LB Finance ties up with DRP | Sunday Observer

LB Finance ties up with DRP

2 May, 2021
 Signing of the MoU at the DRP with senior officials of DRP and LB Finance in attendance
Signing of the MoU at the DRP with senior officials of DRP and LB Finance in attendance

LB Finance signed a Memorandum of Understanding (MoU) with the Department for Registration of Persons (DRP) recently to avail the services of DRP’s online platform for verification of customer National Identification Card (NIC) numbers.

This is another progressive step the company has taken to expedite and strengthen the customer onboarding process to keep pace with Sri Lanka’s fast evolving digital landscape.

The new arrangement will enable the company to validate the NIC particulars furnished by the customers both in physical or digital form against the digital records maintained by the DRP and authenticate their accuracy, thus reducing the risk of identity frauds.

This initiative is facilitated by the Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka as an interim solution for Financial Institutions to carry out non-face-to-face customer onboarding without compromising the KYC (Know Your Customer) requirements.

“DRP has embarked upon the significant national initiative of issuing Unique Digital Identity to Sri Lankan citizens. The department hopes to start re-enrolling citizens to the new digital ID system by mid of next year,” said Commissioner General of DRP, Viyani Gunathilaka.

Deputy General Manager, Strategy and Digital Finance, LB Finance, Bimal Perera said, “The development will revamp the conventional customer process involving multiple forms of verification, and allow LB Finance to realize considerable efficiencies at the point of onboarding customers for its innovative Digital Financial Services.