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LankaPay Technnovation Awards 2019 kicks off

LankaPay Technnovation Awards 2019 organized by LankaClear Pvt Ltd, the operator of LankaPay national payment network, kicked off on 3rd September 2019 at a press conference held at Galadari Hotel, Colombo. The objective of the awards competition is to recognize the frontrunners of payment technology innovations in the country who have steadfast to the cause of promoting electronic payments and constantly thriving for enhancing customer convenience.

LankaPay Technnovation Awards is Sri Lanka’s first and the only annual payment technology innovation awards organized for the third consecutive year. Scheduled to be held at the Shangri-la Hotel Colombo on 7th October 2019 the grand finale is expected to be graced by Hon. Ajith P. Perera, Minister of Digital Infrastructure and Information Technology; Hon. Eran Wickramaratne, State Minister of Finance; and the Governor of the Central Bank, Dr. Indrajit Coomaraswamy.

With the rapid technological advancements and emergence of a new generation of influencers who grew up with technology, commonly known as Generation Z customers or simply Gen Z; established business models are coming under tremendous pressure to remain pertinent in this digital era. This new generation of customers who have been exposed to the Internet, social networks and mobile devices from a very young age; live, work and consume way different to the previous generations, demanding organizations to rethink their business models. Driven by technology and an on-demand culture, consumers today are increasingly convenience-driven and demand products and services to be made available at the touch of a button, anytime and anywhere. Payments as an integral part of their life styles too need to keep pace with these changing dynamics in consumerism. It is in this backdrop that this year’s LankaPay Technnovation Awards will focus on customer convenience under an apt theme “The Clear Touch”, taking into consideration the numerous elements that need to operate seamlessly, in a fraction of a second in order to bring convenience to the customers’ fingertips. The awards ceremony intends to recognize the payment technology innovators who have successfully addressed the emerging consumer trends by taking customer convenience to new heights.

Initiated in 2017 in a quest to drive financial inclusivity in the country, which is a key objective of the Central Bank, LankaPay Technnovation Awards intends to enhance the efficiency of the country’s national payment network. Award criteria for 2019 considers interbank payments during the period from 1st April 2018 to 31st March 2019. Banks, non-banking financial institutions and FinTech service providers who have steadfast to this cause and exceled in this endeavor will be vying for recognition under 15 categories. The categories they would be competing include Overall Winner for Excellence in Interbank Payments-Banking Category, Overall Winner for Excellence in Interbank Payments-Non-Banking Category, Bank of the Year for Excellence in Customer Convenience, Best Common ATM Acquirer of the Year, Best Bank for Seamless Back-end Operations Bank of the Year for Financial Inclusivity, Most Innovative Bank of the Year, Financial Institution of the Year for Customer Convenience, Most Popular Electronic Payment Product-banking and non-banking financial institutions, Most Popular Electronic Payment Product-FinTech category, Best Payment Application of the Year, Best Bank for Retail Payments, Best Mobile Application for Retail Payments, Best Acquirer on LankaPay Online Payment Platform and Best Acquirer for US Dollar Online Clearing.

The initial shortlisting would be carried out based on the performance of individual banks, non-banking financial institutions and FinTech service providers against a set criteria defined and communicated at the beginning of the period, which would also be subjected to an independent audit. At the second phase of judging, the shortlisted winners need to be present before an independent and eminent Panel of Judges as to how they have achieved that performance. The Chairman of the Panel of Judges of LankaPay Technnovation Awards 2019 would be Mr. Wasantha Deshapriya, Former Secretary to the Ministry of Telecommunication and Digital Infrastructure who have been instrumental to the success of this wards since its inception in 2017. The other members of the panel of judges are Mr. Asite Talwatte FCA, FCMA, MBA (SriJ), Chairman Management Systems (Pvt) Ltd and Past President - CIMA and CA Sri Lanka; Mr. Lasantha Wickremasinghe, Past President - Institute of Chartered Accountants of Sri Lanka and Partner BR De Silva; Mr. Rajeeva Bandaranaike, Chief Executive Officer of Colombo Stock Exchange, Prof. Lalith Gamage, Managing Director / CEO, SLIIT Malabe Campus and. Dr. Ranee Jayamaha, Director -Overseas Realty Plc, Director - Regional Centre for Strategic Studies, Former Chairperson of Hatton National Bank Plc and Former Deputy Governor of the Central Bank of Sri Lanka. The independent panel of judges would make the final determination of the winners.

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