A group of authorized mobile phone importers in Sri Lanka express their deep concern over the Sri Lankan government's decision to remove mobile phones from the Value Added Tax (VAT) exemptions list, coupled with a simultaneous increase in VAT from 15% to 18%, effective January 1st, 2024. This dual impact, wherein devices now not only face a sudden VAT imposition, but also at a significant rate of 18%, pose substantial challenges for the industry and the country. The importers urgently call for a critical reassessment by the authorities in light of these compounded challenges.

The timing of the VAT hike is particularly challenging for authorized mobile phone importers in the country. These companies have collaborated with the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) to find viable solutions to the challenges of parallel imports. Parallel imports, or grey market goods, involve the import and sale of branded products in a market without the trademark owner's consent. This issue has already caused a tax revenue loss of LKR 3.1 billion (USD 9.4 million) and a Forex outflow of LKR 31.6 billion (USD 96 million) via illegal channels in Sri Lanka.

With the sudden VAT increase, this loss is estimated to rise to 11.9 billion LKR, marking a substantial increase in tax revenue loss from illegal imports. Additionally, there is a projected further tax revenue loss to the government, amounting to a LKR 2.5 billion decline from legitimate imports. This decline is anticipated due to increased parallel import products driven by the rising prices of genuine products.

Moreover, the ramifications extend beyond the economic landscape. Over 10,000 direct job opportunities are now at risk, leaving families dependent on the industry—more than 15,000, including those involved in logistics, printing, branding, advertising, etc.—facing uncertainty. The policy change also jeopardizes direct Forex investment for market development by principals (ATL/BTL), putting this crucial financial support at risk. Furthermore, the spectre of a national security threat looms as parallel imports introduces unknown devices to the country, creating challenges in tracking these products.

Authorized mobile importers emphasize the unfortunate timing of removing cellular and electronic devices from the VAT-exempted list and the hike in VAT given the ongoing efforts by legal importers to find solutions for the persistent Parallel Imports (PI) issue.

Accordingly, the industry had put forward practical suggestions and is actively engaged in collaboration with the TRCSL to explore viable solutions which include proposing an option for registering already in-use PI devices at a nominal fee, introducing a Tourist SIM for the duration of the incoming visitor's VISA period, and implementing whitelisting of non-registered IMEI from mobile networks. These initiatives aim to holistically address the challenges posed by parallel imports, foster regulatory compliance, and contribute to the development of effective policies that strike a balance between industry interests and regulatory requirements. However, the sudden imposition of VAT, and at an alarmingly high percentage while the industry was working with the TRCSL, is deeply concerning. Similar situations have been observed in countries like Pakistan and Nepal.

The absence of effective measures to restrict parallel imports before imposing taxes impacts legitimate imports and results in a substantial loss in government revenue. Authorized mobile importers stress the critical necessity for the government of Sri Lanka to prioritize and implement a viable solution for the parallel import problem before imposing additional taxes on the industry. This approach is urgent and essential to safeguard the industry's interests and the government's fiscal well-being.

On the 1st of December 2023, a meeting convened involving the TRCSL, leading mobile brands and authorized importers. The assembly of mobile importers present included Thushara Ratnaweera and Chaminda Silva representing Samsung, alongside Rajeev Gooneratne and Charles Wijesuriya from Gnext, Prasanna Weerakoon of JKOA, Chathura Jayawardena and Sha Bulathsinhala from Abans, and Gurubaran and Sanketh Gihan representing Vivo.

Having raised these concerns with the TRCSL and actively working on possible solutions for Parallel Import (PI) imports before the VAT announcement, authorized mobile importers in Sri Lanka urgently call upon the government to reconsider and postpone the removal of cellular devices from the VAT exempt list until a comprehensive solution for the PI problem is sought and implemented.

The importers reiterate that they remain committed to collaborative efforts with the government to find a balanced resolution, ensuring a beneficial outcome for both parties and the citizens of the country.

Samsung, a global leader in smartphone technology, continues to set new benchmarks in the world of mobile devices with its revolutionary Galaxy Foldable Smartphones. The latest additions to the Galaxy Z series, including the Galaxy Z Flip5 and Z Fold5, have garnered unprecedented attention from consumers, making waves in South Korea and Europe.

In the second part of a two-part series, Samsung Newsroom delves deeper into the remarkable technologies that power these foldable devices and aims to simplify the related jargon for everyone's understanding.

