Q: Could you give us a brief overview of MillenniumIT ESP’s (MIT ESP) profile, strength and 27+ year journey as a leading enterprise solutions provider (ESP) in Sri Lanka?

Shevan Goonetilleke (SG): We started off as a systems integrator with reseller type partnerships selling hardware like Sun Microsystems’ products and gradually software. Some of the early projects at the time were automating the trading platform at the Colombo Stock Exchange (CSE), and Dialog’s billing and rating platform.

The CSE platform gained momentum, leading us to provide software support for numerous global stock exchanges. This software was developed by the MIT Software Team under the leadership of our founder Tony Weerasinghe.

In 2009, the London Stock Exchange (LSE) required an upgrade to its trading platform. Instead of buying the platform, it acquired 100 percent of the company.

Clearly, a substantial influx of investment followed, propelling MIT ESP to partner with approximately 30 or more stock exchanges worldwide, spanning regions such as America, Italy and Africa.

MIT ESP was also building and providing solutions for banks, telcos, and the public sector and manufacturing industry around applications, as well as hardware, infrastructure and so on. Basically, it was gaining a strong foothold in Sri Lanka’s technology industry.

In 2017, LSE decided to divest the systems integration business (MIT ESP), which is the original MIT. It was acquired by the Ambeon group and partly by employees.

Over the past two years, we undertook a strategic realignment, engaging in various initiatives like implementing nationwide IPTV (internet protocol television) in collaboration with one of the largest telecommunication service providers of Sri Lanka, as well as technological solutions in numerous establishments and condominiums.

Our most recent endeavour was the successful execution of the national fuel pass project for the government during the economic crisis.

Q: And could you discuss MIT ESP’s relationship with Infosys?

Nilanka Jayasinghe (NJ): Infosys has been one of our largest technology partners when it comes to banking applications. When Sampath Bank was looking for a core banking solution in 1996, Tony Weerasinghe and his team brought Infosys to Sri Lanka. MIT ESP was instrumental in taking Infosys out of India and Sampath Bank became its first international client.

Subsequently, additional financial institutions began to consider adopting Infosys’ Finacle product across a spectrum of services including core banking, treasury operations, internet and mobile banking, as well as fund transfer pricing.

Our involvement goes beyond product sales – we’re actively engaged in providing services and aiming to expand into the region with our adept treasury implementation capabilities.

Q: Is brain drain a serious problem for the industry – and if so, how does MIT tackle it?

SG: The market is so dynamic that there are significant opportunities for the IT workforce. To combat that, we need to start looking at the next generation of engineers. We’re investing in several programmes with universities, offering scholarships and providing internships. We are creating a talent pool for the future.

A key factor anchoring MIT ESP is its distinctive culture. This culture remains steadfast even in the face of external enticement such as higher salaries and alternative opportunities. It offers the chance to learn from the finest minds, gain exposure to an impressive array of clientele and global leaders, and much more.

Q: Given that leading banks are using technology solutions provided by MIT ESP, how has Infosys impacted Sri Lanka?

NJ: When it comes to core banking systems, four leading private banks are using the Infosys Finacle Core Banking system. The Finacle Treasury Management system is already in seven banks – two of the largest government sector banks and five leading private banks. The beauty of the system is that it can integrate with any core banking system.

Given our relationship with Infosys, we have managed to build our own team, trained to take on the Finacle treasury deployments in Sri Lanka.

Q: Bangladesh is the newest destination of MIT ESP. What do you think of the current treasury management software market in South Asia?

SG: When it comes to South Asia, there is no other team supporting the Finacle treasury system in the region. We were recognised as the best support partner at the Finacle Conclave award ceremony in Singapore last year.

There are opportunities in Bangladesh if you look at mid or low tier banks. Similarly, we can expand to other SAARC (South Asian Association for Regional Cooperation) territories like Nepal or even the Maldives.

Q: Could you tell us about MIT ESP’s Banking Technology Team?

SG: The entire team is from the banking domain and possesses a gamut of knowledge. We identify who would be able to grow with MIT ESP. They not only get involved in deployments but also provide technical support to all these banks.

Q: What can you tell us about the Infosys event that took place in Sri Lanka?

NJ: Every year, Infosys conducts a business review targeting its core internal stakeholders during a global strategy event. This year, the event took place in Sri Lanka at the Shangri-La Colombo, attracting more than 800 Infosys employees and their families to Colombo.

Following this gathering, an additional event named Sri Lanka Banking Connect 2023 was organised at the same hotel, aimed at bringing together its banking customers. This platform served as an avenue to explore and present the latest global trends within the sector.

The discussions and presentations revolved around how Infosys and its Finacle products are well equipped to address these emerging demands.

Q: What is your outlook for MIT ESP?

SG: From a company perspective, we want to create a stronger global footprint. Having done a lot to impact the technology landscape in Sri Lanka, we believe that we have what it takes to do the same in the region – SAARC, ASEAN (Association of Southeast Asian Nations), the Middle East and eventually African markets.

We have also established a partner network outside those markets as well, starting some work in Australia and New Zealand.

While we continue to focus on the local market, we’re confident that we will see a larger share of our business coming from regions outside Sri Lanka.

– Compiled by Allaam Ousman
INTERVIEWEE DETAILS

Shevan Goonetilleke
Director
CEO

Nilanka Jayasinghe
Vice President – BFSI

COMPANY DETAILS

Telephone:7484000 | Email: info@mitesp.com | Website:www.mitesp.com