BOC U.K. embarks on digital transformation initiative

Bank of Ceylon (UK) Ltd (BOC UK), the only financial institution with a Sri Lankan heritage in the United Kingdom, celebrating its 75th anniversary next year has partnered with IFINITY GLOBAL to embark on a significant digital transformation initiative. This innovative collaboration aims to redefine banking experiences and strengthen BOC UK’s presence in the UK by transforming its traditional banking environment into a digital banking ecosystem revolutionising the way it would do banking in the future.

BOC UK was established in 1949 as the first overseas branch of the Bank of Ceylon and then in 2010 became a wholly-owned subsidiary bank authorised and regulated by the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA) has launched its ambitious plans to capitalise on its presence in London, the second-largest fintech hub in the world, and Europe’s fintech epicentre. The digital transformation roadmap objectives will ultimately transform the bank into a digital bank with an open banking architecture.

Last year, the bank facilitated over GBP 10 million in inward remittances to Sri Lanka, channeling much-needed foreign currency via its remittance services. During the recent economic turmoil, the bank continued to support trade transactions by adding confirmation to LCs issued by most of the Sri Lankan banks to help the Sri Lankan economy. Further, BOC UK was able to channel more than USD 60 million as bilateral funding swap arrangements. The bank has also helped a few Sri Lankan businesses and entrepreneurs to expand their business into the UK and European markets by helping to set up business and banking services.