Samsung introduces the Dynamic AMOLED 2X, a cutting-edge mobile display technology that takes the original Dynamic AMOLED from 2019 to new heights. Tailored for high-speed gaming and multitasking, this enhanced display offers 100% accurate DCI-P3 color gamut for vibrant colors and contrast. It ensures a seamless user experience with smoother scrolling, swift response times, and HDR10+ certification. Most notably, the adaptive refresh rate has been upgraded from 60Hz to 120Hz, delivering an unparalleled display performance.

Adaptive Refresh Rate technology dynamically adjusts the screen's refresh rate based on the content being displayed, providing a silky-smooth user experience while optimizing battery life.

Auto Framing is a unique feature that automatically adjusts the camera angle based on the number of people in the frame. It narrows the view for a single person and widens it when the camera detects two or more individuals. Additionally, the screen follows the movement of the photographer, allowing tracking within a range of approximately two-and-a-half to three meters. Capturing dynamic scenes, such as people dancing or children playing, becomes effortlessly enjoyable. The Auto Framing feature in conjunction with Flex Mode ensures that everyone in a large group remains within the frame.

Nightography, a powerful camera capability, was introduced with the Galaxy S22 and is designed to enhance color vibrancy and picture quality in low-light environments. By capturing a series of images and applying multi-frame processing (MFP) technology, it effectively eliminates noise and blurry shots. An HDR effect is applied to create clear and vivid photos, and AI image signal processing (ISP) algorithms enhance colors and details. The Super Night Solution enables users to capture bright and crisp videos without any visual noise.

Derived from the Greek word "nitere," which means "to shine," nit is a unit of luminance used to measure the brightness emitted from a smartphone or computer display. This unit ensures that smartphone displays remain visible in varying lighting conditions, particularly in outdoor environments.

Samsung's Fast Wireless Charging 2.0 is a groundbreaking wireless charging technology standard. Initially showcased at Galaxy Unpacked 2015 with the introduction of the Galaxy Note5, this technology has evolved to support faster wireless charging options, including 10W, 12W, and 15W, using a magnetic field-induced fast-charging mechanism.

With the Galaxy Z Flip5 and Z Fold5, Samsung once again demonstrates its commitment to pushing the boundaries of mobile technology. These devices offer cutting-edge features, setting new standards in display quality, camera capabilities, and wireless charging speed. As Samsung continues to innovate, consumers can look forward to an even more exciting future for the world of foldable smartphones.

Samsung is a global leader in technology and innovation. The company's extensive range of products and services are designed to enrich people's lives and make the world a better place. Samsung's commitment to excellence and innovation has made it a trusted and respected brand worldwide.

As Sri Lanka's No. 1 smartphone brand, Samsung has been awarded the prestigious title of 'People's Youth Choice Brand of the Year' for four consecutive years by SLIM Sri Lanka's review of the country's most valuable brands. Samsung's customer base in Sri Lanka spans across all age groups, with a particular focus on the Gen Z and Millennial segments.

Singer Finance, a pioneering financial service provider trusted by Sri Lankans for decades, recently celebrated the second anniversary of introducing Sri Lanka’s first-ever QR-based mobile money collection service. This innovation reflects their unwavering commitment to revolutionizing financial solutions, with a particular focus on empowering small and medium-sized enterprises (SMEs).

The primary goal is to make savings more accessible and convenient for SMEs. With this initiative, Singer Finance brings the bank to customer’s doorsteps, offering them an easy way to deposit their cash. This exceptional service results from the team’s dedication to understanding the customer’s lifestyle and requirements, culminating in a convenient, QR-based solution.

Thushan Amarasuriya, the CEO of Singer Finance, emphasized, “Singer Finance stands out due to our dedication to innovative customer-centric initiatives. Our QR-based mobile money collection service demonstrates our commitment to simplifying financial processes, making banking easy and convenient.”

The QR-based mobile money collection service is a pioneering step towards empowering SMEs. Singer Finance has strategically placed QR code-equipped tills at shops and business locations, allowing owners and business proprietors to deposit cash directly into their savings accounts, including the savings for their children through “Muthu” minor savings accounts of Singer Finance. When they are ready to make a deposit, they simply scan the QR code with their mobile phones. Singer Finance deposit representatives will promptly visit, using GPS location tracking, to collect cash and validate the entire transaction digitally. The collected cash is then securely deposited into their respective Singer Finance savings accounts as a real-time transaction.

Moreover, this initiative not only offers convenience but also contributes to financial inclusion, bridging the gap for those with limited access to traditional banking infrastructure or online banking services.

