In a move to enhance digital financial services in South Asia, Singapore-based fintech Pine Labs has announced its latest expansion in Sri Lanka. The company revealed a strategic collaboration with Pan Asia Banking Corporation (PABC), one of the island nation’s prominent listed banks. This partnership involves the rollout of Pine Labs‘ Credit+ platform, a solution designed to revolutionize credit card operations.
The Credit+ system stands out as a full-stack, cloud-based tool built with an API-first approach.
It handles every stage of the credit card process, from initial issuance and activation to billing, payments, reconciliation, and final settlement.
By integrating smoothly with PABC’s existing core banking infrastructure and external payment systems, the platform ensures efficient, real-time operations.
Key features include support for high-volume transactions with minimal downtime, customizable product setups, and rule-driven controls that allow for quick adjustments via APIs.
This flexibility means the bank can swiftly launch new card offerings or adapt to evolving regulations and market demands without overhauling their underlying systems.
For Pan Asia Bank, this deployment represents a leap forward in modernizing its credit card services.
As volumes grow, the bank gains full oversight of configurations, spending limits, and operational logic, fostering greater autonomy and efficiency.
The shift to this modular, agile technology aligns with a broader regional trend where financial institutions, particularly mid-sized ones, are ditching outdated legacy systems for outsourced solutions.
These platforms emphasize speed in bringing products to market, enhanced agility in operations, and better compliance with regulatory shifts.
Pine Labs’ entry into this space marks its second win in Sri Lanka in recent months, signaling rising demand for tech-driven card management in the region.
Customers stand to benefit from this upgrade.
The enhanced system promises quicker processing times, more intelligent features like real-time authorizations, and heightened security measures.
This not only improves user experience but also builds trust in digital payments amid Sri Lanka’s growing fintech ecosystem.
As the country continues to recover from economic challenges, such initiatives could play a pivotal role in boosting financial inclusion and consumer spending through reliable credit options.
Executives from both sides expressed enthusiasm about the collaboration.
Venugopal Choudhary, Chief Technology and Business Officer for Credit+ at Pine Labs, highlighted the platform’s capabilities:
“We’re implementing a credit card management system using our cloud-native, API-centric technology. This will empower the bank to manage the full card lifecycle, providing them with total command over settings, restrictions, and processes as business expands.”
Naleen Edirisinghe, Director and CEO of Pan Asia Bank, stated:
“Teaming up with Pine Labs is a key step in our digital evolution. It bolsters our capacity to offer protected card services to clients, while establishing a foundation for sustained expansion and creativity.”
This partnership positions Pine Labs as a go-to provider for card solutions in emerging markets.
As banks worldwide seek to stay competitive in a digital-first era, collaborations like this underscore the value of scalable fintech tools.
With Sri Lanka’s banking sector increasingly embracing such advancements, the future seemingly looks promising for more inclusive financial services.