FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka


Submit PostSubmit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post



Latest topics

» Sometimes you might find that you have lost all your money in the market by investing in the non profitable stocks in the market.
by pjrngroup Today at 10:58 am

» පෙබරවාරි මාසේ කොළඹ කොටස් වලට මොකක්ද වුනේ - බැසුවාද ? බැස්සාද ?
by Wickyz Today at 10:54 am

» ACL post share split trading and the future potential
by Wickyz Today at 10:47 am

» GLAS will be winner with Super Gain.
by Promoney Today at 9:54 am

» Nations Trust Bank- undervalued stock.
by Eranx Today at 8:00 am

» NATIONS TRUST BANK PLC (NTB.N0000)
by Eranx Today at 7:59 am

» Daily Foreign Transactions
by Pradeep90 Yesterday at 10:11 pm

» DIPD/HAYC/HAYL
by Chathur Yesterday at 9:44 pm

» Blossom March
by Vishwanarth Yesterday at 7:00 pm

» RICH or TKYO
by RJ1010 Yesterday at 5:43 pm

» TILE / LWL / RCL
by arun.cse Yesterday at 1:39 pm

» TOKYO CEMENT COMPANY (LANKA) PLC
by arun.cse Yesterday at 1:14 pm

» RAIGAM WAYAMBA SALTERNS PLC (RWSL.N0000)
by Rational Investor Yesterday at 11:58 am

» Opportunities after CSE drop
by EquityChamp Yesterday at 11:36 am

» Amana Bank's total assets cross Rs100 bilion with Rs 1billion operating profit
by samaritan Yesterday at 11:25 am

» Pakistan keen to invest in port city: Cabraal
by samaritan Yesterday at 11:16 am

» BROWNS INVESTMENTS PLC (BIL.N0000)
by samaritan Yesterday at 11:02 am

» SANASA DEVELOPMENT BANK PLC (SDB.N0000)
by IDK Yesterday at 9:23 am

» Madura takes the Portfolio Manager 2021 leadership with staggering 3.5bn
by roshan1039 Yesterday at 5:46 am

» Sri Lanka's Debt Dynamics
by sanjeewa88 Sun Feb 28, 2021 7:50 pm

EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

CHRONICLE™ NEWS PRODUCTS

FINANCIAL CHRONICLE™

Views & Reviews, Analysis, Evaluations, Discussions, Gossip and Hot Tips relating to Sri Lankan companies listed on the Colombo Stock Exchange (CSE)
Contribute




DAILY CHRONICLE™

Latest news and articles published in Newspapers, Websites, Blogs and other online news sites relating to business and investments in Sri Lanka
Contribute



ECONOMIC CHRONICLE™

This is a section that provide news, views, analysis, predications relating to Political and Socio-Economic factors and how such activities affect the Stock Market and other economic activity of the Country.

Contribute




EXPERT CHRONICLE™

This is an exclusive section for Expert Articles which will help member to share knowledge through comments and responses of the members. All members are allowed to reply and make comments to these articles.

Contribute


Submit Post


CHRONICLE™ YouTube

Youtube Videos and other visual presentations relating Stock market and other investment advise submitted by members or other contributors.

Contribute


Submit Post


කොළඔ කොටස් වෙළඳපොළේ වංශකථාව
කොළඔ කොටස් වෙළඳපොළේ ලැයිස්තුගත සමාගම් කොටස් ගැන තොරතුරු¸විශ්ලේෂණ¸සාකච්ඡා¸ කටකතා¸රසකතා යන සියල්ල අපේම සිංහලෙන් කතා කළ හැකි ‘කතා මණ්ඩපය’

