CSE and DFCC Bank forge strategic partnership through new MoU

Tuesday, 10 September 2024 01:45 - - {{hitsCtrl.values.hits}}

DFCC Senior Assistant Manager/Project Lead – Depository Operations, Research and Development Strategy Vindhya Colombage, DFCC Senior Legal Officer Ann Silva, DFCC Senior Manager – Margin Trading A. Sethuramalingam, DFCC VP – Treasury and Investment Banking Channa Dayaratne, DFCC VP – Legal Samathri Kariyawasam, DFCC SVP – Treasury and Investment Banking Prins Perera, DFCC Director / CEO Thimal Perera, CSE CEO Rajeeva Bandaranaike, CSE Chief Market Operations Officer Chandrakanth Jayasinghe, CSE SVP – Head of Central Depository Systems Nalin Fonseka, CSE SVP – Head of Information Technology Kaushal Siriwardena, CDS Deputy Head Nadeera Athukorale, CSE SVP – Legal, Enforcement and Compliance Lankesha Molligoda, CSE Legal Officer – Legal and Enforcement Devni Galabada, and CSE Lead – Depository Digital Services Anuraj Wickramasinghe

The Colombo Stock Exchange (CSE) and DFCC Bank PLC (DFCC) have signed a Memorandum of Understanding (MoU) recently with the aim of enhancing the facilitation of Inward Investment Accounts (IIAs) for non-resident foreign individuals (FIs) in Sri Lanka.

This collaboration will enable FIs to request IIAs when opening Central Depository Systems (CDS) accounts via the CSE mobile application. Essential applicant information will be exchanged between the CSE and DFCC Bank to ensure an efficient and compliant account setup. This partnership aims to simplify the investment process and strengthen Sri Lanka’s capital markets by attracting a broader range of international investors.

CSE CEO Rajeeva Bandaranaike said: “This MoU allows us to refine the procedure for obtaining IIAs, making it more convenient for investors residing overseas to access our capital market. With the market currently undervalued regionally, it presents an attractive opportunity for foreign investors. By leveraging our low valuations and strong forward earnings potential, we aim to attract more investors to the Sri Lankan market through an efficient account opening process via the CSE mobile app.”

DFCC Bank CEO Thimal Perera said: “In keeping with our commitment to further digital enablement and achieve 100% paperless processes, we are pleased to now provide foreign investors with a seamless access path to an IIA, in partnership with the CSE. This initiative will further simplify and digitalise the process for foreign investors to gain access to our capital markets. As a leader in digital banking and one of the most trusted banks in Sri Lanka, with a legacy spanning nearly 70 years, this achievement is a proud moment for us. It demonstrates our willingness to enter strategic partnerships that create new synergies that benefit our nation.”