Sri Lankan celco Dialog Axiata to grow FinTech business
ECONOMYNEXT – Sri Lankan celco Dialog Axiata has said it plans to expand digital financial services with its acquisition of Colombo Trust Finance (CTF), a finance company owned by the Cargills group.
“We will pursue new ventures that enable us to shape Sri Lanka’s digital economy and its future,” Dialog Axiata chief executive Supun Weerasinghe told shareholders in the company’s annual report.
“To this end your company has embarked on strategic partnerships to expand our digital financial services, and the acquisition of Colombo Trust Finance (CTF) PLC, will enable us to enhance our scope and scale of operations in to mainstream digital financial services.”
Colombo Trust Finance services includes accepting deposits and giving loans, leasing and hire purchase, margin trading, cheque discounting and factoring.
The acquisition of CTF will facilitate the expansion of the scope of operations of the Dialog Group in the sphere of mainstream digital financial services.
“Dialog aims to bring together the realms of advanced digital connectivity and cutting edge Financial Technology (FinTech) to deliver a revolutionary suite of products and services which will expand the vistas of financial inclusion in Sri Lanka,” the report said.
“Significant within the envisaged inclusion drive will be a focus on financing solutions aimed at increasing the affordability, and accelerating the adoption of digital devices and services by a wide spectrum of consumers and businesses.”
Dialog already has a presence in digital insurance which has grown with its subscriber base surpassing 3.4 million in both accident and hospitalisation support packages.
“With insurance penetration in Sri Lanka remaining low, Dialog’s mobile insurance products are considered the most viable and affordable option in terms of reaching the Sri Lankan masses,” the report said
(COLOMBO, April 23, 2018)