As the financial services landscape rapidly transforms, LOLC Tech, under the leadership of Chairman Conrad Dias and Deputy CEO Prasanna Siriwardena, is at the forefront of fintech innovation, strategically integrating inclusivity and ESG principles across both local and regional markets.
The company leverages powerful partnerships and a robust suite of technology-driven solutions to redefine the fintech ecosystem. Through strategic alliances with global leaders like Oracle and Microsoft, LOLC Tech enhances operational agility. It expands its cloud-based infrastructure, crafting tailored solutions that drive digital transformation across local and international markets.
From pioneering core banking and payment automation to fostering financial inclusion across emerging economies, LOLC Tech combines cutting-edge AI and automation with a commitment to sustainability. With ambitious global expansion plans, LOLC Tech is poised to extend its impact, shaping the future of finance with intelligent, adaptable, and market-ready solutions, Dias and Siriwardena shared in a recent interview.
How is LOLC Tech leveraging partnerships with global IT leaders like Oracle and Microsoft to strengthen the fintech ecosystem?
LOLC Tech’s partnerships with industry giants Oracle and Microsoft play a transformative role in driving fintech innovation and resilience. Since collaborating with Oracle, LOLC Tech has developed a next-generation core banking platform that is pivotal in achieving a robust, cloud-first strategy, which was introduced in 2009. Leveraging Oracle’s technology solutions, LOLC Tech has enhanced operational efficiency, reduced infrastructure costs and increased scalability to adapt swiftly to dynamic market demands.
Additionally, the alliance with Microsoft broadens LOLC Tech’s capabilities through co-innovation, tapping into Microsoft’s extensive resources and technical expertise to drive growth opportunities. Beyond these core alliances, LOLC Tech also collaborates with niche technology firms to foster a culture of continuous innovation, reinforcing its competitive advantage within the fintech sector.
What specific solutions does LOLC Tech offer to optimize and automate core business processes in the financial sector?
LOLC Tech is redefining financial sector capabilities through a suite of modernized, technology-driven solutions. At the core is its next-generation core-banking platform, designed on a cloud-native, microservices architecture to accelerate efficiency, enabling banks to innovate quickly and align with customer needs.
The flagship iPay platform provides a seamless ecosystem connecting buyers, sellers, and businesses, going beyond transactions to drive end-to-end digital finance transformations. Another highlight is OYES, an innovative solution that empowers employees with real-time access to earnings, enhancing financial flexibility and streamlining corporate operations.
LOLC Tech’s technology portfolio is further strengthened by advanced AI-driven capabilities like intelligent chatbots and robotic process automation, delivering sophisticated user experiences and optimized decision-making processes. Additionally, LOLC Tech is committed to sustainability, integrating paperless practices to minimize its environmental footprint within traditional financial operations.
How has expansion to markets like Asia and Africa contributed to growth?
Expanding into emerging markets, including Myanmar, Malawi, and Kenya, has catalysed LOLC Tech’s growth and helped refine its fintech offerings. With LOLC Group’s presence in 25 countries, LOLC Tech tailors solutions to diverse regulatory and cultural landscapes, customizing its core banking and payment platforms to suit regional demands from Southeast Asia to Africa.
Global deployments of technologies like OASYS^ in Cambodia and Bahrain bring advanced solutions to financial institutions in these regions, strengthening their competitive edge. This adaptability allows LOLC Tech to continuously evolve its product suite and leverage emerging technologies, ensuring relevance and innovation across diverse global markets.
LOLC Tech’s international data centre network further bolsters its infrastructure, providing secure and resilient services that align with regional needs. This infrastructure underpins LOLC Tech’s commitment to technological leadership, expanding market reach and fortifying its position as a fintech innovator.
What impact has LOLC Tech seen from its technology-driven solutions in improving financial accessibility and inclusion in emerging markets?
LOLC Tech has significantly expanded financial access in emerging markets through tailored, technology-driven solutions, with a special focus on marginalized groups, including women. By integrating digital financial strategies into markets with limited access to such resources, LOLC Tech has improved efficiency and accessibility, making financial transactions more inclusive and straightforward.
Platforms like OASYS^ and iPay simplify financial processes, enhancing financial inclusivity and operational resilience. For instance, LOLC Tech’s cloud-first strategy ensured business continuity amid disruptions, as seen during Myanmar’s political crisis, where cloud infrastructure maintained seamless operations. The company’s commitment to sustainability, reflected in paperless initiatives, aligns with LOLC Group’s ESG goals and further strengthens local financial ecosystems.
What are your growth plans in a rapidly evolving industry?
LOLC Tech has ambitious plans for global expansion, focusing on scaling its mature intellectual property products like iPay, FusionX, and OASYS^. The aim is to monetize these innovations and secure a substantial share in the global market, transforming LOLC Tech from a regional player into a non-captive, international fintech entity.
Plans include establishing local offices in key regions like Africa and Southeast Asia to foster client engagement and align with specific market needs. Innovation will remain central to LOLC Tech’s strategy, particularly through AI integration, ensuring solutions remain competitive and relevant amid rapidly shifting industry dynamics.