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Lankaclear (Private) Limited Annual Report 2020/21 Annual Report 2020/21 Lankaclear (Private) Limited 1 Lankaclear (Private) Limited Annual Report 2020/21 2

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Lankaclear (Private) Limited Annual Report 2020/21 Annual Report 2020/21 Lankaclear (Private) Limited 1 Lankaclear (Private) Limited Annual Report 2020/21 2 LankaClear (Private) Limited Annual Report 2020/21 Annual Report 2020/21 LankaClear (Private) Limited 1 LankaClear (Private) Limited Annual Report 2020/21 2 To revolutionize the transport sector in the country, we unveiled the 2in1 payment card technology to enable ‘Tap and Go’ payment capability in public transport. Ensuring a Quantum Leap in the Transport Sector, this is a pioneering effort to introduce an innovative technology of a single payment card with online and offline capabilities to provide convenience to commuters of public transport. You may get a glimpse of the Sri Lanka Transit Card experience by enabling NFC access in your Smart Phone and tapping the phone on the LankaPay card on the cover page of this year’s annual report. LankaClear has always been in the forefront of understanding consumer needs to make their lives and work seamless by providing real-time and secure transactions. In fact, we are well on our way to integrate THEďLATESTďȶNANCIALďSERVICEďINNOVATIONďTHATďWILLďPOSITIVELYď impact the lives of a majority of Sri Lankans via our 2 INďď0AYMENTď#ARDď7ITHďAďDYNAMICďSHIȺďINďCONSUMERď behaviour and how companies analyse the metrics of online engagement, our services have become indispensable. Our enviable track record shows that we have always strived to bring world-class technology, speed and convenience to a new breed of digital consumers to meet THEIRďDEMANDINGďEXPECTATIONSďINďACCESSINGďȶNANCIALď services. Similarly, we are making traditional brick mortar business a piece of history by bringing the future ever so closer to facilitate a quantum leap in how people work, live and transact. LankaClear (Private) Limited CONTENTS Annual Report 2020/21 2 COMPANY OVERVIEW FINANCIAL REPORTS About LankaClear 05 Statement of Directors’ Responsibilities for Awards and Recognition 08 Financial Statements 116 Introduction to the Report 09 Annual Report of the Board of Directors 117 Corporate Information 12 Independent Auditor’s Report 120 Share Information 13 Statement of Financial Position 122 Participants in LankaClear Payment Statement of Comprehensive Income 123 Systems 14 Statement of Changes in Equity 124 Our Milestones 16 Statement of Cash Flows 125 Financial Highlights 18 Notes to the Financial Statements 126 Operational Highlights 20 APPENDICES STEWARDSHIP Ten Year Summary 141 Chairman’s Review 23 Glossary 142 General Manager/CEO’s Review 28 Notes 143 Board of Directors 34 Notice of Annual General Meeting 146 Management Team 38 Form of Proxy 147 Supplementary Notice to Shareholders 148 MANAGEMENT DISCUSSION AND ANALYSIS Value Creation Model 41 Corporate Strategy, Resource Allocation and Future 42 Operational Review 46 System Security and High Availability 55 Security Products and Services 58 CAPITAL MANAGEMENT Financial Capital 61 Human Capital 68 Intellectual Capital 73 Social and Relationship Capital 75 Natural Capital 88 GOVERNANCE Corporate Governance 93 Enterprise Risk Management 101 The Board Audit Committee Report 110 The Board HR Committee Report 112 The Board Integrated Risk Management Committee Report 113 LankaClear (Private) Limited Annual Report 2020/21 3 A World Beyond Cash Bringing the best-of-breed solutions to Sri Lanka’s payment infrastructure, LankaClear has been a trailblazer in revolutionizing the country’s banking and ȶNANCIALďSERVICESďSECTOR ďASďTHEďOPERATORďOFď3RIď,ANKA Sď.ATIONALď0AYMENTď.ETWORKď - LankaPay, by keeping the elements of ‘innovation’ and ‘cutting-edge technology’ at its core. Grown by leaps and bounds since its incorporation in 2002, LankaClear’s quest ISďTOďEMPOWERďEVERYď3RIď,ANKANďWITHďFASTER ďCONVENIENT ďSECUREďANDďAȵORDABLEď PAYMENTďSOLUTIONSďTHEREBYďTAKINGďTHEďLEADďINďDRIVINGďTHEďNATIONďTOWARDSďȶNANCIALď inclusivity. LankaClear (Private) Limited Annual Report 2020/21 4 NFCNFC A Quantum Leap in Engagement Attracting the attention of digital consumers and keeping them engaged is a daunting task. Their attention span is limited to a few seconds and you must capture their interest within that small window. We understood the way forward is to be innovative and thereby introduced the concept of the 2in1 card UNDERďTHEď.ATIONALď#ARDď3CHEMEď"YďENABLINGďOȹINEď4APďANDď'O ďCAPABILITYďTOďPUBLICďTRANSPORTďVIAď.