Worldline [Euronext: WLN], the European leader in the payment and transactional services industry, announced its expansion in Sri Lanka with the launch of a credit card for Singer Finance Lanka PLC (SFLP), a financial services company and subsidiary of Singer (Sri Lanka) PLC. Singer Finance is the first NBFC in Sri Lanka licensed by the Central Bank to issue credit cards to customers.
The credit card is a top-of-the-line card that will be available in 3 variants – Gold, Platinum Domestic and Platinum International – and will offer distinct and exclusive benefits to the customers of Singer Finance. Managed from end-to-end by Worldline, the credit cards will be EMV chip based cards, enabling higher consumer spends and higher security for card holders than magnetic stripe cards. Worldline powers the issuing, application processing and transaction processing for the credit card, in addition to fraud and risk management and query management.
Speaking about the association and expansion in Sri Lanka Deepak Chandnani, CEO, Worldline South Asia & Middle East said, “We are glad to associate with Singer Finance and launch the first credit card from an NBFI in Sri Lanka. Worldline will be responsible for card issuance and management that will be of the same international standards we are known for. The Sri Lankan market has a strong base of over 16.3 million cards. With transactions growing at around 27%, we see great potential in the country. We are happy to provide our services to Singer Finance (Lanka) PLC and look forward to more such partnerships in Sri Lanka.”
Speaking on the launch of the credit card, ShanthaWijeweera, Singer Finance CEOsaid,“Singer Finance is the first Finance Company in Sri Lanka to obtain a Licence to issue credit cards in Sri Lanka. The brand “Singer” is the most powerful retail brand in Sri Lankaand is widely recognised by the consumer, having been present in Sri Lanka since 1877. Singer Finance aims to deliver ‘financial inclusion’ in terms of introducing the card to new customer segments; certain segments will be first time card users. In issuing the card we are happy to be partnered with Worldline as a software partner, so that we ensure our customers experience a world class product which will be in the forefront in terms of technological advancement and experience.”
Contributed | what does this mean?