DFCC Bank was the Exclusive Banking Partner at the World Export Development Forum held recently in Colombo. This forum was a unique global conference and Business-to-Business (B2B) matchmaking platform dedicated to supporting trade-led development and provided an ideal platform for the nation’s exporters to engage with overseas buyers. During the event, the Bank was able to highlight its comprehensive range of trade and other financial solutions for the export community.
DFCC Bank plays a critical role in elevating Sri Lanka’s export community to establish its footprint in the international arena and it does this through a suite of cutting-edge IT-enabled platforms that enable exporters to save resources, reduce transaction cost and achieve faster turnaround times. These cutting-edge solutions are designed by its wholly-owned subsidiary, Synapsys, which is led by a vision to bring financial access to the unbanked and under-banked communities, providing low-cost efficient payment systems and ultra-convenient financial services to consumers.
Arjun Fernando, Chairman of Synapsysand CEO of DFCC Bank said, “We are proud to have Synapsys as the force behind the technology we offer our customers through our IT-backed financial solutions. DFCC Bank has emerged as a sustainable business partner for offering FinTech solutions and we will work closely with Synapsys to devise solutions which empower our customers and impact their businesses in a dynamic manner.”
Celebrating its 10th anniversary this year, Synapsys has become a preferred FinTech partner for various industries such as the plantations, apparel, ceramics and financial services sectors by streamlining their operations on both trade and treasury aspects.
The CEO of Synapsys, Dinesh Fernandopulle says, “Our IT solutions enables diverse sectors to gain greater control across the length and breadth of their value chains by automating and simplifying former manual processes, strengthening quality control and production planning, and ensuring timely payments to suppliers. Our solutions target real business needs of our clients by offering domain specific solutions rather than a one-size-fits-all approach.”
Synapsys’ financial technology solution, MBANX TIPS won Gold in the E-inclusion and E-community category, at the prestigious National Best Quality Software Awards (NBQSA) held recently. This award has qualified MBANX TIPS to represent Sri Lanka and compete in the Asia Pacific ICT Awards (APICTA) 2016 in Taipei. Developed by a team of Tea industry, Supply Chain and Financial Services professionals working with technology experts, MBANX is a configurable system that adapts to diverse operations and industries.
MBANX TIPS, which has been implemented by some of the largest tea factories in the world, has enabled its customers within a short time to increase quality and quantity of supplied produce, increase efficiency in the supply chain, provide more visibility and accountability to the processes, increase compliance and build mutually beneficial relationships with the industry stakeholders. MBANX is also offered as a Cloud-hosted solution and Software-as-a-Service (SaaS) which reduce upfront and operational cost for customers.
Synapsys is proud of its impact in financial inclusion that is facilitating the smallholder owners to track their products from farm–to-factory. This has especially enabled some of its customers to identify sourcing of tea for buyers in order to comply with various Fair Trade, Ethical Sourcing and Organic certifications. Closer tracking and greater transparency and control are the immediate benefits of solutions from Synapsys.
“Synapsys is staffed by high quality computer engineering and banking experts, who enable us to devise financial solutions that have a strong practical element. Synapsys has evolved into one of the foremost financial solutions partners for diverse sectors and has established a global footprint. Our solutions like the Vardhana Virtual Wallet are already accelerating financial inclusion and easy access to cash for all, and we expect it to build on it further to render it a widely adopted platform on an even wider scale as the market matures. Synapsys expects to make a big leap by diversifying into the platform economy and crowd funding/sourcing to uplift small scale and cottage industries to find buyers and funding,” adds Fernandopulle.
Synapsys itself is an Exporter of IT Solutions & Services – a key focus of the government in the digitalization of Sri Lanka and our place in a Digital World.
SYNAPSYS, a subsidiary of DFCC Bank PLC, is a dynamic and innovative technology firm with an array of products and services supporting Banks, Capital Markets, Insurance and Retail Payments across Asia and Pacific. The unparalleled service commitment offered by the employees has enabled Synapsys to originate the two flagship and NBQSA award winning platforms, MBANX Mobile Teller a few years ago, METRIX Analytics in 2015 and MBANX TIPS today.