Japan’s Hitachi-Omron to take over Sri Lankan fintech company
Sri Lanka based fintech company, Interblocks Ltd, which develops online payment and automated teller technology is to be taken over by Japan’s Hitachi-Omron Terminal Solutions for an undisclosed sum, the local media has rpeorted.
Interblocks had been working with Hitachi-Omron since 2018.
“Since we commenced our business alliance agreement last year, our teams have been jointly developing solutions for payment channels..,” Hitachi-Omron Terminal Solutions Representative Director and President, Tetsuya Yagi has been quoted as saying in a statement issued to the media.
“The invaluable contributions made in terms of software development by the Interblocks team has been vital to this success.
“With Interblocks joining our group, we are confident that we will now be able to work in closer collaboration to share expertise and technologies that will help develop a new generation of solutions for the financial and payment market,” he has noted.
Accordingly, Hitachi-Omron and Interblocks is to develop cash and non-cash payments technology for ATMs, mobile banking and smartphones for India, South East Asia and the global market.
“The rapid evolution of our partnership in the short period of just over a year is a testament to the exceptional synergies between our companies,” Interblocks Managing Director and CEO, Dinesh Rodrigo has said in the statement.
“The unique knowledge and capabilities we each bring to the table will enable us to achieve this vision and continue to provide market-leading technology in this rapidly evolving space.
“It will also be a boost to Sri Lanka that, global leaders are still seeing opportunity in Sri Lankan businesses, we hope this sends a positive message to local companies and global investors alike.”
OSL take:
The acquisition of Sri Lanka’s Interblocks by Japan’s Hitachi-Omron is yet another instance where foreign companies after forming partnerships/joint ventures with Sri Lankan companies deciding to take over the business due to business potential. Many businesses in Sri Lanka’s private sector have captured the attention of foreign businesses/investors since the country’s economic policies as well as the business environment paves the way for local companies to strive to higher standards. Sri Lanka’s geographical positioning in the Indian Ocean, the many trade agreements as well as trade concessions enjoyed by the country and the ease of doing business environment in the country have all helped Sri Lanka become an attractive business destination in South Asia. Therefore, foreign businesses could explore opportunities of forming partnerships/joint ventures with Sri Lankan companies/entrepreneurs.
| Article Code : | VBS/AT/06082019/Z_2 |