LSE starts hiring for hi-tech support centre in Sri Lanka
ECONOMYNEXT – The London Stock Exchange Group (LSEG) said it has started hiring people for a new facility in Sri Lanka that will support its global trading and clearing house, and information and technology services.
LSE Group aims to grow not only its technology services business, but its knowledge services business, with the Sri Lanka centre playing a “high-end” role servicing global capital markets, Martin Ryan, Group Head of Shared Services at LSEG, said.
The centre will initially employ 400 people and is expected to open in September, he told a news conference shortly after talks with Prime Minister Ranil Wickremesinghe on the investment.
Ryan declined to say how much LSE is investing in its Sri Lanka centre, which will be set up at TRACE Expert City in Maradana, previously known as Tripoli Market, which also hosts other technology firms and is close to a train terminus making access for employees easier.
Some of the work that will be done in the Sri Lanka centre will be transferred from other locations, both in-house LSE group units as well as those of vendors, such as one in Bangalore, India, with 1,500 employees providing services to stock exchanges around the world.
Ryan said LSE group’s success with the acquisition of Millennium Information Technologies Limited, a Sri Lankan software firm, played a role in the decision to set up the new centre.
“The LSE software is largely built by Millennium Information Technologies,” he said. “It was a natural fit to have services from a technology perspective where software is created.”
LSE group operates trading platforms, as well as providing clearing house services, and information and technology services
Ryan said the Sri Lankan centre will support all these operations.
Duminda Liyanwela, Executive Director of Exchanges Technology of LSEG, said they will hire 400 “high-end” skilled people.
“Sri Lanka can’t compete on numbers. So it’s got to be high-end services we can deliver from Sri Lanka,” he told the news conference.
“These are not back office and finance functions. We’ll be servicing things like clearing houses and exchanges globally from Colombo. This will be the first LSE centre of its kind anywhere."
“Growth will depend on the number and types of skills we can find in-country. We have started to hire and are getting very good response.”
The new facility will be called LSE Business Services Colombo Ltd. and will provide training for people, said Rohan Paulas, Country Head of LSEG Business Services Limited.
“We’re investing in people, ideas and talent in Sri Lanka.”
LSE Group will sign deals with the Board of Investment and Urban Development Authority, which entitles it to tax and other concessions, and the two-acre land for the facility has been given on a 10-year lease.
(COLOMBO, May 19 2016)