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HNB Remittance reports rapid increase in digital remittances

Sri Lanka’s most technologically innovative bank HNB PLC reported a smooth transition to contactless remittance transactions parallel to rising demand for digital remittances and cardless withdrawals during the coronavirus lockdown.

The bank recorded a 15% Year-on-Year (YoY) increase in digital remittances and a 10% YoY increase in cardless withdrawals across its extensive ATM network over the past three months primarily sourced from the Middle East and East Asian nations.

“While foreign remittances have reduced in the wake of the COVID pandemic, many Sri Lankans continue to live and work overseas while remitting money to support their loved ones back home. In many instances, the pandemic heightened the urgency for customers to ensure funds were available locally. In order to ensure their safety during this process, numerous customers had turned to cardless withdrawals. While these are challenging circumstances, we believe digital remittances have helped to ease the difficulties faced by customers, and helped to build their confidence in digital platforms and cardless transactions,” HNB Deputy General Manager- Retail and SME Banking, Sanjay Wijemanne said.

During the lockdown, HNB promoted cardless withdrawals for HNB Cash Xpress transactions to facilitate speedy and convenient completion of transactions. The facility was easily accessible to Lankan expatriates, via mobile apps of HNB’s extensive global network of partners, to transfer funds to their loved ones back home without the danger of entering a bank.

Similarly, the HNB RippleNet blockchain facility enabled enterprises to continue international transactions. Armed with the most extensive overseas correspondent banking network in Sri Lanka, HNB strived to ensure uninterrupted service to its loyal customer base. In total, the bank has seven overseas representatives stationed in the Middle East and Europe.

HNB was adjudged the Number One business entity among top Sri Lankan corporates by Business Today and has been receiving continuous praise for its pioneering initiatives across the entire spectrum of its operations. The Bank was judged 'Best Managed Bank in Sri Lanka by the prestigious Asian Banker Magazine while the Bank's Managing Director/CEO, Jonathan Alles was conferred with the Asian Banker' CEO Leadership Achievement' award. Among its several accolades, HNB was declared 'Sri Lanka's Best Bank' for 2019 by Euromoney Magazine for the third time, in addition to being ranked among the World Top 1000 Banks list compiled by the prestigious UK-based, Banker magazine, further strengthening its status as Sri Lanka's pre-eminent private sector bank. Recently, HNB was recognised among the ‘Top 10 Most Admired Companies in Sri Lanka’ by the International Chamber of Commerce, Sri Lanka and the Chartered Institute of Management Accountants (CIMA). HNB's remarkable track record of excellence secured it the first place ranking ahead of all Sri Lankan banks included in the LMD Top 100 Club – a position which was evaluated based on its performance over the past 25 years.