Capital Alliance (CAL), has created history by becoming the only broker to register an account digitally with the Colombo Stock Exchange for the first time in Sri Lanka.
This fills a major void that should have been attended two years ago by the Colombo Stock Exchange.
The digital signature process was legalised in 2006 but the CSE never made use of it.
The new digital technology enables digital sign on to all CAL’s financial services, the only one of its kind in the country.
CAL Group Managing Director and CEO Ajith Fernando said by enabling digital signatures for our services online, they have effectively created a new gateway for clients to trade online with minimal hassle.
“This facility offers unparalleled ease-of-use and flexibility to our clients to conduct their transactions online, at their convenience, and in secure manner from anywhere, anytime.”
He said that they hope attract around 20,000 new account by the end of this year.
“Even Sri Lankans working overseas could now log in and create an account and this will create more accounts to the CSE.”
“This technology empowers customers to open an account by placing digital signatures while being anywhere in the world, thus doing away with paperwork. This innovation is yet another testimony of CAL’s commitment to deliver excellence in execution, world-class research and product innovation.”
The entire digital signature process has been formulated in compliance with the provisions of the Electronic Transactions Act No. 19 of 2006. In rolling this out, CAL has partnered with eMudhra Ltd, which is a leading Certifying Authority in Asia and is a pioneer in e-Signatures, digital identity, and authentication solutions with marquee clients in BFSI (Banking, Financial services and Insurance) and various other sectors.“We have invested around Rs. 30 million for this process,” CAL CEO Harinlal Aturupane.
The system comprises of both automatic and manual verifications to ensure the authenticity of customers. There are some foolproof automatic validation measures that are inbuilt in the system in order to safeguard client’s interest and data security. Last year Cal also launched an unique mobile application for trading ‘CAL ONLINE’, which provides access to real-time information on Equity and Debt markets and the ability to trade real-time in a seamless manner from mobiles or tablets.
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