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The Sri Lankan banking industry was changed during the late 1980s with the introduction of automation by private banking corporations. [10] Previously, few foreign banks were operating within Sri Lanka with few branches such as Hongkong and Shanghai Banking Corporation, etc. HSBC was using interactive electronic customer interfaces such as automated teller machines (ATMs).
Services accounted for 58.2% of Sri Lanka's economy in 2019 up from 54.6% in 2010, industry 27.4% up from 26.4% a decade earlier and agriculture 7.4%. [40] Though there is a competitive export agricultural sector, technological advances have been slow to enter the protected domestic sector. [41]
The Sri Lanka Interbank Payment System, commonly known as SLIPS, is a LKR-only online interbank payment and fund transfer system in Sri Lanka. [1] [2]SLIPS is owned by LankaClear, an organization owned by the Central Bank of Sri Lanka and all Licensed Commercial Banks operating in Sri Lanka, with 47.19% of shares held by the CBSL and State owned commercial banks, and 52.81% by other private banks.
It is considered as one of the most systemically important banks in Sri Lanka. It is the largest lender to Sri Lanka's Small and Medium Enterprise sector. [7] The Ministry of Finance of Sri Lanka revealed that the Commercial Bank of Ceylon was the biggest lender to SME sector for the year 2020 amounting to an estimated amount of 21.6 billion ...
In January 2016, Commercial Bank of Ceylon announced that for the first time in Sri Lanka's banking history that the users of the bank's online banking facility could make instant, real-time transfers of funds from their commercial bank accounts to accounts in other banks via LankaPay-CEFTS. [10]
Establishing ‘Fintech Association of Sri Lanka’ was initiated at the ‘Fintech Meetup’ of the ‘Asia-Pacific Executives Forum’ which was held at Hilton Colombo in 2018; where the Central Bank of Sri Lanka Assistant Governor also participated and delivered a speech on regulatory role of Central Bank on Fintech. [10] [11]
Housing Development Finance Corporation Bank of Sri Lanka (HDFC) National Savings Bank; Regional Development Bank (Pradheshiya Sanwardhana Bank) Sanasa Development Bank; Sri Lanka Savings Bank; State Mortgage and Investment Bank; Source: Central Bank, September 2020 [2]
Amãna Bank is the first and only licensed commercial bank in Sri Lanka to conduct all its operations under the principles of Islamic banking and be fully disengaged from interest based transactions, offering the full spectrum of retail banking, SME banking, corporate banking, treasury and trade finance services.