th Annual General Meeting of The Hotels Association of Sri Lanka (THASL) held on Monday (27) at Shangri-La Hotel, Colombo, President Ranil Wickremesinghe outlined a comprehensive strategy to propel the country’s tourism sector to new heights. Focused on surpassing the target of 5 million tourists and redefining traditional approaches, the President’s vision extends to achieving 7.5 million visitors in the coming years. The President emphasized the need for innovative thinking and collaboration within the industry to ensure sustainable growth.
“When I took over the government, I realized that sustainability alone is not sufficient. How are we going to earn foreign exchange? How are we going to have a positive balance of trade? In that, there were many suggestions. But what is the low-hanging fruit? And one of the low-hanging fruits was tourism. Let’s promote tourism fully,” President Wickremesinghe declared.
The President acknowledged the need to move beyond the existing framework and embrace competition to elevate Sri Lanka’s standing in the global tourism market. Drawing parallels with countries like Vietnam, he questioned why they had more tourists despite being in the industry for a shorter period. President Wickremesinghe stressed the importance of increasing the number of tourists to 2.5 million in the upcoming year and subsequently expanding on this figure.
(PMD)
Business
Free visas for nationals of China, India, Indonesia, Russsia, Thailand, Malaysia and Japan from Monday (27)
The Controller General of Immigration and Emigration has stated that nationals of China, India, Indonesia, Russsia, Thailand, Malaysia and Japan will be granted free visas from Monday 27-11-2023 to 31-03-2024 as a pilot program to rebuild the tourism industry.
Nationals of the above nominated countries possessing, Diplomatic, Official, Public Affairs, Services and Ordinary Passports are eligible to enjoy a visa free regime under this scheme.
The above mentioned nationals should apply for Electronic Travel Authorization (ETA) before arriving in Sri Lanka subject to granting / issuing free of charge up to 31-03-2024.
Under this scheme tourists can enjoy a 30 days free visa period and a double entry facility is permitted within 30 days from the date of first arrival in Sri Lanka.
Free ETA under this scheme can be applied up to 31-03-2024.
The free ETA cannot be extended further and is limited only to thirty (30) days. In case the free ETA period of 30 days expires after 31-03-2024, an extension of visa could be applied subject to paying the appropriate fee.
The Minister of Economy and Planning for the Kingdom of Saudi Arabia. Faisal F. Alibrahim, met with President Ranil Wickremesinghe on Monday (27) at the Presidential Secretariat.
During the discussions, Minister Faisal F. Alibrahim emphasized Saudi Arabia’s keen interest in strengthening economic ties with Sri Lanka across various sectors, including apparels and tourism. He elucidated that his government was focused on expanding economic relations within the region and regarded Sri Lanka with significant importance.
President Ranil Wickremesinghe welcomed the Minister’s comments, asserting that Sri Lanka is actively promoting enhanced cooperation in Asia, including West Asia. He further highlighted that the tourism and agriculture sectors were areas open to greater investment, as the country is committed to modernizing these domains.
(PMD)
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