Contribute

Twitter Feeds
POPULAR COMPANIES
A

ABANS ELECTRICALS PLC

ACCESS ENGINEERING PLC Hot

ACL CABLES PLC

ACL PLASTICS PLC

ACME PRINTING & PACKAGING PLC

AGSTAR PLC

AITKEN SPENCE HOTEL HOLDINGS PLC

AITKEN SPENCE PLC

ANILANA HOTELS AND PROPERTIES PLC

ARPICO INSURANCE PLC

ASIA ASSET FINANCE PLC

ASIA CAPITAL PLC

B

BAIRAHA FARMS PLC

BALANGODA PLANTATIONS PLC

BIMPUTH FINANCE PLC

BLUE DIAMONDS JEWELLERY WORLDWIDE PLC

B P P L HOLDINGS PLC

BROWNS BEACH HOTELS PLC

BROWNS INVESTMENTS PLC

C

CARGO BOAT DEVELOPMENT COMPANY PLC

CENTRAL INDUSTRIES PLC

CEYLON COLD STORES PLC

CEYLON GRAIN ELEVATORS PLC Hot

CEYLON TEA BROKERS PLC

CEYLON TOBACCO COMPANY PLC

CHEVRON LUBRICANTS LANKA PLC

COLOMBO FORT LAND & BUILDING PLC

COMMERCIAL BANK OF CEYLON PLC

CITRUS LEISURE PLC Hot

COMMERCIAL CREDIT AND FINANCE PLC

D

DANKOTUWA PORCELAIN PLC

DFCC BANK PLC

DIALOG AXIATA PLC

DIALOG FINANCE PLC

DIPPED PRODUCTS PLC

DISTILLERIES COMPANY OF SRI LANKA PLC

DUNAMIS CAPITAL PLC

E

EAST WEST PROPERTIES PLC Hot

EASTERN MERCHANTS PLC

EXPOLANKA HOLDINGS PLC

E-CHANNELLING PLC

F

FIRST CAPITAL HOLDINGS PLC

G

GALADARI HOTELS (LANKA) PLC

GUARDIAN CAPITAL PARTNERS PLC

H

HATTON NATIONAL BANK PLC

HAYLEYS PLC

HAYLEYS FABRIC PLC

HAYLEYS FIBRE PLC Hot

HEMAS HOLDINGS PLC

HIKKADUWA BEACH RESORT PLC

HNB ASSURANCE PLC

HVA FOODS PLC

J

JANASHAKTHI INSURANCE COMPANY PLC

JOHN KEELLS HOLDINGS PLC Hot

JOHN KEELLS HOTELS PLC

L

LANKA ASHOK LEYLAND PLC

LANKA IOC PLC

LANKEM CEYLON PLC

LANKEM DEVELOPMENTS PLC

LAUGFS GAS PLC

LAUGFS POWER LIMITED

LOLC FINANCE PLC

LOLC HOLDINGS PLC

LUCKY LANKA MILK PROCESSING COMPANY PLC

M

MELSTACORP PLC

N

NATIONAL DEVELOPMENT BANK PLC

NATION LANKA FINANCE PLC

NESTLE LANKA PLC

O

ORIENT FINANCE PLC

OVERSEAS REALTY (CEYLON) PLC

P

PANASIAN POWER PLC

PEOPLE'S LEASING & FINANCE PLC

PIRAMAL GLASS CEYLON PLC

PRIME FINANCE PLC

R

RAIGAM WAYAMBA SALTERNS PLC

RENUKA AGRI FOODS PLC

RENUKA CAPITAL PLC

RENUKA HOLDINGS PLC

RICHARD PIERIS AND COMPANY PLC

RICHARD PIERIS EXPORTS PLC Hot

ROYAL CERAMICS PLC

S

SAMPATH BANK PLC

SEYLAN BANK PLC

SIERRA CABLES PLC

SINGHE HOSPITALS PLC Hot

SMB LEASING PLC

SOFTLOGIC HOLDINGS PLC

SOFTLOGIC LIFE INSURANCE PLC

SRI LANKA TELECOM PLC

SWISSTEK (CEYLON) PLC Hot

T

TEEJAY LANKA PLC

TESS AGRO PLC

THREE ACRE FARMS PLC

TOKYO CEMENT COMPANY (LANKA) PLC Hot

U

UNION BANK OF COLOMBO PLC

V

VALLIBEL FINANCE PLC

VALLIBEL ONE PLC Hot

VALLIBEL POWER ERATHNA PLC

W

WASKADUWA BEACH RESORT PLC


You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Bitcoins – the future of banking

Bitcoins – the future of banking

Go down  Message [Page 1 of 1]

1Bitcoins – the future of banking Empty Bitcoins – the future of banking Sun Mar 23, 2014 8:13 am

Sstar

Sstar
Vice President - Equity Analytics
Vice President - Equity Analytics
Chic apartments in Manhattan, a posh car and tickets for pop concerts are some of the things you can buy with Bitcoins. But what are they?

