4 FinTechs disrupting the banking industry in Sri Lanka

By Leandra Monteiro

The History of Sri Lanka’s economy was heavily agriculture-based, however, in the last few decades, it has shifted to a service economy. The main reason for this is development of the country’s banking and financial industry (BFI). Also, technology companies started offering innovative solutions within the financial services realm, further enhancing the FinTech industry in Sri Lanka.

At the beginning, financial services were dominated by BFIs and there were a lot of red tapes for technology companies to enter the industry. With the commencement of regulating FinTech companies, more and more doors for technology and FinTech companies started opening.

Here are 4 FinTech companies in Sri Lanka paving the way for success in the country’s FinTech industry:

• ATrad

Atrad is one of Sri Lanka’s leading platforms for online stock trading and stockbroker back office solutions. Atrad enables clients to place orders remotely via internet, view their portfolios and perform transactions with the highest reliability and quality standards. Atrad’s ability to provide real-time trade information makes it a powerful tool. Atrad holds the largest market share for Stock Trading with over 75% of Trade initiations in the Colombo Stock Exchange being carried out through the Atrad platform.

• iLoan

iLoan is a FinTech start-up focussing on bringing the very much needed “last mile”​ working capitals for Micro-SMEs in frontier markets. Through its ecosystem with anchor MNCs suppliers, local banks, distributors and MSMEs, the FinTech is committed to providing sustainable avenues of trade finance for the underbanked whilst providing API connected credit risk, monitoring and collection modules for financial institutions.

• PAYable Sri Lanka

PAYable offers easy-to-use, powerful solutions that change how businesses look at payments. This opens up new horizons to businesses that have thus far, been limited to cash transactions – making it possible for them to grow exponentially. Regardless of business type, size or format, PAYable makes accepting cashless payments simple, easy and accessible – to everyone.

• UPay

UPay aims to wrap up all daily essential needs into one single mobile app, giving customers back the time and convenience to truly enjoy life. UPay, one of Sri Lanka’s top payments app gives users an innovative experience when accessing all their retail payment needs. Instant reloads, Utility bill payments, Book a movie ticket or a doctor’s appointment and many more- all with just a few taps on their mobile device.

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