LankaPay joins Asian Payment Network

Monday, 12 June 2023 02:49 - - {{hitsCtrl.values.hits}}

LankaPay has joined the Asian Payment Network whilst Sri Lanka was also unanimously appointed to the position of Vice Chair of the grouping.

As a regional consortium of domestic payment networks, APN constitutes members from 12 countries in the region including Australia, China, Japan, Singapore, Malaysia, Indonesia, Korea, Myanmar, Philippines, Thailand, Vietnam and Sri Lanka.

By joining APN, LankaPay will benefit from the right to access APN’s common cross-border transaction standards and guidelines as well as to be connected to the APN Hub and link to other connected members. In addition, APN is a forum to exchange ideas and seek cooperation with other APN members and instead of regulatory bodies to continually strengthen domestic and regional payment systems.

“This is an exciting proposition as we embark on becoming an enabler and catalyst in the rapidly changing digital payment technology space. This partnership shall pave the way for seamless cross-border transactions across the Asia-Pacific region, enabling customers of member networks to carry out real-time, seamless digital transactions amongst them. This is envisaged to be a giant step towards facilitating trade within the region,” LankaPay Chairman Dr. Kenneth De Zilwasaid.

“We are gearing up for wider collaborations with each of these countries to bring greater access, integration and in turn market share, and most importantly cost savings to our customers and businesses,” he added.

LankaPay provides the central infrastructure to the country’s financial sector facilitating domestic interbank payments covering a wide spectrum of interbank digital financial services including cheque clearing, electronic fund transfers, mobile payments, ATM transactions and QR payments etc. The entity also functions as the only commercially operating digital certification authority in the country and also hosts the financial sector computer security incidents response team. LankaPay has been at the forefront of introducing payment technology innovations in the country, some of which are first in the region.