Bitcoins introduced in 2009, is the world’s biggest cryptocurrency, which is digital money. It’s the longest-standing, best-known, and most widely traded crypto currency and it’s a virtual medium of exchange, not issued by, backed by, or tied to any particular nation or government. Daya Hettiarachchi, Chairman / CEO OpenArc, says this is the future.

“Bitcoin is not a physical currency and spending takes place from one user’s virtual wallet to another user’s virtual wallet, through an exchange of public and private security keys,” he told an eminent gathering at a recent corporate CEO forum organised by OpenArc.
Bitcoin is open-source; its design is public, no one owns or rules Bitcoin and everyone can take part, he told the Business Times on the sidelines of his presentation on Bitcoins. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system, he added. Many say that it’s not so easy to regulate Bitcoin because there’s no central issuer or network network operator.

The virtual currency relies on a network of computers that solve complex mathematical problems as part of a process that verifies and permanently records the details of every bitcoin transaction that is made.

Cashless digital currency

Banks’ future is a cashless digital currency world, Mr. Hettiarachchi said, pointing out that this cannot be traced. “This can be used for illegal transactions. We need to be watchful and redefined our banking and finance future strategies pertaining to Bitcoins.”

He added that the Future Customer needs convenience. “They need better systems they don’t want to waste time. They want one PIN. They also operate in Multiple Banks, and possess Multiple Account types. Are we ready to face the challenge?”

This needs regulation through software, he said, adding there’s a need for a relationship between regulators and software supplies in this regard. The company launched the IPO plan to all prospective investors using OpenArc UniSETS Internet-based, unified software platform for Stock Markets and UniIPO the Internet based Initial Public Offering (IPO) management software which is a unique and pioneering product developed by OpenArc at this event. This event also saw the launch of the product UnilPO, which is one of the modules of UniSETS meant for IPO management on the Internet. “This is a pioneering product we have developed aiming at our own IPO to be managed on the Internet. Of course it will be open for any other company going public to use for their IPOs,” he said, adding OpenArc is in the process of going public. The company also launched the country’s very first, Bank Lead model of Mobile and Internet Payment platform namely, SkyPay which is an integral part of SkyBank core banking solution”. Unlike legacy systems in core banking, we have built these modern banking tools into our core banking solution. SkyMessenger is another example which is a SMS engine that generates SMS alerts within SkyBank. All finance companies may now implement a mobile payment solution to its customers using SkyPay platform and the SkySwitch switching system that will talk to new Electronic Funds Transfer system at Lanka Clear,” he explained.

Chairperson Hatton National Bank, Dr. Ranee Jayamaha in her presentation on ‘Governance and Banking Technology’ said that the director boards in banks and financial institutes need to strategise operational risks of their entities when branches are being linked with innovative IT operational systems to maintain good governance.

Operational risks could be avoided with banks placing proper security IT systems. “If not it will cause a major disruption to links in the entire system.” This would result in customers to move out of the bank, Dr Jayamaha said, adding that in order to minimize operational risks all banks must put in place correct IT and back up systems, as all systems are now based on innovative technology that will negatively impact if systems fail.

She said with the development of innovative IT operational systems there would be high probability in affecting the co-banking systems, ancillary system due to cyber crimes, which includes hacking and data breaching. “Bank boards must promote firewall and other back up systems to combat the situation. If a cyber attack occurs in one bank today the same attack can occur in another banking system. Therefore, all banks should be ethical without fishing in troubled water,” Dr Jayamaha said

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum