LB Finance introduced its ‘LB Cash-In-Mobile’ (CIM) mobile wallet to support a cashless transaction society last week.

“As the way the world is moving today, anything that is relevant to technology will be the future. We expect that this particular innovative product will change the Sri Lankan transaction environment where artificial intelligence, data science and robotics are playing an increasingly prominent role in technologically driven sectors, particularly in banking and financial sector,” Head, Strategic Department, LB Finance, Wimal Perera said.

The Fintech revolution is challenging the traditional banking model. The digital transformation in the regional context is emerging. The banks and financial institutions in Sri Lanka need to scale up to face the digital disruption. The digital transaction process could be facilitated due to an increase in data connectivity across the island and improvement in smartphone penetration, he said.

Sri Lanka has a favourable regulatory environment to support as the Central Bank has taken measures to introduce common payment infrastructure . The Central bank has an ambitious target of achieving country’s 20 percent of retail payments via smartphones and our initiative will compliment this effort, he said.

The CIM is an essentially a digital savings account introduced as a cash wallet to the customers. We want to make small payments simple, secure and cashless .

We intend to bring in true financial inclusion through this initiative. With the broader view to make banking a part of every Sri Lankan, CIM will also promote merchants which at present have more than 2,800 merchants islandwide including from Mahiyangane, Dehiattakandiya, Akkarepattu and Jaffna.

LB Finance recently launched its mobile wallet, (CIM) with the aim of revolutionising the traditional cash payment habit among the Sri Lankans. According to the Company, the availability of smart phones and data connectivity among majority of the citizens have enabled new possibilities in financial services for creating innovative products and channels, bringing unprecedented convenience to the customer.

In the recent times, these ‘Fintech’ products have challenged the conventional banking models not just in developed countries, but in developing countries as well.

The favourable regulatory environment and the availability of common payment infrastructure are two key factors fuelling the growth of Fintech-lead digital financial services within the country.