Singapore, 3 June 2021 – National Development Bank PLC (NDB Bank), the fourth largest listed commercial bank in Sri Lanka, today announced at a signing ceremony that it has appointed international enterprise software solutions partner specialising in digital transformation, Axion Solutions, to implement world-class Video Know-Your-Customer (vKYC) built by OneConnect Financial Technology Co., Ltd (OneConnect, NYSE:OCFT), the leading technology-as-a-service platform provider and an associate of Ping An Group. As the first bank in Sri Lanka to roll out AI-based vKYC that complies with the nation’s new regulation announced in October 2020, NDB Bank will enable its customers to access banking services such as opening bank accounts, and applying for loans and credit cards remotely and safely so that Sri Lankans can live their lives and run their businesses as usual amidst the Covid-19 pandemic.
This is the first time a Sri Lankan bank is able to leverage the best-in-class features to engage customers remotely, securely and efficiently. OneConnect’s vKYC platform goes beyond traditional video conferencing platform. It is designed to meet the stringent requirements of the banking and insurance sector. The salient features of OneConnect’s vKYC solution include:
OneConnect vKYC solution is easy to deploy and allows data to be securely hosted by a telecommunications company in Sri Lanka. NDB Bank’s customers can look forward to the first seamless vKYC experience in Sri Lanka.
Mr Dimantha Seneviratne, Director/Group CEO of NDB Bank stated that while digitisation has improved substantially during the recent past in Sri Lanka’s banking industry, NDB Bank has continued to remain at the forefront, constantly introducing novel methods to the Bank’s clients. “With this engagement, we are taking steps to align with the National Roadmap for Digitalisation of Payment Services by enabling eKYC and video KYC based customer onboarding. As the Best Digital Bank of 2021, we are frequently at the forefront of technological changes and are involved in exploring, investing in and developing the digital arena in banking and have dedicated ourselves to become Sri Lanka’s Digital Bank of Choice,” he added.
Mr Sharada Kirinde, Co-founder and CEO of Axion Solutions said: “Technology is borderless, and we’re delighted to have successfully bridged the needs of local businesses in Sri Lanka with world-class solution providers like OneConnect. NDB Bank has chosen OneConnect for its extensive domain expertise and proven technologies that have helped financial institutions across Southeast Asia to succeed in their digital transformation. Today, we are heartened to witness the satisfaction of a client and a partner. We look forward to more collaborations with NDB Bank and OneConnect where we introduce more innovative solutions for the greater good of the people.”
Ms Tan Bin Ru, CEO (Southeast Asia), OneConnect Financial Technology, said, “Today’s event is very meaningful for OneConnect on multiple fronts. It marks our second collaboration in Sri Lanka and our capabilities in understanding the stringent FI requirements and building innovative vKYC solutions within a short span of time. I’m equally heartened to see our vKYC solution being picked by a leading bank in Sri Lanka to deploy vKYC for the first time in the country. It is truly a mark of confidence of which the financial institutions have for our technologies and capabilities. We are confident that our vKYC will give a strong competitive edge as a quick-to-market solution that allows NDB Banks to tap on this emerging need for remote banking, scale and deliver superb onboarding and credit application experience for Sri Lankans.”
About NDB Bank
NDB was recently crowned as Sri Lanka’s Best Bank 2021 by the prestigious Global Finance Magazine of USA, fresh on the heels of being recognized as The Bank of the Year Sri Lanka, by The Banker Magazine UK. The Bank is on the path to becoming the Digital Bank of Choice in Sri Lanka having won numerous awards including the Best Consumer Digital Bank Sri Lanka 2020 award under the Global Finance World’s Best Digital Bank Awards 2020 program for the second consecutive year, as well as the title for the “Best Digital Bank in Sri Lanka 2021 at Asiamoney Awards.
NDB Bank is the 4th largest listed bank in Sri Lanka and the parent company of the NDB Group. As the only financial services conglomerate in Sri Lanka, NDB Group is uniquely positioned towards assisting the growth and development of the Sri Lankan capital market to provide its customers seamless access to the product and service offerings of all its group companies.
About Axion Solutions
Axion Solutions is a Digital Transformation Catalyst, providing technology services via Digital Advisory & Consulting, Software Development, Software Product Distribution and System Integration. Axion Solutions serves customers and partners in ANZ, East Africa, UK, South East Asia, and USA.
About OneConnect Financial Technology
OneConnect (NYSE: OCFT) is a leading technology-as-a-service platform for financial institutions. The Company’s platform provides cloud-native technology solutions that integrate extensive financial services industry expertise with market-leading technology. The Company’s solutions provide technology applications and technology-enabled business services to financial institutions. Together they enable the Company’s customers’ digital transformations, which help them increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs.
Our technology-as-a-service platform strategically covers multiple verticals in the financial services industry, including banking, insurance and asset management, across the full scope of their businesses – from sales and marketing and risk management to customer services, as well as technology infrastructure such as data management, program development, and cloud services.
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