LankaPay Technnovation Awards 2017 hails payment technology innovators

Organised with the objective of driving financial inclusivity in the country by fuelling the use of electronic transactions, Sri Lanka’s first and the only payment technology innovation awards – LankaPay Technnovation Awards 2017 – reached its climax recently.
The grand award ceremony was held on June 20, 2017, at the Balmoral, The Kingsbury Hotel Colombo under the distinguished patronage of Central Bank Governor Dr. Indrajit Coomaraswamy as the chief guest. Japanese Embassy Counsellor/Deputy Head of Mission Koji Yagi was the guest of honour while the award ceremony saw the participation of over 250 high-profile personalities.  
The gala event also featured the renowned fintech maestro, Monetary Authority of Singapore Chief Fintech Officer Sopnendu Mohanty, who enlightened the audience on the pertinent topic of ‘Smart Financial Sector’.
Bank of Ceylon bagged the pinnacle of all awards by winning the Gold as the Overall Winner for ‘Excellence in Interbank Payments’, while Seylan Bank claimed the Silver Award as the Overall Runner-Up. The Overall Merit Award was secured by Union Bank of Colombo PLC.
Altogether 21 awards under eight categories were presented at the event and the Gold award winners were:
n Best Common ATM Acquirer of the Year – Category A: Hatton National Bank PLC, Category B: Union Bank of Ceylon PLC, Category C: Pan Asia Banking Corporation PLC
n Bank of the Year for Financial Inclusivity – Category A: Bank of Ceylon, Category B: Seylan Bank PLC, Category C: Union Bank of Colombo PLC
n Bank of the Year for Customer Convenience – Category A: Bank of Ceylon, Category B: Seylan Bank PLC, Category C: Union Bank of Colombo PLC
n Best Bank for Seamless Bank-end Operations – Seylan Bank PLC
n Financial Institution of the Year for Customer Convenience – LOLC Finance PLC
n Most Innovative Bank of the Year – Sampath Bank PLC
n Most Popular Electronic Payment Product – LOLC Finance PLC (Product: LOLC Realtime)
n Best Mobile Payment Application of the Year – LOLC Finance PLC (Product: LOLC Realtime)
LankaPay Technnovation Awards 2017 recognized the banks and non-banking financial institutions which have been steadfast to the cause of using innovative technology to promote digital transactions and excelled in this endeavour. 
Initiated with the objective of reducing the cost of financial transactions by promoting the use of country’s national payment network, LankaPay Technnovation Awards 2017 took into account the interbank transactions carried out during the period from April 1, 2016 to March 31, 2017. 
The selection process of the eventual winners underwent a rigorous and extensive two-tiered evaluation process. The initial evaluation was carried out based on the performance of individual banks and non-banking financial institutions against a set criteria defined and communicated at the commencement of the competition period. 
The validation of the data used for this initial evaluation and shortlisting process was subjected to an independent audit process carried out by E&Y. At the second stage of evaluation, the shortlisted winners presented their case to an independent eminent panel of judges who determined the final winners.
This was an initiative aptly supported by the Central Bank while the independent panel of judges was chaired by Telecommunication and Digital Infrastructure Ministry Secretary Wasantha Deshapriya. The other members of the elite panel of judges were Management Systems (Pvt.) Ltd Chairman and Chartered Institute of Management Accountants and Institute of Chartered Accountants of Sri Lanka Past President Asite D.B. Talwatte, Institute of Chartered Accountants of Sri Lanka President and BR De Silva Partner Lasantha Wickremasinghe, Colombo Stock Exchange Chief Executive Officer Rajeeva Bandaranaike, Manil Jayasinghe – Head of Assurance/Senior Partner, Professional Practice Director, in charge of Banking and Financial Services Practice of Ernst & Young and council member of ICASL and Kapruka.com Founder and Chairman Dulith Herath.