News
LOLC Finance bags five golds at Technnovation Awards 2022
LOLC Finance PLC proved its excellence yet again in the digital financing sphere, competing with the country’s prestigious banks and NBFIs to win five top awards.
LOLC Finance was bestowed with the Gold titles for: NBFI of the Year for Financial Inclusivity, NBFI of the Year for Excellence in Customer Convenience, Financial Institution of the Year for Best Digital Payment Strategy, Best Mobile Application for Retail Payments Via Just Pay (Banks and NBFI), Overall Award Excellence in Inter-Bank Digital Payments (NBFI) and a Merit Award for the Most Popular Digital Payment Product (Banks and NBFI-Mobile Payment App).
These achievements by LOLC Finance marks a period during which LOLC revolutionised Sri Lanka’s rapidly growing digital footprint in the recent past, capturing the fin-tech landscape faster than any local financial service provider in the industry. LOLC Finance has risen to be the pioneer in the most innovative digital transformation in Sri Lanka.
The 4th edition of Sri Lanka’s first and the only payment technology innovation awards LankaPay Technnovation Awards by LankaClear was held on 29th March 2022 with the theme of ‘Honouring the Digital Superheroes’. The awards recognise member banks and non-banking financial institutions who have excelled in electronic transactions during a financial year. All submissions for the awards were judged by a committee of esteemed industry experts, based on the level of innovation, impact, dynamism and uniqueness.
LOLC Finance was one of the first financial institutions in Sri Lanka to break into the mobile technology domain with the launch of the LOLC Real Time online portal and the mobile app in 2014 and 2015, respectively. This first move gave the company a strong competitive advantage in the market, which has helped it make further inroads into the mobile technology space via ground-breaking new solutions such as iPay which was launched in 2017.
Commenting on winning awards, Conrad Dias (Director/CEO) of LOLC Finance said, “Winning the awards is not just a recognition of what we have done in digital banking and financial services, it is also a testament to the long term commitment towards transforming financial services to digital, creating customer convenience, trust and confidence. It was our night at the Technnovation awards, bagging the most gold awards at the event. Amidst an adverse global pandemic, we are truly honoured to be the winner of five gold titles. These honours by LOLC Finance will become the hallmarks of excellence in the NBFI sector in Sri Lanka and will improve the inclusive national drive towards transforming the Sri Lankan economy to a cashless podium”.
LOLC Finance was one of the first NBFIs that received the mandate to introduce Foreign Currency Savings accounts and the first NBFI to register for SWIFT transactions in Sri Lanka. In the internet and mobile banking landscape, the company became one of the first NBFIs to connect with the CEFTS. LOLC Finance iPay has now advanced from a mere payment gateway into a beyond lifestyle payment application offering an exceptional service. LOLC Finance is rated (SL) A (Stable) by ICRA Lanka Limited and is licensed by the Monetary Board of the Central Bank of Sri Lanka.
News
Formulation of a Draft Economic Development Bill to expedite the process of Digital Transformation and Digital Economic Development
It is essential to establish an institutional framework with legal powers to ensure the effective implementation of national digital policy and guidelines.
Quality human capital should be attracted to this institutional framework for the compilation of policies, implementation of policies, regulation, and empowerment of operations. The continuous participation of the private sector should also be considered in establishing a strong institutional framework.
It has been further identified that attention should also be
drawn to new fields of digital innovation, including support for artificial intelligence and related activities.
Taking into consideration the aforementioned matters, a concept paper has been formulated to prepare a Draft Economic Development Bill for the establishment of a new institutional framework.
Accordingly, the Cabinet of Ministers has approved the resolution furnished by the President in his capacity as the Minister of Digital Economy to instruct legal draftsman to formulate a Draft Economic Development Bill based on the aforementioned concept paper.
The Sri Lanka Community and Health Survey is the main data source for obtaining necessary information for reviewing progress toward achieving the national health development goals, as well as the expected sustainable development goals by 2030.
The last survey was conducted in the year 2016, and the Sri Lanka Community and Health Survey should be conducted to obtain updated data to enable the collection of related data and indicators concerning the health and well-being targets of the Global Sustainable Development Objectives.
Accordingly, the Cabinet of Ministers has approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning, and Economic Development to take necessary steps to conduct the aforementioned survey.
The access to secure, reliable and affordable drinking water and adequate sanitation facilities is essential to maintain public health, promote social well-being and foster economic development.
The Sri Lankan Government recognizes water supply and sanitation services as both an economic good and a basic human need. Therefore, when pricing for water and sanitation, a balance should be maintained between the financial sustainability of the service providers and the requirement to ensure fair and affordable access for all strata in the society.
Accordingly, the Sri Lankan government has identified the necessity of a national water supply that is sensitive to gender equality and social integration applicable to all water supply and sanitation service providers. At present, there is no formal national framework for setting, reviewing, approving, and implementing tariffs for water supply systems operated by various water supply providers as well as for setting, reviewing, approving, and implementing tariffs for sanitation systems.
Therefore, the Ministry of Housing, Construction, and Water Supply has formulated a water tariff policy covering all water supply service providers under the Sri Lanka Water Supply and Sanitation Sector Reform Program, which is a policy-based loan program implemented under Asian Development Bank funds.
Rana and Mosaddek star as Bangladesh end 21-year wait with crushing win
Formulation of a Draft Economic Development Bill to expedite the process of Digital Transformation and Digital Economic Development
Cabinet approval for Sri Lanka Community and Health Survey – 2026/2027
A National Water Tariff Policy for all Water Supply and Sanitation Services
National Policy on Green Hydrogen in Sri Lanka
Cabinet nod to amend the Customs Ordinance
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
#SundayIsland 17th December – Headlines
Sunday Island – 28th March
Sunday Island Headlines – 21 March
Sunday Island – 21st February – Headlines
-
Latest News6 days agoKusal Mendis, Pathum Nissanka, bowlers put Sri Lanka 1-0 up
-
News6 days agoNew US tariffs proposed on 60 countries, including Sri Lanka
-
Features5 days agoPower crept into the Sangha and is now tearing it apart
-
Features5 days agoKondachchi wind farm and battery storage project to boost energy security, says Power Ministry Secretary
-
Features5 days agoSaudi Arabia sets new benchmark in Hajj management as 1.7 million pilgrims complete sacred journey
-
News3 days agoWomen’s T20 World Cup 2026 warm-up: Chamari Athapaththu’s 94 helps Sri Lanka beat Pakistan
-
News4 days agoAsst. Manager, security officer arrested over Rs 30 mn snatch at Horana PB branch
-
Editorial2 days agoProbe Sallay’s complaint