Sampath Jayarathne, The National Head of Liability Sales & Marketing, at Singer Finance, further stated, “This initiative goes beyond convenience, it enables financial inclusion and simplifies the banking experience for all. SMEs are the backbone of our economy, and we are committed to helping them grow and succeed.”

Singer Finance invites you to join them in celebrating this milestone as they continue to make savings more accessible, convenient, and rewarding. They remain committed to providing the best financial services in Sri Lanka, with a focus on exclusive offerings tailored to empower SMEs. Singer Finance encourages all its existing and potential customers, especially SMEs, to take advantage of this exceptional service and experience a new level of financial convenience.

Sri Lanka’s mobile operator community announced the commercial launch of new industry-wide network APIs, as part of the GSMA Open Gateway initiative. In doing so, they will help developers and businesses accelerate the growth of digital services and apps, by ensuring they work seamlessly with all the country’s mobile networks and hundreds of others around the world.

All four of the countries mobile operators - Bharti Airtel Lanka (Private) Limited, Dialog Axiata PLC, Hutchison Telecommunications Lanka Ltd, and SLT-Mobitel have prioritized and launched three value creating APIs: One Time Password (OTP) Validation, Device Location and Carrier Billing, giving developers and enterprises a standard way to technically and commercially reach over 21 million Sri Lankans regardless of their network operator.

As part of the GSMA Open Gateway initiative, these APIs will be locally and globally federated, meaning developers can reach new subscribers outside of Sri Lanka as Open Gateway coverage grows. The initial set of APIs are set to revolutionize the digital adoption by Sri Lankan enterprises and developers by providing a single integration that works across all four operators in the country.

GSMA Open Gateway empowers developers worldwide to create innovative services by accessing network resources. Developed in collaboration with mobile operators worldwide, the framework ensures consistent, interoperable access to mobile networks through the standards-based CAMARA repository, a Linux Foundation project. The initiative fosters collaborations among operators, industry associations, developers, and content creators while adhering to all relevant technical standards, regulations and user privacy standards. More than 36 mobile operator groups, representing 214 mobile networks and 60% of mobile connections worldwide, are now part of the initiative.

Mats Granryd, Director General of the GSMA, said: “Sri Lanka’s launch of commercial network APIs marks a great moment for the global GSMA Open Gateway initiative, and we welcome the progress and collaboration the country’s four operators have demonstrated. Asia-Pacific represents the largest mobile market in the world and today’s announcement shows how, together, the industry can create, enhance and bring new digital services and immersive technologies to market faster and to a wider global customer base.”

“In the same way we helped harmonize mobile voice services and enable roaming 35 years ago, I believe GSMA Open Gateway offers huge potential to unlock further value from 5G connectivity and deliver similar, significant levels of change for digital services,” he added.

Commenting on the initiative MD/CEO of Airtel, Ashish Chandra said, “The dedication of Airtel Lanka in joining the GSMA Open Gateway initiative is commendable, and it's great to see the industry moving in unison. While competition refines us, it's shared visions like this that will shape the digital destiny of Sri Lanka”.

Commenting, Supun Weerasinghe, Group Chief Executive of Dialog Axiata PLC said, “Building on Axiata Group Berhad’s successful deployment of the GSMA Open Gateway in March 2023, Dialog Axiata is proud to be a participant in the GSMA Open Gateway initiative through our Ideamart platform capability, alongside all the other operators in Sri Lanka. This signifies a momentous leap for the industry, ushering in a new era of unparalleled digital innovation and connectivity for the nation”.

Commenting on the initiative Saumitra Gupta - CEO (Actg) of HUTCH stated “We are excited to be part of this GSMA global initiative of Open Gateway. We foresee this will indeed open up a new ecosystem for much broader opportunities and collaborations between network operators, developers and enterprises, and at far greater scale accelerate digital service innovations and experiences in the respective markets.”

Commenting on the occasion, Sudharshana Geeganage, Chief Operating Officer of Mobitel (Pvt) Ltd. said, “At SLT-Mobitel, we are delighted to be part of the GSMA Open Gateway global initiative. We believe this a significant step in promoting open standards and enabling the operators to interconnect and collaborate in the API economy. This will further strengthen the developer community, which is an integral part of the API economy, by facilitating various trusted network services and thereby unlocking opportunities in the global app markets propelling digital economy forward.”

The platform delivered by the GSMA Open Gateway initiative will enable operators to offer an exciting new and federated portfolio of services that developers can access through APIs to enhance the experience that they deliver to their users.

