Sri Lanka’s Credit Information Bureau Selects Icelandic Risk Tech Vendor for Digital Transformation
Sri Lanka’s public sector is in the midst of a rapid digital transformation, affecting a number of the country’s central financial institutions. As part of this transformation, the Credit Information Bureau of Sri Lanka (CRIB) has partnered with CreditInfo Group, a provider of global information and fintech services to facilitate its implementation of a modern, digital credit bureau, designed to strengthen the nation’s financial infrastructure.
The initial project, part of a multi-year partnership, will see Iceland-based CreditInfo provide the CRIB with the technical software required to strengthen the country’s existing infrastructure. This includes the company’s Credit Bureau Solution (CBS5), according to Jan Hron, project management officer with the company. The company will also provide automated risk management and new credit-scoring methods to develop an agile financial infrastructure in the country.
The strategic partnership will also see Creditinfo collaborate with CRIB to offer support, education, knowledge, and resources to the country’s private and state-owned banks, and wider financial services providers. Alongside this knowledge sharing, the modernised and agile infrastructure, delivered by Creditinfo’s technical software, will be underpinned by new value-added services to provide the Sri Lankan financial services sector with visibility from the moment a loan application is made, through to the final repayment.
The project is still at an early stage. The software requirements, outlined in the contract, have been whittled over a year-long negotiation process and will continue to evolve alongside the project, according to Hron.
The systems, implemented by CreditInfo, will be hosted on local infrastructure. As part of the project, the company has developed internal standards for tackling risks and threats during implementation. As Sri Lanka’s financial sector has a close, evolving cybersecurity relationship with Microsoft, the latter’s cybersecurity framework also played a part in defining the requirements for this project, said Hron.
For the Iceland-based business with an international presence, and for vendors alike, a partnership in the rapidly developing Sri Lankan financial and public sector provides scope for considerable growth.
“This is a multi-year contract, whereby we will deliver the new CreditBureau,” said Hron. “After this is implemented, we will continue with providing software development, new products and maintenance. A key objective which we’ve achieved so far is the data migration. We migrated the solution while ensuring service continuity. At the moment we are also planning to work with banks in the market to provide other automation solutions.”