September 21, 2019
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    CB’s initiatives to create ‘less-cash society’

    May 18, 2019

    The Central Bank of Sri Lanka (CBSL) said that inter-industry collaborations to implement FinTech solutions such as the National Transit Card and Open Application Programming Interface (Open API) platforms are among new priorities undertaken by the bank to promote digital payment systems to meet the needs of a less-cash society.

    According to the Central Bank Annual Report 2018, the CBSL continuously works with the industry to create an environment that advances the use of new technologies.Further, the CBSL has begun working closely with relevant stakeholders to explore the feasibility of adopting Blockchain Technology in areas such as Know-Your-Customer (KYC) processes and trade finance to improve the safety and efficiency of financial services.

    In order to adopt virtual banking and e-KYC processes, CBSL is evaluating the possibility of integrating with the national Electronic National Identity Card initiative (e-NIC) of the Department for Registration of Persons.The annual report also stated that this will enable the introduction of many FinTech innovations that require digital means of identity verification as well as increase access to finance by reducing on boarding costs. While adopting new technologies, the CBSL is also highly aware of the risks of data sharing.

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