‘ComBank Digital’ – Commercial Bank’s omni-channel digital banking platform has been adjudged the ‘Best Mobile Banking App’ in Sri Lanka by Global Finance at the 2023 edition of the magazine’s World’s Best Digital Bank Awards presentation in London.

Sri Lanka’s no 1 digital banking platform with the highest usage and customer penetration, ComBank Digital is an integration of all online and mobile banking channels of Commercial Bank of Ceylon offered via a responsive web application and three native mobile applications (iOS, Android and Huawei), enabling access across all devices such as desktop PCs, laptop computers, tabs and smart phones.

The Global Finance award for Best Mobile Banking App is based on a comprehensive assessment of interactive features covering 39 parameters and was one of 11 consumer sub-categories used by the magazine to select the winners for the World’s Best Digital Banks Awards ceremony held on October 17 at London’s iconic Banking Hall. Sub-category winners were selected based on the relative strength and success of their web products and services.

Commercial Bank’s Assistant General Manager – Digital Banking Mr Pradeep Banduwansa, who accepted the award on behalf of the Bank commented: “This award is particularly noteworthy because it examines a wide spectrum of aspects from ease of access and features, functionality and ease of use, to compatibility with different browsers and operating systems, integration with external partners, content, responsive web design and much more, including future plans in terms of features. We are therefore delighted to have passed with flying colours to be adjudged the best mobile banking app in Sri Lanka.”

Used by more than a million Commercial Bank customers, ComBank Digital offers the convenience of self-registration, providing instant access to a banking platform that is secured with industry-level security standards, and delivers a convenient, swift, and safe digital 24x7 365-day banking experience, to users anywhere in the world.

Enhancing user convenience, ComBank Digital features a range of built-in options that allow users to customise their digital banking preferences on their own without the assistance of a bank agent. They can increase the security level of ComBank Digital by enabling biometric login access, device registration for secure login and device management, selection of alerts with One Time Passwords (OTPs) and setting up of alert delivery methods via push notifications.

ComBank Digital offers services such as checking balances of Current Accounts, Savings Accounts, Investments, Loans and Credit Card accounts and transactional activities such as investments in Fixed Deposits, instant payments to any account across the banking network, share trading settlements and more. ComBank Digital also supports bill payments to nearly 100 entities in nine categories such as Telephone, Electricity, Water, Credit Cards, Insurance, Pay TV, Education, Schools and Rates.

ComBank Digital is a comprehensive solution for customers’ financial needs. They can effect payments to government institutions, apply for personal loans, and apply for loans and overdraft facilities against their eFDs (electronic Fixed Deposits). Commercial Bank has expanded its digital platform to include its overseas operations in Bangladesh and Maldives as well.

Global Finance, founded in 1987, has a circulation of 50,000 readers in 193 countries, territories and districts. Global Finance’s audience includes senior corporate and financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions.

Sri Lanka’s first 100% carbon neutral bank and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World, Commercial Bank operates a network of 271 branches and 957 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 20 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.

Photo caption : Commercial Bank’s Assistant General Manager – Digital Banking Mr Pradeep Banduwansa accepts the Best Mobile Banking App award on behalf of the Bank.

HUTCH, the leading telecom operator in Sri Lanka, is set to redefine mobile connectivity by introducing its revolutionary eSIM for all users of compatible iPhone, Samsung, and various other smartphone brands. An eSIM, also known as an embedded SIM, is a miniature component seamlessly integrated within compatible mobile devices, obviating the necessity for physical SIM cards. With the flexibility offered by eSIM, users will be able to have a second connection that can operate along with the primary number.

To get started on a HUTCH eSIM, the process is straightforward:

• Simple Compatibility Check: Users can determine eSIM compatibility by dialing *#06# and checking for an EID number on their device.
• Effortless Activation: Once confirmed, users can scan a QR code to download the eSIM, granting access to a second mobile connection without changing their primary For more details, please explore hutch.lk/esim or reach out to us via WhatsApp at 0788777111.number.

CMO of HUTCH Sri Lanka, Hamdhy Hassen commented, “We are very pleased to introduce our eSIM service to the mobile subscribers of Sri Lanka. With HUTCH eSIM, more people will be empowered to make great choices. Through a quick and fully digitized process, eSIM-supporting device users will be able to get on and experience the new and largely expanded HUTCH network that spans all over the country in moments. With the best portfolio of unlimited mobile data and call packages that HUTCH offers, users are also assured of great savings and ultimate peace of mind.”

