Sitting (L–R): Venugopal Choudhary, CTO & CBO, Pine Labs Credit+; Naleen Edirisinghe, Director/CEO, Pan Asia Bank.
Standing: Atul Tuli, CRO, Pine Labs Credit+ India & Sri Lanka; Dhanushka Sapugasthanna, Chief Manager – Consumer Banking, Pan Asia Bank, marking the signing of a strategic partnership between Pine Labs and Pan Asia Bank.
One of Sri Lanka’s largest listed entities, the Pan Asia Banking Corporation (PABC) and global fintech platform Pine Labs have today announced a partnership that will see the fintech major implementing an end-to-end card management platform for the bank.
Under this partnership, Pine Labs will deploy a full-stack Credit Card Management System for Pan Asia Bank. This platform will support high transaction concurrency and uptime, giving the bank flexible and scalable product configurations. Pine Labs’ Credit+ platform will be used for end-to-end issuance of credit cards for the bank, including card issuance, activation, billing, payment processing, reconciliation, and settlement.
Commenting on the partnership, B Amrish Rau, CEO, Pine Labs, said “Our engagement with Pan Asia Bank is around implementation of a modern credit card management platform using our cloud-native and API-first card management technology. Our platform will help the bank handle the entire card lifecycle giving them complete control over configurations, limits, and program logic as volumes scale.”
“This partnership with Pine Labs marks an important milestone in our digital transformation journey as it further strengths our ability to deliver faster, smarter and more secure card services to our customers, while building the scalable infrastructure required to support our long-term growth and innovation agenda,” said Naleen Edirisinghe, Director/Chief Executive Officer, Pan Asia Bank.
Credit+ platform of Pine Labs will integrate seamlessly with the bank’s core banking platform and payment networks. It will deliver rule-based controls and configurable limits via APIs. The customized architecture of the platform will help Pan Asia Bank introduce new card products, give real-time authorization, seamlessly modify controls, and swiftly respond to regulatory or market changes without making major changes to its core banking infrastructure. This is the second major banking client for Pine Labs in Sri Lanka within a span of few months. As banks in the region continue to embrace agile alternatives to legacy card systems, Pine Labs is well positioned as a trusted technology partner to deliver innovative and future-ready card issuing and processing solutions.
About Pan Asia Bank
Pan Asia Bank, the Truly Sri Lankan Bank, is one of the leading financial institutions in Sri Lanka, known for delivering world-class products and services. As a pioneer in Sri Lanka’s banking industry, Pan Asia Bank has many firsts, to its credit across technology platforms, unique products and superlative service. The Bank has developed a unique reputation and culture of being ambitious, results-oriented, respectful and caring, and supportive of traditional values – a true testament of the brand’s positioning as a Truly Sri Lankan Bank. Pan Asia Banks’ spirit of innovation and growth coupled with a prudent approach to growth and risk has served it well in the most challenging years in the banking industry.
Pan Asia Bank’s prosperity is linked inextricably to the communities it serves, helping them to face challenges with confidence through financing sustainable projects and conducting meaningful Corporate Social Responsibility projects to uplift communities.
About Pine Labs Limited
Pine Labs Limited is a technology company digitising commerce, through digital payments and issuing solutions in India and across the globe. We have built an advanced technology infrastructure to help accelerate the digitisation journey of merchants, consumer brands, enterprises, and financial institutions. We operate in India and a growing number of international markets including Malaysia, Philippines, UAE, Singapore, Australia, USA, and Africa.
Our digital payments business represents a one-stop software solution across channels, including online payments designed to deliver secure and smooth online payment experiences to the end user, powered by a tech stack. We also provide integrated affordability solutions for merchants and consumer brands and enterprises, and Fintech infrastructure solutions for financial institutions.
Our issuing business offers a full-stack, end-to-end technology service solution in physical prepaid instruments, gift cards, and sales/ distribution space, with a presence in multiple countries and with brands and customers from the retail, hospitality and travel industries. We offer prepaid instruments primarily in India, Middle East, Southeast Asia, Australia and the United States and we presently offer Credit+ in India, Sri Lanka, Middle East, Africa, and Southeast Asia.
To know more, please visit www.pinelabs.com
