Sri Lanka-based fintech Genie has partnered with Bank of Ceylon to act as the financial acquirer and digitize payments through its mobile wallet solution.
The unprecedented crisis triggered by the coronavirus pandemic has severely dented Sri Lanka’s economy, causing a steep fall in the earnings from tourism, remittances and outflow of foreign investment, the nation’s central bank has said.
IFC’s $50 Million In Support to Commercial Bank of Ceylon to Boost Finance for Small Businesses in Sri Lanka Amid COVID-19
The funding will be used to expand lending to small and medium-sized enterprises, with over a third dedicated to businesses owned by women.
The bond is the first Green Bond issued via Symbiotics’ sponsored bond issuance platform under its Sustainability, Social and Green Bond Framework which was certified in December 2019 by DNV GL.
Sri Lanka’s HNB has reported a smooth transition to contactless remittance transactions parallel to rising demand for digital remittances and cardless withdrawals during the coronavirus lockdown.
Sri Lanka: IFC Supports Commercial Bank of Ceylon to Expand Access to Finance for Women and Women-Owned Small Businesses
IFC will support developing more specially-designed products and services for women, as part of a move to help boost access to finance for women.
The collaboration enables UNFCU members to transfer money to mobile wallets in select countries in local currencies.
Digital payment software and solutions firm ACI Worldwide will be working with Sri Lanka’s National Savings Bank to implement a new solution for mitigating fraud.
This is the first foreign equity placement by Commercial Bank, the first post-pandemic equity placement by the IFC and is one of the largest foreign investments into Sri Lanka since the start of the COVID-19 pandemic.
Under the agreement, IFC will help AIA Sri Lanka develop a women's insurance program strategy and suitable products for Sri Lankan women.