The Commercial Bank of Ceylon has announced that ComBank Digital, the Bank’s digital banking platform, is now linked with the Central Depository System (CDS) of the Colombo Stock Exchange (CSE), enabling the Bank’s account holders to make IPO settlements directly from their accounts.
Made possible by the integration of the CDS with the LankaPay Government Payment Platform (LPOPP), this feature now facilitates participation in Initial Public Offerings for Commercial Bank customers by enabling them to pay for their initial shares via the Bank’s online banking channels.
“The option of buying shares offered via IPOs is an important addition to ComBank Digital, and will be welcomed by many of our customers looking to diversify their investments,” Commercial Bank’s Assistant General Manager – Digital Banking Mr Pradeep Banduwansa said. “It further enhances the versatility of the platform and supports the popularization of share ownership among the masses, which is an important national cause.”
Commenting on the latest feature of ComBank Digital, Deputy CEO of LankaPay Mr Dinuka Perera said: “It is with great delight that we join forces with Commercial Bank to facilitate online payments to the CSE via the LankaPay Government Payment Platform, marking another milestone in our journey toward a less-cash society. With ComBank Digital as our partner, the integration of the CDS will add immense value to ComBank customers and CSE operations, enhancing the efficient functioning of the economy.”
Driven by Commercial Bank’s ‘Digital by Default’ business model, ComBank Digital currently processes more than 5 million transactions a month, with a digital penetration of 45% and 48 million customer interactions, and processes transactions averaging Rs 400 billion in value per month. The award-winning platform continues to lead digital transformation in Sri Lanka’s banking sector as the most widely used digital channel that serves retail, SME and corporate clients.
ComBank Digital is 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.
Designed to offer seamless and personalised banking experiences for Retail, SME and Corporate customers, ComBank Digital provides services related to investment opportunities, such as opening and managing Fixed Deposits and share trading settlements with instant transfers to brokers, as well as services like applying for Personal Loans, requesting loans against Fixed Deposits, cash advances against Credit Cards, and blocking or replacing cards in case of loss or theft. It also supports Credit Card and transactional activities, including settling other bank Credit Card payments, instant transfers to any account within the banking network, and opening eSavings Accounts. Additionally, ComBank Digital facilitates bill payments to nearly 100 entities across nine categories, including Telephone, Electricity, Water, Credit Cards, Insurance, Pay TV, Education, Schools, and Rates.”
For corporate customers, ComBank Digital already enables payments to government authorities such as the Department of Commerce (DOC), Import and Export Control Department (IECD), the Inland Revenue Department (IRD), Sri Lanka Ports Authority (SLPA) for cargo, vessel, and entry permit payments, Sri Lanka Customs, Employees Provident Fund (EPF), Employees Trust Fund (ETF), Board of Investment of Sri Lanka (BOI), and the Sri Lanka Standards Institution (SLSI). These payments are routed through the LankaPay Online Payment Platform.
Incorporated in 2002, LankaPay is Sri Lanka’s National Payment Network. With a multitude of digital payment solutions, the entity facilitates domestic interbank payments and settlements under the guidance of the Central Bank of Sri Lanka. Being one of South Asia’s most progressive payment networks, LankaPay has been the first to introduce many payment technology innovations in the region. Owned by the Central Bank of Sri Lanka and all licensed commercial banks in the country, the entity is regarded as one of the best public private partnerships in the region.
Commercial Bank is the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and has the highest market capitalization in the Banking Sector in the Colombo Stock Exchange (CSE). The Bank is the largest lender to Sri Lanka’s SME sector, is a leader in digital innovation and is Sri Lanka’s first 100% carbon neutral bank. Commercial Bank operates a strategically located network of branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 outlets in Bangladesh, a Microfinance company in Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives. The Bank’s fully-owned subsidiary CBC Finance Ltd. also delivers a wide range of financial services via its branch network.
