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Saturday July 20th, 2024

Dialog Finance: Driving Sri Lanka’s Fintech Revolution

Nazeem Mohamed, Director and Chief Executive of Dialog Finance PLC

Director and Chief Executive of Dialog Finance PLC Nazeem Mohamed delves into how the company is driving the future of financial services in Sri Lanka by leveraging digital technology and a robust telecommunication infrastructure to provide innovative financial solutions through platforms.

Emphasizing inclusivity and financial empowerment, Dialog Finance – the fintech unit of Dialog Axiata PLC, Sri Lanka’s leading telco – targets underbanked segments with seamless digital transactions, personalized customer experiences, and efficient financial services. With strong adoption Dialog Finance offers comprehensive digital financial services, payment solutions and digital lending to support consumers and MSMEs, driving growth and financial inclusion.

What factors and trends will shape the future of banking in Sri Lanka and the world?

As we look towards the future of financial services in Sri Lanka and globally, several pivotal factors and trends emerge. Technological advancements, particularly in digital banking and fintech innovations, will revolutionize customer interactions. The trend towards personalized customer experiences, driven by data analytics and AI, is also crucial. Furthermore, regulatory changes and evolving customer expectations for seamless, secure, and accessible financial solutions will shape our strategies at Dialog Finance. Adapting to these trends while remaining agile and innovative will be essential to meet the dynamic needs of our customers in the evolving financial landscape.

How is Dialog Finance leveraging its resources and capabilities to shape the future of finance in Sri Lanka?

Dialog Finance is harnessing its extensive resources and expertise to shape the future of finance in Sri Lanka by integrating emerging digital technologies and building customer-centric solutions. Our predominant focus is on consumers, retailers, merchants, and MSMEs in Sri Lanka. We are driving the advancement of seamless digital financial services through platforms such as “Genie,” “Genie Business,” and “Sahasra,” the banking platform for MSMEs. This enables us to provide innovative fintech banking, payment solutions and digital lending. Our commitment to financial empowerment in this digital economy positions us as a pioneer in creating an inclusive and efficient financial ecosystem in Sri Lanka.

What sets Dialog Finance apart from traditional financial institutions?

At Dialog Finance, we provide technology-based financial solutions with an unwavering commitment to innovation. Our vision is to be the No. 1 fintech in Sri Lanka, utilizing digital capabilities to deliver state-of-the-art financial services. Unlike traditional financial institutions, we focus on providing consumers and businesses with access to financial services through our platforms. We offer a comprehensive product suite to meet their daily financial and transactional needs.

Problem-solving is at the core of our mission, with digital solutions delivered cost-effectively. Our technology-centric approach ensures we offer agile, responsive, and customer-focused services, empowering clients to thrive in a rapidly evolving digital economy.

Can you take us through the conception and journey of Genie?

Integrated with a Savings account and eZ Cash wallet, Genie offers a comprehensive suite of financial services including, Savings Pockets, Fixed Deposits, Debit Cards and investment plans.

Customers can grow their wealth through our platform with access to mutual funds and direct stock trading on the CSE. Additionally, Genie offers digital insurance products and exclusive Genie coupons to enhance the overall customer lifestyle.

Leveraging advanced AI algorithms, Genie delivers various lending solutions, including Quick Loan and Device Loan, reinforcing our commitment to providing innovative financial solutions in the digital era.

Can you provide an overview of Genie Business? Who is it for, and what business needs does it address?

Genie Business is an innovative fintech platform specifically tailored for Sri Lankan Micro, Small, and Medium Enterprises (MSMEs). This product was developed with a deep understanding of the unique challenges businesses face in Sri Lanka. Our platform offers a comprehensive suite of payment acceptance solutions designed to address these challenges. This includes the Tap to Pay facility, converting NFC-enabled smartphones into POS devices, and Mini POS for cost-effective payment acceptance. We also provide Payment Links, E-Store, Internet Payment Gateways, Multi-Currency Pricing, QR codes, and billing services. Our objective is to facilitate seamless digital transactions, connecting MSMEs to a broader digital ecosystem and enabling them to access new customer segments through e-commerce and social media. Another key objective is to address their working capital finance needs through our platform, thereby supporting their growth and solving a critical issue for this segment.

Can you share specific features of Genie Business and how these will help Sri Lankan businesses reimagine themselves?

Genie Business offers unique features such as a seamless signup via digital self-onboarding, making it easy for businesses to get started. Our trilingual dashboard and mobile app cater to the diverse linguistic needs of our business community. The comprehensive API stack ensures smooth integration with various systems, while real-time payment notifications via webhooks keep businesses updated instantly. Additionally, we provide card tokenization for secure transactions and an in-app e-invoicing facility for efficient billing. These features empower businesses to expand their reach, improve customer engagement, and streamline operations. Leveraging these digital tools enables businesses to enhance efficiency, reduce costs, and access new markets, ultimately driving growth and success in the digital era.

What is the uptake like, and what is the impact you envision Genie Business will have?

Since its launch, Genie Business has seen promising uptake, indicating strong demand for advanced fintech solutions among Sri Lankan enterprises. We have witnessed enthusiastic adoption across various sectors, from MSMEs to larger corporations, all seeking efficient financial management tools. Our plan includes expanding Genie Business throughout Sri Lanka, enabling digital transformation for businesses and providing access to high-quality, cost-effective financial services. When combined with Sahasra, our MSME banking platform, Genie Business offers a comprehensive solution, granting access to a full suite of financial services. Our vision for Genie Business is to revolutionize business operations, fostering growth, innovation, and financial inclusion across Sri Lanka. By bridging accessibility gaps, we aim to accelerate economic development in a rapidly evolving digital economy.