LankaPay Technnovation Awards 2023 kicks off

Operator of Sri Lanka’s National Payment Network – LankaPay announced the fifth edition of LankaPay Technnovation Awards − Sri Lanka’s pioneering and the only payment technology innovation awards. The awards competition kicked off with the much-awaited online poll for the ‘Most Popular Digital Payment Product of The Year’ on 21st February 2023. The grand finale is scheduled to be held on 21th March 2023 at the Shangri-la Hotel, Colombo. 

LankaPay Technnovation Awards is Sri Lanka’s first and the only payment technology innovation awards event, which aims to recognise the trailblazers of technology innovations in the financial services sector of the country. The objective is to reward those who have been steadfast to the cause of promoting digital payments, thereby enhancing customer convenience.

During the year 2021/22 alone, LankaPay empowered Sri Lankans from all walks of life across Sri Lanka to carry out over 200 million interbank digital financial transactions amounting to a staggering Rs. 18 trillion conveniently and securely from anywhere at any time. This would not have been possible if not for the banks, non-banking financial institutions and FinTechs who made customer convenience their priority. LankaPay Technnovation Awards 2023 is a tribute to those who were leading the pack in customer convenience via payment technology innovations. 

The grand finale and awards ceremony is scheduled to be held under the patronage of the Chief Guest Governor of the Central Bank of Sri Lanka Dr. Nandalal Weerasinghe. The Keynote Speaker will be Neal Cross who is the former Managing Director and Chief Innovation Officer of DBS Bank, Singapore. He is also the Co-Founder of PictureWealth and Non-Executive Director - Peppermint Innovation.

Since its inception in 2017, LankaPay Technnovation Awards has become the de facto recognition standard and one of the most looked forward to events amongst the country’s banking fraternity. The Gold Sponsor of the event is UnionPay International. The Silver Sponsors are JCB and NETS Singapore.  JCB International has been partnering this event as a sponsor since its inception in 2017 and it is the second consecutive year that NETS Singapore is associating the event. Daily Mirror, Daily FT, Sunday Times, Daily Mirror Online, Daily FT Online, Times Online, Hi Online, FM Derana and TV Derana are the media sponsors. 

In a quest to drive financial inclusivity in the country, which is a key objective of the Central Bank of Sri Lanka, LankaPay Technnovation Awards intends to enhance the efficiency of the country’s national payment network. Award criteria for 2023 considers interbank transactions during the period from 1st April 2021 to 31st March 2022. Banks, non-banking financial institutions and FinTech service providers who have steadfast to this cause and exceled in this endeavor will be vying under 13 award categories.

The categories include Overall Winner for Excellence in Interbank Digital Payments (Banking Category), Overall Winner for Excellence in Interbank Digital Payments (Non-Banking Financial Institutions Category) , Excellence in Customer Convenience , Best Common ATM Enabler of the Year , Financial Institution of the Year for Financial Inclusivity , Most Innovative Bank of the Year, Most Popular Digital Payment Product , Best Bank for Retail Payments, Best Mobile Application for Retail Payments, Best Acquirer on LankaPay Online Payment Platform, Best Institution to adopt LankaSign Digital Signatures, Best Digital Payment Strategy and Best LankaPay Card Implementor of the Year.

The initial shortlisting has been carried out based on the performance of individual banks, non-banking financial institutions and FinTech service providers against a set criterion defined and communicated at the beginning of the period, subjected to an independent audit. At the second phase of judging, the shortlisted winners will present their success stories before an independent, eminent panel of judges as to how they have achieved that performance. The Chairman of the Panel of Judges of LankaPay Technnovation Awards 2023 is Colombo Stock Exchange Chief Executive Officer and Emerging Markets Task Force of World Federation of Stock Vice Chair Rajeeva Bandaranaike.

The other members of the panel of judges are Chairman Management Systems (Pvt) Ltd and Past President − CIMA and CA Sri Lanka, former Country Managing Partner of Ernst & Young Asite Talwatte FCA, FCMA, MBA (SriJ), Past President – CA Sri Lanka and Partner BR De Silva & Co, Chartered Accountants Lasantha Wickremasinghe, Country Managing Partner of Ernst & Young Sri Lanka & Maldives and Past President – CA Sri Lanka Manil Jayesinghe (FCA, FCMA, CPFA), Founder & Chairman of Kapruka Holdings PLC,  Founder of Global Shop, Founder of Java Lounge,  Founder of Tech Root, Co-Founder of Grasshoppers, Eisenhower Fellow Dulith Herath and Vice President/General Manager – Operations at WNS Global Services and Former Council Member of CA Sri Lanka Chamila Cooray.