Innovators in payment technology hailed at LankaPay Technnovation Awards 2017

Organised with the objective of driving financial inclusivity in the country by fuelling the use of electronic transactions, Sri Lanka’s first and the only Payment Technology Innovation Awards –LankaPay Technnovation Awards 2017 reached its climax recently. 

The grand award ceremony was held on 20 June at the Balmoral, The Kingsbury Colombo under the distinguished patronage of Dr. Indrajit Coomaraswamy, Governor of the Central Bank of Sri Lanka as the Chief Guest.

Koji Yagi, Counsellor/Deputy Head of Mission, Embassy of Japan in Sri Lanka was the Guest of Honour while the award ceremony saw the participation of over 250 high profile personalities.  The gala event also featured the renowned FinTech maestro, Sopnendu Mohanty, Chief FinTech Officer of the Monetary Authority of Singapore who enlightened the audience on the pertinent topic of ‘Smart Financial Sector’.

Bank of Ceylon bagged the pinnacle of all awards by winning the Gold as the Overall Winner for ‘Excellence in Interbank Payments’ while Seylan Bank claimed the Silver Award as the Overall Runner Up. The Overall Merit Award was secured by Union Bank of Colombo PLC.

Altogether 21 awards under 8 categories were presented at the event and the Gold Award winners were:

 

• Best Common ATM Acquirer of the Year – Category A: Hatton National Bank PLC; Category B: Union Bank of Ceylon PLC; Category C: Pan Asia Banking Corporation PLC
• Bank of the Year for Financial Inclusivity – Category A: Bank of Ceylon; Category B: Seylan Bank PLC; Category C: Union Bank of Colombo PLC
• Bank of the Year for Customer Convenience – Category A: Bank of Ceylon; Category B: Seylan Bank PLC; Category C: Union Bank of Colombo PLC
• Best Bank for Seamless Bank-end Operations – Seylan Bank PLC
• Financial Institution of the Year for Customer Convenience – LOLC Finance PLC
• Most Innovative Bank of the Year – Sampath Bank PLC
• Most Popular Electronic Payment Product – LOLC Finance PLC (Product: LOLC Realtime)
• Best Mobile Payment Application of the Year – LOLC Finance PLC (Product: LOLC Realtime)

LankaPay Technnovation Awards 2017 recognised banks and non-banking financial institutions who have been steadfast to the cause of using innovative technology to promote digital transactions and exceled in this endeavour. 

Initiated with the objective of reducing the cost of financial transactions by promoting the use of country’s national payment network, LankaPay Technnovation Awards2017 took into account the interbank transactions carried out during the period from 1 April 2016 to 31 March. 

The selection process of the eventual winners underwent a rigorous and extensive two tiered evaluation process. The initial evaluation was carried out based on the performance of individual banks and non-banking financial institutions against a set criteria defined and communicated at the commencement of the competition period. The validation of the data used for this initial evaluation and shortlisting process was subjected to an independent audit process carried out by E&Y. At the second stage of evaluation, the shortlisted winners presented their case to an independent eminent Panel of Judges who determined the final winners.

This was an initiative aptly supported by the Central Bank while the independent Panel of Judges was chaired by Wasantha Deshapriya, Secretary to the Ministry of Telecommunication and Digital Infrastructure. 

The other members of the elite panel of judges were Asite D.B. Talwatte – Chairman Management Systems Ltd. and past President Chartered Institute of Management Accountants and Institute of Chartered Accountants of Sri Lanka; Lasantha Wickremasinghe – President, Institute of Chartered Accountants of Sri Lanka and Partner BR De Silva; Rajeeva Bandaranaike – Chief Executive Officer, Colombo Stock Exchange; Manil Jayasinghe – Head of Assurance/Senior Partner, Professional Practice Director, in charge of Banking and Financial Services practice of Ernst & Young and Council Member of ICASL; and Dulith Herath – Founder and Chairman of Kapruka.com.