&#ď technology, we are bringing seamless convenience to the lives of our digital consumers to be relevant to them. COMPANY OVERVIEW About LankaClear 05 Awards and Recognition 08 Introduction to the Report 09 Corporate Information 12 Share Information 13 Participants in LankaClear Payment Systems 14 Our Milestones 16 Financial Highlights 18 Operational Highlights 20 LankaClear (Private) Limited ABOUT LANKACLEAR Annual Report 2020/21 5 OUR VISION To be Asia’s most trusted and reliable payment network OUR MISSION To be the trusted National Payment Network that facilitates high quality electronic financial services at affordable prices in a secure, reliable and convenient manner to all Sri Lankans OUR CORE VALUES Η Responsibility and Accountability Η Integrity and Trust Η Respect Others for Who They Are Η Availability and Accessibility Η Be a Catalyst for Change Η Teamwork & Collaboration Η Leadership ABOUT LANKA CLEAR LankaClear (Private) Limited Annual Report 2020/21 6 CORE VALUES “This is How We Do It” 01 Responsibility and Accountability 02 Respect Others for Who They Are 03 Be a Catalyst for Change We act responsibly and take accountability It is not by a designation, race, or creed Change is in our lifeblood and no matter for our actions as we know that our that people are valued and respected by all what happens our passion for change DECISIONSďANDďACTIONSďAȵECTďOURď of us at LankaClear. We respect, value and ANDďTHEďHUNGERďFORďȶNDINGďBETTERďWAYSď STAKEHOLDERSď7EďKNOWďTHATďTHEďCONȶDENCEď honour them for who they are and what of doing things will never stop. We will be built based on our verbal and written they do. continue to search for and provide the commitments, which we reliably meet. latest technology-based solutions to our customers while justifying our drive to become a valued Payment Infrastructure Facilitator. RS. 04 Leadership 06 Availability and Accessibility 07 Teamwork & Collaboration Everything we do at LankaClear is aimed We are available for assistance at all times We know that the success of a team is at making people passionate about their and our services incorporate a high level of dependent on how well the members of contribution and to become leaders in their information security. The accuracy, trust, the team care for each other and work as own areas of expertise. and accessibility of our systems are our one. It is our forte to bring the members strength. We cherish our commitment to of the team together and lead the process Payment Infrastructure Facilitation as the OFďEȵECTIVEďCOLLABORATIONďTOďBRINGďHARMONYď emerging most reliable and trusted entity and success to the working relationships of 05 Integrity and Trust in the region. all levels and to work towards a common We at LankaClear proclaim that we make objective. promises that we can keep while claiming ownership for what we speak and do as individuals as well as a company. LankaClear (Private) Limited Annual Report 2020/21 7 Strategic Objectives 4HEďEVER CHANGINGďBUSINESSďDYNAMICďACROSSďTHEďWORLDďPRESENTSďMANYďPOSSIBILITIESďANDďBENEȶTSďTOďINDIVIDUALSďANDď companies. It enables people to connect more with their loved ones and build new friendships and partnerships all over the world. It also enables companies to reach out more to customers through digital channels, etc. The current LIFESTYLESďAREďJUSTďANOTHERďFORMďOFďINDEPENDENCE ďGIVINGďPEOPLEďMOREďȷEXIBILITYďTOďCREATEďTHEďLIFEďTHEYďIMAGINEď7HENď used wisely, there is no doubt that digital has the power to enhance the quality of lives, both now and in the future. From online shopping to social media, people can create their own innovative content and post it on YouTube, Facebook or engage in blogging etc. They can transact or make payments using their smart mobile devices. Digital banking for example allows individuals and companies to open bank accounts, and facilitates payments by using savings and current accounts without ever stepping out. This is possible through digitisation, which can essentially turn a smart phone into a wallet, a shopping mall or even a bank branch. Ensuring a seamless experience will allow us to maximise our time, do more things in a day and ultimately use that free time to live a better life. Our objective FORďTHEďȶNANCIALďYEARďďWASďTOďPROVIDEďAďSEAMLESSďEXPERIENCEďTOďALLďOURďSTAKEHOLDERS f Timely introduction of innovative f Manage and deliver stakeholder f%NHANCEďOVERALLďȶNANCIALďHEALTHď ANDďEȸCIENTďPAYMENTďSOLUTIONSď expectations whilst maintaining of the organisation by achieving and services to exceed customer good governance and contributing to REVENUEďANDďPROȶTABILITYďGROWTHď expectations sustainable development targets, while safeguarding company assets f Ensure trust and high availability of f Ensure the availability of a highly all payment systems and services QUALIȶED ďTRAINED ďEȸCIENTďANDď f Take LankaPay brand to the masses MOTIVATEDďTEAMďOFďSTAȵďMEMBERSďTOď facilitate organisational growth f Enhance and sustain information f Promoting social harmony by security and compliance on all contributing towards a worthy CSR platforms cause f Enhance customer satisfaction levels f Reduce the cost of all inter-bank ȶNANCIALďTRANSACTIONS LankaClear (Private) Limited AWARDS AND RECOGNITION Annual Report 2020/21 8 2011 2015 2018 #ERTIȶCATEďOFď#OMPLIANCEďUNDERď3ERVICEď Bronze Award under Small and Medium
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