Forum Views - February 2023
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Global
FORUM VIEWS - FEBRUARY 2023
n 1980s and 1990s when science fiction cartoons and drama
series were running on tv, being small kids, we were dreaming
Iof living in an era which could enable us doing things sitting at a
one place comfortably with an electronic device. This feeling can
be totally subjective, but the feeling of the experience would be
similar for most of us. At present the term Digitalization is heard
almost everywhere. Now adays with the abundance of Digital
avenues we would not imagine what it would have been in 1980s
and 1990s. However, the challenges remain when it comes to the
adoption of NEW.
The constant of the modern-day world is that the technology
evolves. Sometimes we may feel that the speed of evolution of
the technology is too fast that the humans would never catchup in
time. I would argue again that this is subjective. With the
emergence of the Web 1.0, the earliest version of internet, the
society at large was amazed by the future it would bring. The Web
2.0 ensured the rise of web apps and self-publishing plat forms,
and social media sites. The Web 2.0 has made the biggest impact
to the society so far in the history.
We saw a big boom in social media and in the second decade of
the millennia and the momentum also helped the Digitalization
efforts as well. In Sri Lankan context although the initiatives were
made, the progress was slow until the world woke up to the worst
pandemic in living memory.
The important question in any context would be “Why
Digitalization”. Till the pandemic the society at large had not seen
the true benefits of digitalization. Each and every entity, mostly
banks, tried its level best to promote the digitalized services from
the beginning of the second decade of the millennia. I remember
during 2010 to 2012 myself and few of my colleagues requesting
from the banks which we had our savings accounts and credit
cards to provide us with online access. This was mainly due to the
busy work life we had to go through those days that making bill
payments by visiting a counter in person during weekdays was so
difficult. An online access ensured that we could process
payments and other cash transfers at any time of the day from
anywhere. Further our expenses could be tracked on monthly
basis which helped us managing our finances as well. We could
also witness how Indian CSDs, CDSL and NSDL working on their
own unique Digitalization making it more convenient to Indian
investors. There are many viewpoints on why Digitalization
should exist. Some would say reduction of cost is the reason for
them to digitalize which I do not agree. In my opinion Digitalization
changes and enhances the business model of an organization
which brings multiple benefits to all stakeholders. I would simply
call it “Convenience”.
Insights
IMPLEMENTATION OF DIGITALIZATION AND POST
DIGITALIZATION CHALLENGES OF THE CENTRAL
DEPOSITORY SYSTEMS (PVT) LIMITED (CDS) OF SRI LANKA
Nadeera Athukorale
Deputy Head
Central Depository Systems (CDS)
of Colombo Stock Exchange
Sri Lankan Stock Market is not an exception when it comes to
Digitalization. The Central Depository Systems (Pvt) Limited
(CDS) a fully owned subsidiary of the Colombo Stock Exchange
(CSE) being the key infrastructure provider has also taken
important initiatives to digitalize its services.
The CDS had already laid the foundation for the Digitalization of its
business processes by taking crucial steps.
1. Digital Settlement Schedule Signing (DS3)
The CDS started its Digitalization journey in 2014 with the
enhancements of converting all archived physical documents to
electronic form. In 2015 the CDS came up with the DS3 system to
dispatch settlement reports to all settlement banks with Digital
Signatures as the very first entity in capital market industry to
Digitalization Journey of the CDS - Pre-Covid
Sri Lankan Stock Market is not an
exception when it comes to Digitalization.
The Central Depository Systems (Pvt)
Limited (CDS) a fully owned subsidiary
of the Colombo Stock Exchange (CSE)
being the key infrastructure provider has
also taken important initiatives to
digitalize its services.
(Sri Lanka)
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