Furthermore, this eSIM evolution will also resonate with environmentally conscious consumers who seek innovative solutions that enhance mobile connectivity while contributing to sustainability efforts. By eliminating the need for physical SIM cards, HUTCH is taking a significant step toward reducing electronic waste and promoting a greener, more sustainable future.

SLT Digital Services (Pvt) Limited (SLT-DIGITAL), the emerging marketing and digital engagement solutions arm of Sri Lanka Telecom PLC (SLT-MOBITEL group), proudly announces the launch of its latest offering, the online directory, Automobile.LK. This digital platform is set to redefine Sri Lanka's automotive landscape by providing a comprehensive hub for all things automobile-related.

Automobile.LK emerges as the country's foremost and most inclusive AUTOMOBILE Web Portal, catering to every conceivable auto-related requirement. From providing up-to-date information and insights on vehicles to showcasing a comprehensive spectrum of auto services and industry suppliers, as well as facilitating vehicle transactions, the portal serves as a centralized destination.

The online directory, Automobile.LK takes center stage as the pivotal tool for auto enterprises to secure their presence and advertise within a dynamic online environment. This platform empowers automotive businesses to showcase their products and services, forming the bedrock of localized Search Engine Optimization (SEO) and serving as a gateway to attracting a global audience through search engine results.

"Automobile.LK is a revolutionary step forward for the automobile industry in Sri Lanka," stated Mr. Upul Manchanayake, Chief Executive Officer at SLT Digital Services. "By harnessing the power of digital technology, we are creating a virtual ecosystem that streamlines access to vital auto-related information and establishes meaningful connections between consumers and businesses."

As SLT Digital Services steps into the forefront of digitizing Sri Lanka's automobile sector, excitement is palpable about the transformative influence that Automobile.LK will exert. This innovation is not merely a platform but a catalyst for enhanced industry collaboration and customer engagement.

Mad Mobile Inc., an industry leader focused on empowering industries with technology that drives mobile experiences, announced the alignment of its Sri Lankan (SL) Operations as it transitions from CAKE Engineering to Mad Mobile LK.

The alignment of brand represents a shift for its SL Operations as it brings all its business units under a single, unified identity and purpose, where in addition to driving innovation for CAKE POS, Mad Mobile LK will be supporting the organization’s entire product suite. Furthermore, it marks a significant milestone in the evolution of its SL Operations, as it continues to reinvent itself, taking a fresh and forward-looking approach to the market.

“This is the first step to leveraging the strength of the Mad Mobile brand and becoming the most trusted, and most innovative organization in our industry,” said Nishan de Silva Wijeyeratne, Senior Manager, Branding and Communications at Mad Mobile. “This evolution is not just a cosmetic one – we have taken this as an opportunity to realign our entire SL Operations, giving us the perfect platform to challenge, disrupt and reimagine the future – striving to be better at everything we do, every day.”

Commenting on the business alignment, Bruce Bennett, Chief Executive Officer at Mad Mobile said, “Sri Lanka is a global hub for engineering talent and resources - we are extremely proud to add to a thriving industry in Sri Lanka and excited about this next phase in our organization’s growth trajectory.”

In 2020, Mad Mobile Inc. acquired the Sri Lanka-based restaurant technology company, CAKE, to accelerate its vision and deliver a next-gen POS solution featuring modern architecture and mobile capabilities. “The last three years have been a turning point for the Sri Lankan Operations,” says Seshan Gunatilaka, Country Head and Vice President of Delivery at Mad Mobile. “We have evolved our focus to a customer experience technology company, constantly challenging ourselves to push for new answers. With this change, we now look forward to the next chapter of our journey, continuing to pioneer technologies that help change the future.”

The organizational alignment will be rolled out across Sri Lanka in the coming weeks and includes an amalgamation with the official Mad Mobile website to provide an enhanced experience for stakeholders and be a valuable resource to understand the organization’s business, solutions, culture, and commitment to its people.

Image Caption : Left to right: Nishan de Silva Wijeyeratne, Senior Manager – Branding and Communications, Mad Mobile and Seshan Gunatilaka, Country Head and Vice President of Delivery, Mad Mobile

XpressJobs, the leading job portal in Sri Lanka, is proud to announce its strategic partnership with Ideal Motors, a fully owned subsidiary of the Ideal Group, for an innovative Corporate Social Responsibility (CSR) program. This joint initiative aims to uplift underprivileged students residing in remote areas outside Colombo by introducing Free National Vocational Qualification (NVQ) Level 4 courses.

