The Capital Market is a key source of creation of wealth in the country. The Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE) in 2020, jointly initiated three phase end-to-end Digitalisation of the Stock Market in Sri Lanka. The intention is to bring innovative technology infrastructure to cover all segments of capital raising to fuel growth, innovation, and development through effective and efficient raising of patient capital to support the national agenda.
CFA Sri Lanka will collaborate with Ernst and Young to host a webinar themed: ‘Embracing Technology to Shape the Capital Market of the future’ on Tuesday, 03rd August 2021 from 3.30 pm to 5.00 pm SL Time.
Commenting on the event, Mr. Dinesh Warusavitharana, President of CFA Society Sri Lanka stated that this webinar will help the participants understand the global trends of digitalisation in Capital Markets. The webinar will also address Sri Lanka’s current capital market trends and its focus to adapt technology meaningfully to meet the needs of what comes NEXT.
The speakers of the webinar include Mr. Varun Mittal, EY Global EM Fintech Leader, Partner – EY Singapore, Mr. Naresh Abeysekera, Commissioner Security Exchange Commission, Sri Lanka / Chairman SEC-CSE Digitisation Committee, Founder and CEO of SECQUORO, Mr. Rajeeva Bandaranaike, Chief Executive Officer, Colombo Stock Exchange, Sri Lanka. , The session will be moderated by Mr. Chamara Gunetileke, CFA, Director, CFA Society Sri Lanka, Director, Specialized Solutions, Acuity Knowledge Partners.
Mr. Varun Mittal, EY Global EM Fintech Leader, Partner Ernst & Young Solutions LLP, Singapore
Mr. Naresh Abeysekera, Commissioner Security Exchange Commission, Sri Lanka / Chairman SEC-CSE Digitisation Committee, Founder and CEO of SEC QUORO
Mr. Rajeeva Bandaranaike, Chief Executive Officer, Colombo Stock Exchange, Sri Lanka.
Chamara Gunetileke, CFA, Director, CFA Society Sri Lanka, Director, Specialized Solutions, Acuity Knowledge Partners.
In its drive towards a digitalised Sri Lanka capital market, CSE launched its first phase of the Digitalisation journey in September 2020, which included the customer onboarding interface for trade confirmation and execution of corporate actions as its initial offering. The total app downloads have exceeded 65,000 and approximately 17,000 new Central Depository System (CDS) accounts were opened via the mobile app and said to have become one of the most trending apps in Sri Lanka. Following the reemergence of Covid-19 outbreak, the need to further digitise the operations of the stock market to ensure uninterrupted access, increase investor participation, enhance operational efficiencies and service standards became a top priority. As the second phase of the digitalisation journey, CSE is to announce the launch of the new Delivery vs Payment (DVP) system for stock market transactions in near future which will help minimize the asset commitment risk of sellers and help to innovate introduction of new products.
Positioning Sri Lanka as a hub for capital raising in the South Asian and the ASEAN region, CSE collaborated with CHEC Port City to identify and establish a modern world-class trading exchange within the Port City Colombo. Moreover, the new Securities and Exchange Commission Act. is also expected to be soon tabled at the Sri Lanka Parliament which will further fortify regulatory powers against securities law violations, allow demutualisation of the Colombo Stock Exchange and provide for the development of new capital market products, and enhance investor protection.
On the outset of global trends, EY report on “Global Trends on Capital Markets” (June 2021) depicted capital market institutions must respond to the 4 key trends collectively: Digital Transformation, Cost Transformation, Industry Bifurcation and Customer Demand and Expectations. In the context of this trend, commenting on the webinar Arjuna Herath, Ernst and Young, Partner, Consulting Leader, Sri Lanka and Maldives, added: “EY study shows addressing these trends in isolation will not drive the change needed to deliver improved and sustainable returns and efficiency in capital markets. Thus, all digitalisation efforts must be meaningful to be customer centric, transparent, dependable, efficient and scalable for tomorrows demands”.
Join the discussion to understand the key trends in digitalisation of the capital markets and how Sri Lanka’s Capital market is being equipped to meet the future demands.