David Pieris invests Rs. 100 m in a digital solution JV
David Pieris Holdings and Avonet Technologies announced the launch of a new joint venture (JV) that would power Affiniti FinTech Solutions and accelerate its global expansion at an investment of Rs. 100 million.
Affiniti is currently used by many banks, non-bank financial institutions, and telco establishments. Among them are Sampath Bank PLC, PABC Bank, HNB Finance PLC, HDFC Bank, CDB, LB Finance, Vallibel Finance, and Dialog Axiata.
Offerings of Affiniti are early warning signals-triggered customer hardship management for customers with financial vulnerabilities, automated slippage detection and recovery action triggering with collection optimisation, machine learning empowered predictions, and cognitive conversational bot interactions with delinquent clients to track promises and recovery payment plans.
The David Pieris Group is known for its roots as an automotive company in the country. Over the past 25 years, the group has diversified into financial services with the largest specialised leasing company, third largest insurance broker, as well as logistics, racing, and leisure, and agri sector.
“With this JV, our intention is to make Affiniti the world’s number one digital recovery platform by 2030, initially focusing on South Asia, and then taking on Asia Pac, the Middle East, and the African regions,” explained David Pieris Group Chairman and Managing Director Rohana Dissanayake.
The partnership has a meticulously planned product and technology roadmap to meet this audacious goal which includes using artificial intelligence/machine learning (AI/ML) to increase predictive capabilities, extensive use of robotic process automation (RPA), chatbots for increased, efficient, and effective customer engagement, and branded matrices for informed decision making.
Avonet Technologies Director/Chief Executive Officer (CEO) Thilina Kumarapathirana said: “This collaboration is a significant achievement in our quest to make Affiniti a sought-after brand name for innovative software solutions internationally. The strengths of David Peiris Holdings will certainly enable us to concentrate on further improving our solutions and adding even more value to our clients.”
Dissanayake went on to explain that this was the first JV under the group’s DigiVentures Programme which identifies potential digital startups and partners them to grow and meet their full potential. During the first round of this initiative, over 60 companies were evaluated and eight shortlisted, with Avonet Technologies being selected for the first partnership. He added: “Round two has commenced and we invite startups to send their pitch decks and look forward to more successful partnerships such as this.”