Sri Lanka’s Central Bank led by Governor Dr Indrajith Coomaraswamy has maintained its position that the existing National Payment Platform will remain the sole platform in terms of dealing with all financial data. There had been an attempt to introduce yet another company.
Previously Governor Coomaraswamy had written to the Secretary to the Prime Minister in effect taking umbrage that the CCEM had taken a decision on the NPP without having any representation from the Central Bank – when the CCEM had agreed to have another company in addition to Lanka Clear.
Subsequently at a meeting at which the Central Bank was represented, it had been agreed that the existing payment platform will remain in terms of the security of financial data and transactions.
However Dr Coomaraswamy said that the Central Bank is not averse to ‘stopping progress’ and was looking at the ‘modalities’ of enabling other (FINTECH) companies with Business messaging services to link into the existing system but was firm that zero financials will be handled by these FINTECH companies.
Dr W A Wijewardena – a former deputy Governor – had expressed a view on Newsfirst’s Newsline programme that by attempting to have yet another payment platform the government was possibly embarking on yet another controversial matter which he feared would end up on the scale of ‘Bondgate’.
Others expressed a view that by permitting outside companies to interact with Lanka Clear, it was only a matter of time before the exclusivity of Lanka Clear would be broken down. These observers maintain that Sri Lanka needs far more robustness and checks and balances before anyone other than the Central Bank and its chosen partners be permitted to operate a NPP.
