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» Coronavirus Updates
Dialog Finance EmptyToday at 10:26 am by The Invisible

» In the Meantime, Within Our Shores !
Dialog Finance EmptyYesterday at 9:42 pm by Rajapaksap

» Dividend Announcements
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»  Rajgama Heroes !
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» Thread for News on CSE and SL Economy
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» Access Engineering AEL Technical Analysis
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» Obituary Notice.
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»  6000 Post Club , Celebration of a Great Milestone, Slstock
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» LIOC.N0000 (Lanka IOC PLC)
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» How to get Access to: 104 Technical trading experiments by HUNTER
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» Sri Lanka to monetize tens of billions of contractor bills
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» Sri Lanka tea prices pickup marginally mid June
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» කොළඹ කොටස් වෙළඳපොළ ඩිජිටල්කරණය කිරීමේ වැඩපිළිවෙල ඇරඹෙයි
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» SAMP.N0000 (Sampath Bank PLC)
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» HAYC - Haycarb
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» HAYL.N0000 Hayleys PLC
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» GLAS.N0000 (Piramal Glass Ceylon PLC)
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» Sri Lanka bank forex funding pressures, bad loans to rise after Covid-19: Fitch
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» Sri Lanka telecom regulator asked find businesses to use Lotus Tower
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» Gota's Era
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» Fitch Revises Ratings on 11 Sri Lankan Financial
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» Carlton Sports Network to resume broadcasts soon – Rohan Welivita
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» සල්ලි අච්චු ගැසුවාද?
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» වටිනා පාඩමක්!
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» Sri Lanka’s General Election on August 05
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» Hayleys MGT
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» AEL Access Engineering
Dialog Finance EmptyTue Jun 09, 2020 11:08 am by The Invisible

» Sri Lanka import controls, cargo bottleneck hit apparel exporters
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» Sri Lanka tea prices ease lower, low growns drive May average to all time high
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» Sri Lanka plans to allow tourists from August, no mandatory quarantine
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» Sri Lanka makes trillion rupee mini-budget till August under Presidential powers
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» HHL.N0000 ( Hemas Holdings PLC)
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» LION.N0000 (Lion Brewery Ceylon PLC)
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Dialog Finance

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Dialog Finance Empty Dialog Finance

Post by The Invisible on Wed Jan 08, 2020 10:19 pm

Slow Sri Lankan regulations delay Dialog Finance’s fintech innovations

ECONOMYNEXT- Sri Lanka’s Dialog Finance Plc said that it could not fully invest public money raised in two rights issues in planned fintech products because of delays in regulatory approvals.

Dialog Finance, a unit of telco Dialog Axiata Plc, has been planning to launch fintech products to expand its business and reach the unbanked and underbanked communities in Sri Lanka.

The fintech suite of products had been submitted for regulatory approvals in the 2018/19 financial year, the firm’s latest annual report said.

“…the loanbook of the company was not expanded as planned due to delays in regulatory approvals for fintech products,” the firm said in a stock market disclosure.

Dialog Finance had raised 599 million rupees in 2018 of which 548 million rupees have been used, while just 1.5 million rupees have been used from a 764 million rupee rights issue in 2019.

“Therefore, the funds which have not been utilised have been invested in banks in the form of fixed deposits, call deposits and money market savings accounts,” the firm said.

“The unutilized funds will be utilised gradually with the growth of the loan book.”

New timelines on the utilisation of funds following the delays will be notified to shareholders in the future, Dialog Fiance said.

In the 2018/19 annual report, chairman Hans Wijesuriya had called for regulatory innovations to help fintech become a success and bring greater financial inclusion for the masses.(Colombo/Jan08/2019)
The Invisible
The Invisible

Posts : 2368
Join date : 2016-11-28
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