Sri Lanka’s most innovative bank, HNB PLC, announced that it had successfully linked its increasingly popular digital Payment App, SOLO, with the newly launched Lanka QR standard.
Working in unison with the entire Sri Lankan banking and financial industry, the launch of Lanka QR is set to accelerate the adoption of QR code payments across the entire country and lay the foundation for the rapid expansion of digital wallets and cashless payments in Sri Lanka.
“For several years now, HNB has been among those leading the charge on cashless payments in Sri Lanka, leveraging on the rising popularity of our digital wallet, HNB SOLO. With the launch of a common standard for all digital wallets, the Central Bank has cleared the way for merchants of all sizes to revolutionize payments across the nation.
“This is a remarkable achievement that will create unprecedented opportunity and convenience for SOLO users. We commend CBSL officials for enabling such a paradigm shifting evolution in the payments space, and stand fully geared to support this major paradigm shift in cashless payments in Sri Lanka,” HNB Deputy General Manager – Retail and SME Banking, Sanjay Wijemanne stated.
Lanka QR is a common Quick Response (QR) code standard adopted by financial institutions in Sri Lanka to facilitate fast, secure and low cost digital payments to any merchant, especially small and medium enterprises.
It enables customers to pay merchants directly from their bank accounts using a LANKAQR compliant mobile payment app. The payment is instantly credited to the merchant’s bank account. The LANKAQR printed sticker is provided free of charge to merchants to display at their place of business by the member institutions of LANKAQR.
To pay using LANKAQR, a customer has to scan the LANKAQR using mobile payment apps like HNB SOLO. Upon completion, merchants will receive an instant SMS notification, confirming the receipt of payment.
Coming at a time when the need for social distancing has become paramount in the wake of the COVID-19 pandemic, the linking up of HNB SOLO to the common Lanka QR standard is expected to drive rapid adoption of QR-based payments broadly among merchants, and simultaneously expand the user base of HNB SOLO over the coming weeks and months.
Since its launch in 2019, SOLO has experienced rapid adoption, and the bank has continuously bolstered features, functionality while refining its user interface in order to make QR-based payments intuitive, easy-to-use and versatile. HNB has also provided extensive rewards to its growing user base through cashback offers. Users can also pay utility bills and mobile recharges in addition to a host of other exciting features.
With 252 customer centres across the country, HNB is one of Sri Lanka’s largest, most technologically innovative banks having won local and global recognition for its efforts to drive forward a new paradigm in digital banking. The bank has continuously won prestigious accolades including being declared Best Retail Bank in Sri Lanka for 2020 by the Asian Banker Magazine for the eleventh occasion in addition to being the highest ranked privately-owned commercial bank in Sri Lanka by the prestigious Banker Magazine Top 1000 global rankings 2020. Locally, HNB claimed seven awards at the Best Corporate Citizen Sustainability Awards 2019. The first Sri Lankan bank to obtain an international credit rating, HNB is rated on par with the sovereign by Moody’s Investors Service, and the national long term rating of the bank was revised upward by two notches to AA+ (lka) recently by Fitch Ratings (Lanka) Ltd.
SLT-MOBITEL AkazaLMS enables corporate employee capability development
As SLT-MOBITEL, the National ICT solutions service provider, continues to play a pivotal role in driving Sri Lanka’s digital transformation through its Cloud-managed offering, SLT-Mobitel AkazaLMS takes centre-stage as the nation’s leading Learning Management System (LMS). SLT-Mobitel AkazaLMS offers a unique, locally developed, comprehensive enterprise learning solution designed to cater to diverse training needs without compromising on quality.
Commenting on the initiative Chief Enterprise & Wholesale Officer of SLT, Lakmal Jayasinghe said “Especially in today’s competitive environment where human capital is more important than ever, companies need to create a learning strategy that aligns to robust curricula, employing relevant and available learning methods and technology. Addressing this need, SLT-Mobitel AkazaLMS Cloud is an enterprise e-learning solution hosted in Sri Lanka on the top of a private cloud, providing corporate and institutional customers the ability to deliver their own learning material to their users with zero cost infrastructure. With greater convenience and without additional IT resources, customers have access to their own training needs via a simple web browser”.
Empowering corporates and educational institutes, SLT-Mobitel AkazaLMS is a comprehensive locally developed platform, containing a self-portal where the user develops their own e-learning and purchase it as a SaaS product. Especially during these challenging times, when classroom lectures are not possible and distance learning methods vital, the SLT-Mobitel AkazaLMS facilitates exams, assignments, quizzes, etc. tailor-made and customised for corporates and educational institutes targeting their own specific needs.
LIOC shows stability in earnings and margins compared to volatility during previous years
First Capital expects stability in LIOC earnings and margins ahead, compared to the significant volatility witnessed during the previous years.
“With the new pricing formula, we expect a stable outlook for LIOC which is currently trading at a TTM PER of 7.5x on FY22 earnings while also trading at a PBV of 1.5x”, they said.
“The government’s implementation of the new fuel pricing formula on 24th May 22 includes all costs incurred in importing, unloading, distributing to the stations and taxes. With that, fuel prices will be revised on a monthly basis, and if necessary, it will be reviewed every two weeks. Accordingly, the next price revision was scheduled for 24th Jun 22. Considering the price revision, In addition to that, Sri Lanka’s Cabinet has approved a bill to impose a 2.5% tax on companies with an annual turnover of LKR 120.0Mn, which will only have a marginal effect on company margins.”
“With regards to investment in joint venture, LIOC has invested in Trinco Petroleum Terminal (Pvt) Ltd (TPT) in Jan-22 and acquired 49% of the stake with CPC which holds 51% of the ownership of TPT in order to develop 61 tanks at the Trincomalee Oil Tank Farm and allied facilities in the Upper Tank Farm of the China Bay Oil Tank Farm. Also, LIOC has entered into a Lease of State Land with the Government of Sri Lanka for a term of fifty years to develop the Lower Tank Farm of the China Bay Oil Tank Farm,” First Capital said.
Lanka Hospitals Academy partners with NSBM Green University
to offer clinical training for nursing undergraduates
Lanka Hospitals Academy has partnered with NSBM Green University to launch a professional clinical training programme for nursing undergraduates of NSBM. The initiative will offer prospective undergraduates of NSBM’s nursing degree programme an opportunity to obtain hands-on training in a fully equipped real-world clinical setting through Lanka Hospitals Academy, under highly experienced and qualified medical professionals. The mutually beneficial partnership is aimed to facilitate and enhance skill development in the practice of nursing, which is vital for the career development of nurses in the nursing workforce and the healthcare industry at large. The partnership with NSBM is the latest initiative by Lanka Hospitals Academy, which aims to optimize synergies with its industry stakeholders.
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