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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Sri Lanka Watapota (WAPO) Guardian Capital lose Rs. 10 Mn of Funds because of Kashmi App Closed down, Kashmi Co-Founder Bankrupt Sanjiv Alles now landed on Hilton Colombo Director Board owned by Yahapalana Government

Sri Lanka Watapota (WAPO) Guardian Capital lose Rs. 10 Mn of Funds because of Kashmi App Closed down, Kashmi Co-Founder Bankrupt Sanjiv Alles now landed on Hilton Colombo Director Board owned by Yahapalana Government

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AmalHoole


Stock Analytic
Stock Analytic
Below is how so called Kashmi App developed by Sanjiv Alles and his partner was closed down making loss to to the investors and Watapota - Guardian Capital Partners, according to the annual report.

Link: https://cdn.cse.lk/cmt/upload_report_file/612_1528197315876.pdf

During the last quarter of the financial year, the board of directors of Kashmi Singapore PTE Ltd informed investors that the company will be discontinuing operations. As a result the Rs. 10.3 Mn investment will need to be written off. Kashmi, which was based out of Singapore, developed a Peer to Peer mobile payment solution with embedded social media functionality. The company was founded by a group of young Sri Lankan entrepreneurs, operating out of Singapore and Sri Lanka. The company later on shifted to building a digital banking platform due to challenges faced in the original product and target markets. The company required further funds to be raised in order to fund product development. Although the company was successful in developing the digital banking product and was successful in signing up a leading commercial bank to roll out the platform in Sri Lanka it was unable to raise a new round of funding and hence had to close down operations. At the time of investment the expectation was for the company to rapidly acquire users and reach sufficient scale to attract the attention of a potential acquirer. As it was a startup and was in the process of seeking initial commercialization of the product, the high risk associated with investment was understood, and hence only a small allocation was made. Comfort was gained from capabilities of the promoters and the fact that the company and promoters had been through two incubators, Turn 8 in Dubai and ‘Startupbootcamp FinTech’ in Singapore. 

Hilton COlombo Hotel which is now owned by Government of Sri Lanka however in a filing to Colombo Stock Exchange (CSE) said that the Co-Founder of the bankrupted Kashmi - Sanjiv Alles had now landed as a Director on the Hotel Developers Lanka (Owners of Colombo Hilton).


Link: [url=https://cdn.cse.lk/cmt/announcement_portal_prod/hdev - appoint_2798065296599025.pdf]https://cdn.cse.lk/cmt/announcement_portal_prod/hdev%20-%20appoint_2798065296599025.pdf[/url]





Mr. Sanjiv AllesNon-Executive Director09 Apr 20190Will be forwarded

AmalHoole


Stock Analytic
Stock Analytic
Sri Lanka's Commercial Bank had also paid a huge lump sum to Kashmi founders lead by Sanjiv Alles and team for a non-working Digital Banking App (Apart from the Banking App that works well in Commercial Bank) as a result people are worried that AppWolf founder Sanjiv Alles will be Wolf who will lead Hilton Colombo to invest hefty amounts for unsuccessful Mobile Apps. 


Below is how Sanjiv Alles pulled out money from COmmercial Bank 

Link: https://www.combank.net/newweb/en/news/8-news-and-events/posts/876-combank-introduces-flash-sri-lanka-s-first-fully-fledged-digital-bank-account-2


COMBANK introduces Flash – Sri Lanka’s first fully-fledged Digital Bank Account



News and EventsPublished on Wednesday, 18 July 2018 03:35Hits: 3270
Sri Lanka Watapota (WAPO) Guardian Capital lose Rs. 10 Mn of Funds because of Kashmi App Closed down, Kashmi Co-Founder Bankrupt Sanjiv Alles now landed on Hilton Colombo Director Board owned by Yahapalana Government Flash-Digital-Account-web

Offers never-before-seen personal financial management tools

The Commercial Bank of Ceylon has launched Sri Lanka’s first fully-fledged Digital Bank Account designed to be the next evolution in digital financial services and financial wellness.
Branded ‘Flash,’ the product was developed in partnership with the Singapore-based company ‘Kashmi’ that introduced an innovative social payments app in Singapore in 2016.
The Bank said the Flash Digital Bank Account hopes to bring a simple, seamless banking experience to Sri Lankan users, wherever they are. It offers never-before-seen personal financial management tools that encourage, empower and embolden users to better engage with their finances, make wise choices about spending and saving and, in so doing, enrich their own financial wellness.
A prospective account holder can download the Flash app from the App Store or Play Store. This will open the world of financial services to a whole new base of customers that were otherwise unwilling or unable to engage with the traditional banking system. In this way, Commercial Bank and Kashmi are working together to promote both financial inclusion across Sri Lanka.
Once signed up, account holders can enjoy a range of services straight from their mobile phones – anytime, anywhere.
In addition to basic Online Banking facilities such as balance checks, fund transfers and bill payments, the app focuses specifically on promoting the financial wellbeing of its users. To this end, special functions have been developed to help users engage with their money and manage these funds in an accurate and responsible way.
The all-new real-time Budgeting Tool will be linked directly to the user’s Flash Debit Card, and will track and reflect all spending in real-time, allowing the user to categorise, manage and better understand his or her daily spending.  The Savings Management Tool allows for goal setting and automated savings, thereby promoting and facilitating the savings habit and long-term financial wellness. The Group Payments Management Tool allows for multiple payments to be sent and received simultaneously for the first time in Sri Lanka. Finally, an Investment Management Tool allows for immediate creation of fixed deposits and, in the future, will allow users to instantaneously apply for insurance cover, stocks and many other wealth management instruments.
Commenting on the launch of the Flash Savings Account, Commercial Bank’s Managing Director Mr Jegan Durairatnam said: “Commercial Bank is proud to introduce this unique state-of-the-art Digital Bank account with features such as financial management tools never experienced by Sri Lankan banking customers. We are confident that this breakthrough product will appeal to millennials who are known to be active on social, mobile and digital media platforms and that it will revolutionise the traditional banking industry. The features of the Flash Digital Bank account will add value to their banking experience by making it much more convenient and personal, in keeping with our promise to introduce technology that matters in the lives of our customers.”
In addition to these cutting-edge personal financial management tools, the Flash Digital Bank Account makes standard banking processes simpler and more seamless than ever before. Payments can now be made via QR codes to both individuals and merchants. NFC-based payments allow for simple tap-and-go spending where users do not wish to use cash. The Flash ATM/Debit card also allows for physical and virtual spending. Price sensitive users will also be able to avail themselves of location-specific marketing alerts, allowing them to make the most of offers and promotions in their location. For additional security, Flash users can also register their biometrics for even greater peace of mind.
The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for eight years consecutively, Commercial Bank operates a network of 261 branches and 775 ATMs in Sri Lanka. The Bank has won more than 30 international and local awards in 2016 and 2017 and 16 international awards in the first six months of 2018 from a number of local and international institutions and publications.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets, Myanmar, where it has a Representative Office in Yangon, the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake and Italy, where the Bank operates its own money transfer service.

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