The NVQ Level 4 courses offered as part of the program equip participants with theoretical and practical course, with comprehensive knowledge, skills, and competencies in various areas. Ideal motors will facilitate on-the-job training for the apprentices in its island-wide workshops.

Successful apprentices will receive internationally recognized NVQ Level 4 certificates in Auto painting (1 year) or automobile mechanic (2 years) depending on the filed they chose. Furthermore, trainees will receive a monthly allowance, along with accommodation, uniforms, safety tools, and meals provided free of charge. This certification will open doors to employment opportunities within the Ideal Group's extensive network of branches across the island.

“We are thrilled to partner with Ideal Motors for this transformative CSR program aimed at empowering eager students in remote areas of Sri Lanka. At XpressJobs, we firmly believe that every individual deserves equal opportunities, and this partnership allows us to make a real difference in the lives of deserving youth and foster inclusivity by ensuring equal opportunities for girls in the automobile field. Together with Ideal Motors, we are committed to offering an education path building a brighter future for Sri Lanka by empowering these talented individuals,” XpressJobs Dr. Oshadie Korale said.

XpressJobs, renowned for its pioneering CV-less system, will utilize its platform to source candidates from distant areas. Through this system, job seekers can effortlessly apply for opportunities by simply filling out a form over the phone, eliminating the requirement for a traditional CV. XpressJobs reached youth in suburbs through native languages from social media platforms such as Facebook, TikTok ect., using video job advert concepts.

“We are delighted to join forces with XpressJobs for this CSR program. By leveraging XpressJobs' platform, we can now connect with and access individuals who are genuinely interested in the automobile field, and otherwise would have not gone into skilled labor, due to not having a path to higher education. We are happy to say students from previous batches have even been able to secure foreign employment as well. Together with XpressJobs, we are dedicated to making a lasting impact on the lives of students " Ideal Motors Mr. Chaminda Wanigarthne, Director Automotive highlighted.

The CSR program, primarily focused on assisting youth in remote communities, In line with this mission, XpressJobs has developed an extensive marketing plan to reach the masses and engage young individuals. Special attention is also being given to ensuring equal opportunities for girls, particularly in the automotive field, where gender representation is traditionally imbalanced.

Signing of the MOU

Image Caption :  (From left to right): Mr. Lakshan Daluwatha (XpressJobs), Mr. Joe Peter (XpressJobs), Mr. Chaminda Wanigarthnee ( Director: Ideal Motors), Mr. Nalin Welgama ( Founder and Executive Chairman: Ideal Motors), Dr. Oshadie Korale (COO-XpressJobs), Mr. Upul Perera (Ideal Motors),  Manoj Rathnayake ( Ideal Motors)

The Colombo Stock Exchange (CSE) Mobile app has exceeded 300,000 downloads with a turnover contribution of LKR 135 billion since its inception in 2020.

The CSE Mobile App has had traction from locally as well as from overseas. Data depicts that 85% of the downloads are from Sri Lanka. Furthermore, the data also shows, there has been downloads from approximately 53  countries, highlighting the fact of growing interest towards CSE among potential investors residing overseas.

The CSE Mobile app offers a transformative digital service for an end-to-end digital onboarding and online account opening feature.

The CSE was able to attract a large number of tech savvy youth between the ages of 18-30, thereby increasing the CDS Account submission via mobile App to 81%.

Further, the app provides convenient access for information on the latest developments in the Sri Lankan Stock Market. The main features of the CSE Mobile App are, the ability to open a CDS Account online, access for educational content on investing and trading, access to CSE market reports, analysis and data and current corporate news, dividend instructions, nominations, subscribe for IPO’s. The CSE Mobile app is available in all three languages, Sinhala, English and Tamil.

Commenting on the achievement, CSE CEO Mr. Rajeeva Bandaranaike said, “The CSE mobile app provides fast and convenient access to the stock market, from the point of opening a CDS account and start trading through a stockbroker of your choice, obtain market data, and to be updated on all business news and financial data. Access to financial educational content is also available at your fingertips through the CSE Mobile app.”

“Further, the CDS e-connect facility through the Mobile app offers a number of services to its users, such as balance view, transaction history view, monthly statements for the past six months, account detail change instructions, intra account transfer requests, private transfer requests for margin providers, dividend instructions, nominations, IPO Subscriptions, e-mail and mobile number change requests and provides corporate information dissemination to stakeholders.