
WSO2 Founder and CEO Sanjiva Weerawarana called for radical reforms to modernize Sri Lanka’s financial system, proposing a cap on cash transactions at Rs 2.5 lakhs and the demonetization of the Rs 5,000 note. Speaking at a Central Bank lecture on “Unleashing the Digital Economy in Sri Lanka,” Weerawarana emphasized the urgent need to accelerate digital adoption to foster economic growth and improve transparency. Weerawarana himself was solicited for a cash payment when purchasing a vehicle. Reflecting on Sri Lanka’s progress in banking, Weerawarana noted how technology has revolutionized the industry. “Traditional banking required physical presence during limited hours. Today, with the aid of technology, we can do almost all transactions online, anytime and anywhere,” he remarked. However, despite these advancements, cash remains king, hindering broader digitization. Sri Lanka’s digital identity system has faced delays, despite having a strong foundation. With 96% of the population holding National ID cards and birth certificate coverage at 99.7%, the country is well-placed for digital transformation. However, Weerawarana criticized the lack of progress, pointing out, “Sri Lanka has been working on a digital ID project for 20 years and has nothing to show for it.” He also addressed the need for practical solutions to authentication challenges, cautioning against unnecessary complexity. “Real-world identity is not a seriously strong identity. Over-engineering digital identity solutions often doesn’t solve the actual problem,” he explained, advocating for scalable, user-friendly systems. The payment ecosystem highlights the country’s reliance on cash, revealing startling figures. Of the Rs 1.26 trillion in circulation, 77% is held outside the banking system, primarily in Rs 5,000 notes. While 19 million debit cards are active, only 1.9 million credit cards are in use, with unique holders likely fewer due to multiple cards. Additionally, government payments total Rs 330 billion annually, but digital payment platforms like Just Pay and Lanka QR remain underutilized. “Payment is the most fundamental component of an economy—moving money around in some form is essential,” Weerawarana stressed. He highlighted LankaPay’s “human bridge” initiative, which enables government departments to integrate digital payments even without advanced system setups, as an example of bridging gaps in the current ecosystem. Weerawarana’s recommendations to limit cash transactions and phase out Rs 5,000 notes aim to drive digital adoption and formalize the economy. By embracing these measures, combined with scalable digital ID systems and wider adoption of payment platforms, Sri Lanka could unlock significant economic potential. Weerawarana’s analysis of the current system showed that even with outdated forms of National Identity Cards which were susceptible to forgery there was limited mass scale identity fraud in the country. (TP)Daily Post Nigeria Plane Crash: Putin apologises to Azerbaijan without claiming responsibility Home News Politics Metro Entertainment Sport News Plane Crash: Putin apologises to Azerbaijan without claiming responsibility Published on December 28, 2024 By Matthew Atungwu Russian President, Vladimir Putin, on Saturday, admitted that his country’s air defence was working when an Azerbaijani Airlines plane tried to land in Grozny before crashing, breaking the Kremlin’s silence as speculation mount that Russia may have accidentally shot the plane. Putin called his Azerbaijani counterpart, Ilham Aliyev, apologising that the incident took place in Russian airspace while stopping short of saying Russian air defence shot the plane. Aliyev had emphasised to Putin that the plane was hit by outside interference from Russia, saying it wanted those responsible held accountable. The phone call between the allies came three days after the Embraer 190 plane flying from Baku to Grozny crashed in Kazakhstan. DAILY POST recalls that the crash killed 38 people of the 67 onboard. Scores killed in Kazakhstan plane crash Meanwhile, western experts have pointed fingers at Russia, while the US said it had early indications the plane was shot. Putin told Aliyev that the plane had tried to land in Grozny several times. “During this time, Grozny, (the town of) Mozdok and Vladikavkaz were being attacked by Ukrainian combat drones and Russian air defence was repelling these attacks,” Putin said. However, Aliyev appeared in no doubt that the plane was shot at over Russia. Baku’s presidency in a statement said President Ilham Aliyev emphasised that the Azerbaijan Airlines passenger plane encountered external physical and technical interference while in Russian airspace, resulting in a complete loss of control. According to the statement, Aliyev highlighted that the multiple holes in the aircraft’s fuselage, injuries sustained by passengers and crew due to foreign particles penetrating the cabin mid-flight, and testimonies from surviving flight attendants and passengers confirm evidence of external physical and technical interference. Meanwhile, Russian officials had earlier said that Ukrainian drones were attacking Grozny that day. But Ukrainian leader, Volodymyr Zelensky, said he also spoke to Aliyev on Saturday, stressing that the footage of the plane makes it look very much like an air defence missile strike. “The key priority now is a thorough investigation that will answer all questions about what really happened. Russia must provide clear explanations and stop spreading disinformation,” Zelensky said. 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MILWAUKEE (AP) — Themus Fulks' 26 points helped Milwaukee defeat IU Indianapolis 88-81 on Sunday. Fulks also contributed five rebounds and five assists for the Panthers (10-4, 3-0 Horizon League). Kentrell Pullian scored 20 points while going 5 of 9 from the floor, including 4 for 7 from 3-point range, and 6 for 8 from the line. Erik Pratt shot 5 for 9, including 1 for 4 from beyond the arc to finish with 11 points. Sean Craig led the way for the Jaguars (5-10, 1-3) with 22 points, eight rebounds and four steals. Paul Zilinskas added 21 points and three steals for IU Indianapolis. Jarvis Walker finished with 12 points and four assists. Milwaukee's next game is Thursday against Oakland on the road. IU Indianapolis hosts Youngstown State on Wednesday. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .Vanguard Announces Cash Distributions for the Vanguard ETFs
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