LankaPay Technnovation Awards 2024 dazzles the financial sector

In a glittering finale, Bank of Ceylon emerged as the Overall Gold Award Winner for “Excellence in Digital Payments” under banking institution category at the LankaPay Technnovation Awards 2024. Sri Lanka’s pioneering and the only payment technology innovation awards ceremony was held on 20^th March 2024 at Shangri-la Hotel, Colombo, organized by LankaPay – Sri Lanka’s National Payment Network. Commercial Bank of Ceylon bagged the Overall Silver Awards and Seylan Bank secured the Overall Bronze Award while National Savings Bank made its way to become the Overall Merit Award winner under the same category after a stringent and a transparent process. LOLC Finance PLC was adjudged the Overall Gold Award winner under Non-Bank Financial Institutions category for the 5^th consecutive time while Dialog Finance became the Overall Silver Award winner under non-bank financial institutions category.

Held under the distinguished patronage of Hon. Kanaka Herath, State Minister of Technology – the Chief Guest and Guest of Honour - Hon Shehan Semasinghe, State Minister of Finance, LankaPay Technnovation Awards is the de facto recognition standard and one of the most looked forward to events amongst the country’s financial services fraternity. FinTech Guru – Mr. Zennon Kapron – Managing Director of Kapronasia and former Asia Pacific Financial Industry Manager and Global Banking Industry Manager for Intel made an insightful presentation on ‘Navigating the Future of Fintech in Asia’ delivering the keynote address in front an august audience of over 450 participants from the country’s financial sector, policy makers, high level officials from central bank and the government sector, representatives from diplomatic missions and global payment networks.

Initiated in 2017, LankaPay Technnovation Awards is the only financial sector awards competition in Sri Lanka, which recognizes the pioneers of payment technology innovations in the country. The objective is to recognize those who have been steadfast to the cause of delivering and promoting digital transactions, thereby enhancing customer convenience.

Altogether 46 awards under 12 categories were on offer at this year’s awards and the Gold Award winners were;

Bank of the Year for Excellence in Customer Convenience - Category A: Hatton National Bank; Category B: Seylan Bank; Category C: National Savings Bank

Non-Bank Financial Institution of the Year for Customer Convenience - LOLC Finance

Best Common ATM Acquirer of the Year - Category A: Bank of Ceylon; Category B: Seylan Bank; Category C: Regional Development Bank

Bank of the Year for Financial Inclusivity - Category A: Bank of Ceylon; Category B: National Savings Bank; Category C: DFCC Bank

Non-Bank Financial Institution of the Year for Financial Inclusivity – LOLC Finance

Most Innovative Bank of the Year – Commercial Bank of Ceylon

Most Popular Digital Payment Product - State Bank Category (Internet and Mobile Banking)– People’s Bank (Product: People’s Wave)

Most Popular Digital Payment Product - Private Commercial Banks and Non-Bank Financial Institutions category (Internet and Mobile Banking Category) – LOLC Finance (Product – iPay)

Most Popular Digital Payment Product - Fintech Category – Dialog Axiata (Genie)

Best Bank for Retail Payments - Commercial Bank of Ceylon

Best Mobile Application for Retail Payments via JustPay (Banks and Non-Bank Financial Institutions) – LOLC Finance (iPay)

Best Mobile Application for Retail Payments via JustPay (FinTech) - Pay Master Solutions Pvt ltd (Pay Master)

Best Mobile Application for Retail Payments via LankaQR (Bank and Non-Bank Financial Institutions) – Commercial Bank of Ceylon (Com Bank Q+)

Best Mobile Application for Retail Payments (FinTech) - Dialog Axiata (Genie)

Best Bank for Digital Government Payments - Bank of Ceylon

Best LankaPay Card Implementer of the Year – Regional Development Bank

Financial Institution of the Year for Adopting LankaSign Digital Signatures – Peoples’ Leasing and Finance PLC

Financial Institution of the Year for Best Digital Payment Strategy – Dialog Finance PLC

The financial services sector has been one of the most resilient and fastest growing sectors in the country that shouldered the brunt of the economic crisis and brought in stability to the national economy amidst numerous challenges. In a dynamic landscape of financial technologies, Sri Lanka too has been able to keep pace with its regional counterparts in terms of its digital transformation of its economy. In the year 2022/23, the financial transactions carried via LankaPay network exceeded Rs. 27 trillion in value compared to Rs. 18 trillion in the preceding year. Marking a remarkable turning point in the country’s digital revolution, LankaPay, as country’s center of excellence for innovation in payment technologies embarked on a journey beyond borders, with its renewed vision of going global. Driven by a passion beyond the ordinary, this isn’t a solitary flight but truly a collective effort by the entire financial services sector to thrive and surge ahead of the rest. LankaPay Technnovation Awards 2024 was a tribute to those eagle-eyed financial institutions and FinTech service providers who spearheaded the payment technology innovations in the country to enhance customer convenience, seizing opportunities amidst the chaos.