Offering customer’s greater avenues of convenience coupled with a future-fit payment security model Genie, Sri Lanka’s first PCI-DSS-certified payment app, powered by Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, has adopted tokenization technology to eliminate friction in its payment process and provide a quick checkout experience.
With increased attention surrounding mobile payments and a myriad of merchants migrating online, payment security is an integral factor in ensuring customer confidence by reducing the risk of fraud and digital data breaches in the platforms they are operating on. Tokenization is a widely used method of replacing sensitive information, such as a primary account number (PAN) of a customer’s credit/ debit card, with a random string of unique characters called “tokens” which are sent across the payment gateway for processing without the actual card details being exposed to the merchant. Widely used, this encryption method is an effective and secure alternative when transferring sensitive information, adding an extra level of security to credit and debit card payments and fast becoming a catalyst in fighting fraud whilst creating a seamless payment process.
At present, Genie allows customers to store their details in a ‘One-Click-Pay’ option across several partner merchants, who also support tokenization technology, facilitating them with greater convenience in not having to enter their payment details each time they perform a transaction for those particular merchants. At present, Genie’s partner merchants who support tokenization include Eat Me Global, chargeNET, eLogic Lanka, and Dialog Axiata’s own MyDialog app.
Speaking on the integration, Renuka Fernando, Group Chief Digital Services Officer of Dialog Axiata PLC stated, “Genie stands empathetic to the diverse needs of modern customers and continuously aims to find sustainable digital solutions to meet those growing dynamic needs. Through the adoption of tokenization technology, Genie will enable the digital commerce arena in Sri Lanka to flourish by giving customers and merchants total confidence in the security behind their transactions. As we continue to grow the tokenization process on the Genie platform by onboarding new merchants, Genie will continue to improve the system with more features in time to come”
Rootcode wins Startup of the Year and People’s Choice Award at SAARC Startup Awards 2022
Rootcode, one of Sri Lanka’s leading tech companies, recently took home the “People’s Choice Award” in addition to being bestowed with the “Startup of the Year” title at the SAARC Startup Awards 2022. This regional recognition marks a significant milestone for the Sri Lankan tech space and workforce. Rootcode’s mission to build great tech is well underway, and it is gaining traction faster than ever.
This is the first time a Sri Lankan tech company has made a name for itself in the regional competition, and it is a watershed moment that has focused the global spotlight on Rootcode’s distinct approach to fostering innovation in Sri Lanka. This is also the first time that a Sri Lankan company was able to take home two awards of those presented at the SAARC Startup Awards.
Global Startup Awards SAARC celebrates the spirit of entrepreneurship and promotes bridging boundaries through innovation in its regions, which include Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka, by recognizing them with its most prestigious awards program, attended by top-notch entrepreneurs, corporates, investors, and ecosystem builders from Nordic, Central Europe, SAARC, and ASEAN regions.
Every year, the SAARC Startup Awards bring together hundreds of South Asian startups, entrepreneurs, investors, co-working spaces, and accelerators to provide a platform to highlight trailblazers in the region’s startup world. Rootcode was chosen ahead of dozens of other regional tech startups in the competition.
Sri Lanka is a relative newcomer to the South Asian startup fraternity, and Rootcode’s ability to represent the country on the global stage not long after its inception is remarkable.
“We are extremely humbled and honored by the support shown to us at the SAARC Startup Awards 2022, and being recognized under two categories is a huge milestone for us,” said the CEO and Founder of Rootcode Labs, Alagan Mahalingam. “We have always been driven forward by excellence, collaboration, and integrity, which I believe is the reason why we have come so far and why Rootcode continues to grow every day.”
Rootcode is driven by its focus on helping businesses build great tech not just locally but globally, and its achievement at the SAARC awards stands as a testament to that. Despite the challenging times, this is a win for Sri Lanka.
INSEE Cement felicitates Sri Lanka’s youngest Commonwealth medallist
INSEE Cement awarded aspiring wrestler, Nethmi Ahimsa Fernando, who won a Bronze Medal for Sri Lanka at the recently concluded Commonwealth Games in Birmingham, LKR 1 million cash reward, to support her to pursue her passion. Suranga Kumara, her coach, also received LKR 250,000 cash reward, in appreciation of his contribution towards Nethmi’s recent achievements. INSEE Cement has also pledged to support Nethmi’s aspiration to represent Sri Lanka at the 2024 Olympic games, while also providing the entire cement requirement for the completion of her new house, which is presently under construction, in collaboration with the Manusath Derana initiative.
Textile maker Teejay knits strong start to 2022-23
Q1 revenue more than doubles to Rs 23.9 billion
Teejay Lanka PLC has made a positive start to 2022-23 posting Group revenue of Rs 23.9 billion for the three months ending 30th June 2022. The Group achieved nearly half its full-year revenue of 2021-22 in just the first quarter of the new financial year as a result of the low base of the previous financial year due to the impacts of COVID, the depreciation of the Rupee and the passing on of yarn price increases during the last quarter.
In a filing with the Colombo Stock Exchange (CSE), Sri Lanka’s largest textile manufacturer said it had also recorded significant growth in pre-tax and net profit at both Group and Company level in the quarter reviewed.According to interim financial statements, Group profit before tax for the three months grew by more than Rs 1 billion or 291% to Rs 1.5 billion, while Group net profit for the period was up 301% to Rs 1.2 billion.
At Company level, revenue improved by 108% in the quarter under review to Rs 12.9 billion, while profit before tax grew by 323% to Rs 1.5 billion, and net profit increased by 311% to Rs 1.3 billion.
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