BOC to establish IT subsidiary to boost digital banking capabilities
Daily FT: The Bank of Ceylon (BOC) is set to establish an Information Technology Institute to enhance its digital capabilities, improve IT operations, and support the bank’s digital transformation initiatives, following approval from the Cabinet of Ministers recently.
In response to evolving customer demands and the need to maintain competitiveness in the banking sector, the BOC plans to launch the institute under the name BOC IT Solutions Ltd.
“This move revives and transforms the earlier BOC Management and Support Services Ltd, which was originally set up in 1992 to meet the manpower needs of the bank and ceased operations in 2007,” Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said at a recent post-Cabinet meeting media briefing.
He said the newly established institute will be staffed with IT professionals tasked with optimising the bank’s IT operations and delivering advanced information and communication technology solutions to provide services that facilitate digital transformations.
The proposal to this effect was submitted by President Anura Kumara Dissanayake in his capacity as the Finance, Planning and Economic Development Minister and was approved by the Cabinet of Ministers.
OSL take:
Sri Lanka’s growth path has expanded the country’s digital industry and related sectors. Realizing the fast-evolving global digital industry and the need for Sri Lanka to be on par with these developments, the Sri Lankan government has also launched an aggressive digitization programme covering all sectors in the country. Sri Lanka, which is fast-becoming a business destination in the South Asian region, is in the process of transforming into an e-economy. The expanding business/investment opportunities in Sri Lanka’s digital industry is evident by the country’s key state bank’s move to strengthen digital banking. It also serves as a confidence booster for foreign businesses/investors interested in entering Sri Lanka. On the other hand, all these developments also indicate the expanding business/investment opportunities in Sri Lanka’s digital industry and related sectors. The growth and profits recorded by businesses already engaged in the industry also show the growing business potential in Sri Lanka’s digital industry and related sectors.
| Article Code : | VBS/AT/20251117/Z_4 |