CDS signs agreement with LankaPay online payment platform

LankaPay CEO Channa de Silva (left) and CSE CEO Rajeeva Bandaranaike, share the agreement

• Move expects to bolster speedier and convenient service to investors

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 a secure payment experience for investors.

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 real-time basis.

This landmark agreement between CDS and LankaPay, sets the stage for a more convenient and efficient process for shareholders. Some of the key highlights of this partnership are, 

Streamlined investment process: The investors will no longer need to navigate complex procedures, making it easier for them to subscribe for investment opportunities.

Enhanced convenience: 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.

Security and trust: The platform will 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 real-time on 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.

LankaPay CEO Channa de Silva said: “LankaPay believes that this partnership with CDS will usher in a new era of convenience and efficiency to all investors in Sri Lanka who engages 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.”

CSE CEO Rajeeva Bandaranaike said: “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 the decentralised digital depository operations. This payment platform also adds to their continuous efforts to bring out innovations to further improve their services and its commitment to create a paperless environment, leading towards the sustainable business growth.” 

CSE Chief Information Officer Chandrakanth Jayasinghe 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 said: “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.”

This groundbreaking collaboration between LankaPay and CDS is set to revolutionise the way investors engage with the stock market, marking a major milestone in the financial landscape of Sri Lanka. Stay tuned for further updates on the development and rollout of the new payment platform.