The Central Depository Systems (CDS), a fully owned subsidiary of the Colombo Stock Exchange (CSE), recently signed an agreement with LankaPay, Sri Lanka’s national payment network, joining its online payment platform to develop an innovative payment platform to facilitate a seamless and secure payment experience for investors.
LankaPay Chief Executive Officer (CEO) Channa de Silva, expressing his excitement about the collaboration, stated: “LankaPay believes that this partnership with CDS will usher in a new era of convenience and efficiency to all investors in Sri Lanka who engage with the CSE. By combining our expertise in payment solutions with CDS’s industry knowledge, we are confident that this partnership will create a platform that meets the evolving needs of all potential investors by enhancing their overall experience with the investment climate in Sri Lanka.”
The new payment platform promises to transform how investors participate in initial public offerings (IPOs), rights issues and other offers.
The new CDS payment service is an electronic IPO and e-rights payment service enabled via the CSE mobile app and CDS web portal. This partnership with Lanka Pay enables investors the ease of investing in IPOs and rights issues up to a transaction value of Rs. 10 million, as approved by the Central Bank of Sri Lanka (CBSL) online on a real-time basis.
Accordingly, investors will no longer need to navigate complex procedures, making it easier for them to subscribe to investment opportunities.
The utilisation of the CSE mobile app and CDS web portal will empower investors to make payments from the comfort of their own homes or offices, eliminating the need for physical visits to banks or other financial institutions. The platform will also prioritise the highest levels of security and data protection to ensure that investors’ financial information remains safe and confidential.
With these measures in place, shareholders will be able to confidently perform the said transactions online in real-time on a 24x7x365 day basis.
LankaPay and CDS are dedicated to driving innovation within the financial sector, continually working to improve the investor experience and make it more accessible to a broader range of individuals.
CSE CEO Rajeeva Bandaranaike stated: “We are happy to be partnered with LankaPay to provide a hassle-free payment experience to our investors. The CDS strategy is to provide a seamless and efficient service to its stakeholders via decentralised digital depository operations. This payment platform also adds to its continuous efforts to bring out innovations to further improve their services and its commitment to creating a paperless environment, leading towards sustainable business growth.”
CSE Chief Information Officer (CIO) Chandrakanth Jayasinghe, further commenting on the collaboration, said: “This partnership marks a significant milestone in our digital journey. Together with LankaPay, we aim to provide investors with a seamless and technologically advanced payment solution, which ensures our commitment to deliver excellence in the financial markets”.
CDS Head Nalin Fonseka added: “This initiative is a significant step forward in the digital transformation of Sri Lanka’s financial sector. We are proud to work alongside LankaPay to develop a payment platform that will simplify the investment process and encourage greater participation in IPOs, rights issues, and other offers.”