The Colombo Stock Exchange (CSE) and DFCC Bank PLC (DFCC) signed a Memorandum of Understanding (MoU) recently with the aim of enhancing the facilitation of Inward Investment Accounts (IIAs) for non-resident foreign individuals (FIs) in Sri Lanka.
This collaboration will enable FIs to request IIAs when opening Central Depository Systems (CDS) accounts via the CSE mobile application. Essential applicant information will be exchanged between the CSE and DFCC Bank to ensure an efficient and compliant account setup. This partnership aims to simplify the investment process and strengthen Sri Lanka’s capital markets by attracting a broader range of international investors.
Mr. Rajeeva Bandaranaike, CEO of the CSE, commented on the initiative, “This MoU allows us to refine the procedure for obtaining IIAs, making it more convenient for investors residing overseas to access our capital market. With the market currently undervalued regionally, it presents an attractive opportunity for foreign investors. By leveraging our low valuations and strong forward earnings potential, we aim to attract more investors to the Sri Lankan market through an efficient account opening process via the CSE mobile app.”
Mr. Thimal Perera, CEO at DFCC Bank stated, “In keeping with our commitment to further digital enablement and achieve 100% paperless processes, we are pleased to now provide foreign investors with a seamless access path to an IIA, in partnership with the CSE. This initiative will further simplify and digitalise the process for foreign investors to gain access to our capital markets. As a leader in digital banking and one of the most trusted banks in Sri Lanka, with a legacy spanning nearly 70 years, this achievement is a proud moment for us. It demonstrates our willingness to enter strategic partnerships that create new synergies that benefit our nation.”