IFINITY GLOBAL PARTNERSHIP | LMD

Financial institution of Ceylon (UK) Ltd digital transformation roadmap take-off with IFINITY GLOBAL partnership

LONDON – 2024 Financial institution of Ceylon (UK) Ltd (BOC UK), the one monetary establishment with a Sri Lankan heritage in the UK, celebrating its seventy fifth anniversary subsequent 12 months has partnered with IFINITY GLOBAL to embark on a major digital transformation initiative. This revolutionary collaboration goals to redefine banking experiences and strengthen BOC UK’s presence within the UK by reworking its conventional banking atmosphere right into a digital banking ecosystem revolutionising the best way it will do banking sooner or later.

BOC UK was established in 1949 as the primary abroad department of the Financial institution of Ceylon after which in 2010 grew to become a wholly-owned subsidiary financial institution authorised and controlled by the Prudential Regulatory Authority (PRA) and the Monetary Conduct Authority (FCA) has launched its formidable plans to capitalise on its presence in London, the second-largest fintech hub on the planet, and Europe’s fintech epicentre. The digital transformation roadmap aims will in the end rework the financial institution right into a digital financial institution with an open banking structure. The primary milestone of the journey is to introduce a cash remittance cellular utility to facilitate hundreds of Sri Lankan expatriates residing throughout the UK to remit cash to Sri Lanka. The dynamic, user-friendly cash remittance utility will deliver much-needed comfort and enhanced safety, constructing confidence within the customers and inspiring them to make use of trusted banking channels for his or her remittance transactions.

BOC UK has performed a pivotal function in offering banking providers to retail and SMEs within the UK, correspondent banking and treasury providers to the dad or mum financial institution and different correspondence banks, and commerce providers to UK and Sri Lanka companies. Final 12 months, the financial institution facilitated over GBP 10 million in inward remittances to Sri Lanka, channeling much-needed international forex by way of its remittance providers. In the course of the latest financial turmoil, the financial institution continued to help commerce transactions by including affirmation to LCs issued by a lot of the Sri Lankan banks to assist the Sri Lankan economic system. Additional, BOC UK was capable of channel greater than USD 60 million as bilateral funding swap preparations. The financial institution has additionally helped just a few Sri Lankan companies and entrepreneurs to develop their enterprise into the UK and European markets by serving to to arrange enterprise and banking providers.

The Financial institution has onboarded IFINITY GLOBAL as its transformation venture implementation companion. This worthwhile collaboration will develop IFINITY GLOBAL’s attain into the UK market enhancing its world footprint as a trusted digital transformation companion. For Singapore-based banking IT providers firm IFINITY, this enterprise supplies a chance to develop its experience to a brand new market and create revolutionary options to evolving buyer calls for. IFINITY has established its presence in Singapore, Bangladesh, Cambodia, and Indonesia. This collaboration supplies them with a deep dive into the newest banking and Fintech improvements in one of many key expertise markets on the planet.

On the latest launching ceremony of the financial institution’s digital transformation roadmap, Aruna Kumara, the CEO and Government Director of BOC UK expressed his views, “It is a vital step within the financial institution’s futuristic strategy to deviate from its conventional banking mannequin and to change into a completely digital financial institution targeted on digital product providing to its worthwhile purchasers, enhance its market share, and set up its footprint within the ever-evolving expertise ecosystem in the UK. The financial institution has delivered distinctive outcomes this 12 months and demonstrated its potential to function within the UK independently. The deliberate digital transformation will solely strengthen its enterprise mannequin going ahead.”

Talking at this occasion Imal Kalutotage, Group Chairman of NCINGA and IFINITY GLOBAL said, “We imagine that BOC UK has the braveness, ardour, and visionary management required to undertake a groundbreaking venture equivalent to this. We’re dedicated to serving to BOC UK realise this formidable roadmap because it aligns with IFINITY’s mission of constructing banks clever, invisible, and infinite. We are going to work hand in hand, share information and construct capabilities to make their buyer expertise second to none within the UK with a expertise lead strategy.”

Aruna Kumara, CEO – BOC UK and Mr. Imal Kaluthotage, Group Chairman NCINGA / IFINITY GLOBAL

Mr. Sanjeewa Samarakoon, COO – BOC UK , Mr. Aruna Kumara, CEO –  BOC UK, Mr. Imal Kaluthotage, Group Chairman NCINGA / IFINITY GLOBAL, Mr. Jithendra Weerasekara, Director / CEO – IFINITY GLOBAL

Crew IFINITY GLOBAL, Crew BOC UK, Crew RemitONE

Mr.Imtiaz Muhseen, Head of Finance, Mr. Aruna Kumara, CEO of BOC UK – CEO, Mr. Imal Kaluthotage, Group Chairman NCINGA / IFINITY GLOBAL, Mr.Jithendra Weerasekara, Director / CEO – IFINITY GLOBAL