This significant initiative, the first of its kind in Sri Lanka, offers digital withdrawal and payment facilities through a convenient EMV-enabled card for Unit Trust investment accounts, which gives a variety of transaction options for customers.
Ensuring integrity and security of the new fund, First Capital has partnered with HNB to obtain trustee services.
The new innovative fund will enable Unit Trust account holders to access their investments conveniently through an EMV-enabled card.
Kavin Karunamoorthy, Executive Vice President - Asset Management at First Capital Holdings PLC, commenting on the game-changing solution said,
“First Capital has always been the ‘First’ in many aspects to revolutionize the capital markets in Sri Lanka.
Staying true to our brand promise, ‘Performance First’, we are introducing this revolutionary solution to the investment market, providing convenient and instant access to funds that give attractive returns over conventional investment instruments.
We are hoping to bring this new facility to the market very soon, and I am confident that this initiative is going to be an important milestone in living our vision ‘to improve the lives of all Sri Lankans through financial solutions’ ”.
Adding to this, Damith Pallewatte, Deputy General Manager - Wholesale Banking Group, HNB said
“HNB is proud to serve as the preferred primary trustee bank to First Capital Holdings PLC. Given our position as a Domestic Systemically Important Bank with the largest retail footprint among Sri Lanka's private sector banks and our 135-year legacy of banking excellence, we are confident that HNB is the ideal partner for First Capital.
Moving forward, we aim to leverage HNB's powerful technological capabilities to innovate seamless new digital products, delivering unprecedented value and convenience directly into the hands of our customers."
The new Unit Trust Fund (First Capital Money Plus Fund), approved by the Securities Exchange Commission of Sri Lanka, offers a milestone facility, providing investors with instant access to their investments through over 3,500 ATMs, POS terminals, and digital payment gateways available islandwide.
First Capital expects the added accessibility and flexibility to catalyse the growth of the unit trust market in Sri Lanka.