- Fonepay of Nepal and LankaPay of Sri Lanka have signed an MoU to collaborate.
- The aim is to develop an interoperable digital payment system that enables cross-border payments.
- This will allow customers and businesses on both payment networks to make affordable and convenient transactions across Nepal and Sri Lanka.
- The partnership looks to revolutionize the digital payment landscape and bridge the gap between the two countries.
- It has the potential to significantly fuel commerce and growth between Nepal and Sri Lanka.
Fonepay, Nepal’s leading digital payment solutions provider, has signed a Memorandum of Understanding with LankaPay, Sri Lanka’s national payment network, to collaborate on developing an interoperable digital payment system that will enable seamless and affordable cross-border payments.
The partnership aims to bridge the gap between the two countries’ payment ecosystems by revolutionizing the digital payment landscape. The focus is on making it convenient for customers and businesses on both Fonepay and LankaPay networks to transact across borders.
According to the MoU, Fonepay and LankaPay will work together to build a system that allows their users to make and receive payments for goods and services in an easy and cost-effective manner. The interoperable platform will facilitate commercial activities and fuel economic growth between Nepal and Sri Lanka.
Diwas Sapkota, CEO of Fonepay, said the collaboration “has the potential to significantly transform the digital payments space and unlock huge value for customers, businesses and economies of both nations.”
Channa de Silva, CEO of LankaPay, said they look forward to “advancing the digital payment revolution in South Asia through strategic partnerships like this that bring networks together and break down barriers.”
The full impact of the collaboration remains to be seen, but experts believe it is an important step towards an integrated and inclusive digital financial ecosystem in the region. Once operational, the interoperable payment system will make cross-border commerce more streamlined and frictionless for Nepalese and Sri Lankan customers.
For Fonepay, this collaboration signals their ambition and vision to be a leader not just in Nepal’s fintech space but in the broader regional ecosystem. By partnering with other innovative payments companies, Fonepay can scale its solutions, reach more customers and capture new opportunities. The IPO announcement further indicates Fonepay’s plans for rapid expansion and growth in the coming years. As the first Nepali fintech to go public, it will set an example for the potential of the digital payments and financial technology sector in Nepal.
If successful, Fonepay’s IPO could attract more investors and much needed capital for the development of Nepal’s fintech industry. It could also encourage other startups and tech companies in Nepal to consider an IPO as a viable exit option. Ultimately, a vibrant fintech ecosystem powered by innovative companies like Fonepay has the potential to accelerate financial inclusion, modernize Nepal’s economy and improve the livelihoods of Nepali citizens through better access to digital financial services.
In summary, the LankaPay partnership and IPO announcement show that Fonepay aims to be a disruptor and pacesetter for Nepal’s burgeoning fintech sector with ambitions that extend beyond the country’s borders. The next few years will be pivotal for Fonepay and for revealing the potential of fintech to transform Nepal’s economy.