Transforming Sri Lankan banks to a secure cloud world

Group Photo

Colombo, December 2023 - A transformative event has reshaped the banking landscape with 60+ C-level Bankers in 20+ top banks and Financial Institutions in Sri Lanka, organized by IFINITY Global, the tech enablers rewriting the rules for banks, embracing the Intelligent, Infinite, Invisible banking revolution. With the Strategic partners Temenos and Bahwan CyberTek, supported by technology partners Dialog Enterprise and Sys Enact orchestrated the symposium at the Shangri-La Colombo on November 28, 2023.

The forum served as a platform to showcase the transformative potential of cloud banking and underscored the pivotal role played by Temenos, the global No - 1 banking software company. The event included international speakers such as Managing Director APAC, Temenos - Ramki Ramakrishnan, Principal BSG Consultant, Temenos - Zannettos Zannettou, Chief Technology Officer for BFSI Sector, Microsoft India - Vijosh Ammayath, who conducted sessions on the evolving technology and market landscape shaping the future of banking in Sri Lanka and Bahwan CyberTek the exclusive sales and delivery partner of Temenos for India, Sri Lanka, Nepal, and Bhutan regions, represented by Madhan Visvanathan Vice President, Business Head for BFSI, Avinash Krishna Kumar, Regional Sales Head and Darshan Pandit, Head of Presales.

The keynote address by Temenos’ Ramki Ramakrishnan provided insights on the banking technology trends, with advice for banks in the Asia Pacific region on how to “engage and grow in a cloud world”. According to Ramakrishnan, the case for the public cloud in banking is growing, citing a new Economist Impact study for Temenos of global banking executives, in which, more than half (51%) of respondents agreed that banks will no longer own any data centers due to the move to public cloud in next five years. Banks are increasingly moving to the cloud due to business agility, efficiency, security, and environmental considerations. Sri Lanka aims to catch up with other ASEAN countries like Singapore and Malaysia in adopting cloud technology for essential banking services.

Zannettos Zannettou took the stage with "Trust in SaaS: Differentiating on Data, Security, Regulations, and Certification," which emphasized the untapped potential of data within banks and its role as a competitive advantage for modern Sri Lankan banks. The discussion revolved around data management best practices for banking in the cloud, reinforcing the importance of data security and regulatory compliance. According to Zannettou, establishing trust in cloud technology is crucial, with 700 SaaS customers, in 5 continents, covering over 30 regulatory jurisdictions, Temenos has a trusted platform that brings true banking capabilities at scale to incumbents and new players.

The session titled ‘Impactful Deployment of Cloud Native Solutions’, delivered by AVP/ Head of Customer Experience - Devinda De Zoya, and Vice President of Delivery, - Ravindra Basnayaka, spotlighted IFINITY's substantial contribution to core banking and cloud banking in collaboration with Temenos and Azure. The session also provided insight into IFINITY's best practices, implementation experiences, reference architectures of Temenos on Azure and managed services, covering capabilities in the cloud world, including Platform as a Service (PaaS), multi-cloud, hybrid cloud solutions, and business consulting functions.

The Dialog Enterprise session, conducted by Product Head - Cloud and IDC, Dialog Enterprise - Saranga Namala, and Head - Enterprise Business Solutions, Dialog Enterprise - Madhava Siriwardhane, explored the significance of regulatory compliance in the cloud, emphasizing the secure and flexible nature of cloud technology for banks and its compliance with regulatory standards.

The collaborative efforts between Azure and IFINITY were highlighted in the " Next Generation Banking with Azure'' session by CTO - BFSI, Microsoft India - Vijosh Ammayath. The discussion delved into the introduction of cloud computing for core banking, the latest offerings from Azure in the financial services sector, and how Azure supports IFINITY and Temenos.

The concluded event group chairman, NCINGA and IFINITY - Imal Kaluthotage, stated “It is our distinct vision to guide Sri Lankan banks through a transformative journey that transcends the realms of traditional cloud services, positioning them as the AI-driven banks of the future. Our commitment is underscored by the strategic cultivation of homegrown talent, forged through collaborative partnerships with industry leaders such as Temenos and Azure. By leveraging the expertise of these esteemed allies, IFINITY is dedicated to fostering innovation and empowering the financial landscape with cutting-edge AI capabilities.