March 13, 2024

LankaPay Technnovation Awards 2024 to Celebrate Vision Beyond Borders

LankaPay announced the sixth edition of LankaPay Technnovation Awards − Sri Lanka’s pioneering and the only payment technology innovation awards to recognize the Payment Technology innovators. The de facto recognition standard and one of the most looked forward to events amongst the country’s banking fraternity kicked off with the much-awaited online poll for the ‘Most Popular Digital Payment Product of the Year on 09th February 2024. The grand finale is scheduled to be held on 20th March 2024 at the Shangri-la Hotel, Colombo.

Initiated in 2017, LankaPay Technnovation Awards is Sri Lanka’s first and the only payment technology innovation awards event, which aims to recognize the pioneers of technology innovations in the financial services sector of the country. The objective is to reward those who have been steadfast to the cause of promoting digital payments, thereby enhancing customer convenience.

The country’s financial sector has been one of the most resilient sectors and fastest growing sectors that has shouldered the stability of the national economy amidst numerous challenges. In the ever-changing landscape of finance and technology, Sri Lanka too has been able to keep pace with its regional counterparts in terms of its digital transformation. In the year 2022/23, the financial transactions carried via LankaPay network exceeded Rs. 27 Tn in value compared to Rs. 18 Tn in the preceding year. Marking a remarkable turning point in the country’s digital evolution, LankaPay, as country’s national payment network embarked on a journey beyond borders, with its renewed vision to go global. Guided by a vision beyond the ordinary, this isn’t a solitary flight but truly a collective effort by the entire financial sector to thrive and soar above the rest. LankaPay Technnovation Awards is a tribute to those eagle-eyed financial institutions and FinTechs who have pioneered the changes in payment technology innovations towards enhancing customer convenience. It’s a platform that recognizes those who have seized the opportunities amidst chaos.

The grand finale and awards ceremony is scheduled to be held under the patronage of the Chief Guest Hon. Kanaka Herath, State Minister of Technology and Guests of Honour Hon. Shehan Semasinghe, State Minister of Finance- Ministry of Finance; and Dr Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka. The Keynote Speaker is Mr. Zennon Kapron – former Asia Pacific Financial Industry Manager and Global Banking Industry Manager for Intel; and Director of Kapronasia, one of Asia's leading financial technology research and consulting firms.

The Platinum Sponsor of the event is UnionPay International, which is associating with the event for the second time. The Gold Sponsor is Alipay who is partnering this event for the first time. The Silver Sponsorship is shared by JCB and NETS Singapore. JCB International has been partnering this event as a sponsor since its inception in 2017 and it is the third consecutive year that NETS Singapore is associating with the event. Ogilvy Digital is the Official Creative agency. Daily Mirror, Daily FT, Sunday Times, Daily Mirror Online, Daily FT Online, Times Online, Lankadeepa Online, Hi Online, FM Derana and TV Derana are the media sponsors.

In a quest to drive financial inclusivity in the country, which is a key objective of the Central Bank of Sri Lanka, LankaPay Technnovation Awards intends to enhance the efficiency of the country’s national payment network. Award criteria for 2024 considers interbank transactions during the period from 1st April 2022 to 31st March 2023. Banks, non-banking financial institutions and FinTech service providers who have steadfast to this cause and exceled in this endeavor will be vying under 12 award categories. The categories include Overall Winner for Excellence in Digital Payments, Excellence in Customer Convenience, Best Common ATM Enabler of the Year, Financial Institution of the Year for Financial Inclusivity, Most Innovative Bank of the Year, Most Popular Digital Payment Product, Best Bank for Retail Payments, Best Mobile Application for Retail Payments, Best Bank for Digital Government Payments, Best LankaPay Card Implementor of the Year, Best Institution to adopt LankaSign Digital Signatures and Best Digital Payment Strategy.

The initial shortlisting has been carried out based on the performance of individual banks, non-banking financial institutions and FinTech service providers against a set criterion defined and communicated at the beginning of the period, subjected to an independent audit. At the second phase of judging, the shortlisted winners presented their success stories before an independent, eminent panel of judges. The Chairman of the Panel of Judges of LankaPay Technnovation Awards 2024 is Mr. Rajeeva Bandaranaike, Chief Executive Officer of the Colombo Stock Exchange and Vice Chair of Emerging Markets Task Force of World Federation of Stock. The other members of the panel of judges are Mr. Asite Talwatte, Chairman- Management Systems (Pvt) Ltd and Past President − CA Sri Lanka; Mr. Lasantha Wickremasinghe, Partner- B R De Silva & Company, Past President- CA Sri Lanka; Mr. Manil Jayesinghe, Former Country Managing Partner of Ernst & Young Sri Lanka & Maldives, Past President- CA Sri Lanka and member Monetary Board, Ms. Chamila Cooray, Vice Chairperson - South Asian Federation of Accountants Women’s Leadership Committee, Member of the Governing Council of Institute of Chartered Accountants of Sri Lanka; Mr. Dulith Herath, Founder and Chairman of Sri Lanka's largest e-commerce enterprise, Kapruka PLC; and Mr. Oshada Senanayake, Group Chief Operating Officer – Digital Transformation Brandix and Non-Executive Independent Director at Ceylinco Life PLC.