Sri Lanka Equity Forum
Dear Reader,

Registration with the Sri Lanka Equity Forum would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
Sri Lanka Equity Forum

Discussion Forum for Stock Market Investors in Sri Lanka

සිංහල පරිවර්තනය
Submit Post
Submit Post

Latest topics

» EAST INTERESTING DAYS AHEAD 25+
by glad Today at 10:40 am

» Weekly Stock Market Roundup
by Insights Equity Today at 8:35 am

» What is going on with TFC.N0000
by Gihan04 Today at 12:42 am

» Would CIC make an upward move in the coming weeks?
by hammurabi Today at 12:39 am

» Why AAIC Should trade above RS.50/-
by wisdom79 Yesterday at 8:08 pm

» Daily Stock Market Update
by Insights Equity Yesterday at 6:17 pm

» SME M&A opportunity
by raheem72@gmail.com Yesterday at 1:21 pm

» Sri Lanka Hilton Hotels Must Investigate or Oust Unfit and Improper - Kashmi App Bankrupted Sanjiv Alles who hides about his Career in Kashmi for Colombo Hilton Hotel Director Profile
by AmalHoole Yesterday at 12:47 pm

» Why ALHP is having a huge demand despite consecutive losses?
by wisdom79 Yesterday at 11:03 am

» TIME TO LOOK AEL
by sanjulanka Wed Apr 17, 2019 6:42 pm

» HEXP next run up to 120-130
by nishjaya Wed Apr 17, 2019 12:21 pm

» Cabinet nod for Colombo Stock Exchange to be converted to a company limited by shares
by glad Wed Apr 17, 2019 9:30 am

» Lanka Bell to be acquired by Mobitel - Sources
by soileconomy Wed Apr 17, 2019 7:07 am

» 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
by AmalHoole Tue Apr 16, 2019 3:17 pm

» Sri Lanka Kattadiyalage Wegapitiya tries to manipulate Household Gas prices in Gas market, Wegapitiya lead LAUGFS Gas in a secret Deal to Bankrupt Government's Litro Gas by affecting 1.3 Million Households and 5 million people in the country
by AmalHoole Tue Apr 16, 2019 3:09 pm

» සුභ අලුත් අවුරුද්දක් වේවා.
by sanjulanka Mon Apr 15, 2019 12:38 pm

» I bought PCHH.N and SING.N sometimes back?
by hammurabi Mon Apr 15, 2019 12:14 pm

» Highest temperature hike after 128 years in sri lanka
by nimantha80 Sun Apr 14, 2019 4:47 pm

» DEBTS FREE AAIC MUST MOVE UP,3.36BN FROFIT, MARCH Q 1.00BN
by wisdom79 Sun Apr 14, 2019 8:15 am

» VONE , is it time to sell or holds
by Uaecoindubai Sat Apr 13, 2019 1:27 pm

» HVA WILL THEY RECTIFY THE REGULATORS QUARIES BEFORE DEAD LINE?
by nimantha80 Fri Apr 12, 2019 3:12 pm

» NDB Leasing Centers open at Gampaha, Negombo
by Uaecoindubai Thu Apr 11, 2019 8:17 pm

» BFN බොරු සෙලින් දාලා කොහොම හරි 11 වගේ ගානට 500000 එකතු කරගන්න කියලා අර 14 ට ලක්ශයක් සෙලින් දැම්මේ මේ ටේලර් මහත්තයාම තමයි
by dmtmadusanka Thu Apr 11, 2019 8:15 pm

» I met Karuna Today.
by Uaecoindubai Thu Apr 11, 2019 8:15 pm

» Look APLA its trending to 98LKR
by Uaecoindubai Thu Apr 11, 2019 8:13 pm

» ROYAL CERAMIC (RCL)
by Yahapalanaya Thu Apr 11, 2019 8:11 pm

» Look BPPL company
by Uaecoindubai Thu Apr 11, 2019 10:10 am

» PABC.N0000 ? Will come down to Rs. 11 - 12 level?
by Uaecoindubai Wed Apr 10, 2019 5:13 pm

» Any news on MBSL.N0000
by Uaecoindubai Wed Apr 10, 2019 4:56 pm

» New NDB Privilege Banking and Leasing Centres open in Kurunegala
by Soilconomy Wed Apr 10, 2019 11:30 am

» TIME TO WATCH - LOFC - BFN
by Uaecoindubai Wed Apr 10, 2019 11:20 am

» ශ්‍රිලංකාවේ ණය බරතාවය. Sri Lanka's Debt Trap
by soileconomy Wed Apr 10, 2019 7:28 am

» 2019 revised traffic fines
by Uaecoindubai Tue Apr 09, 2019 12:47 pm

» LLUB Surprise
by hammurabi Mon Apr 08, 2019 9:29 pm

» MARKET CRASH - GUARANTEED
by Uaecoindubai Mon Apr 08, 2019 5:11 pm

» Just 2% of investors control 95.7% of the stock market
by sanjulanka Mon Apr 08, 2019 8:47 am

» Lofc delisting??
by sanjulanka Mon Apr 08, 2019 8:17 am

» watch UBC -LDEV - BALA - LOFC
by karuna2 Mon Apr 08, 2019 7:43 am

» CHECK YOUR SELL ORDERS - BULLS ARE READY
by karuna2 Mon Apr 08, 2019 7:43 am

» REXP***REXP***REXP***REXP
by Uaecoindubai Sun Apr 07, 2019 11:20 pm

» Sena Yaddehige charged with insider dealing by Sri Lanka regulator
by Uaecoindubai Sun Apr 07, 2019 4:36 pm

» SOFT LOGIC TO BUY BFN ?????????
by Uaecoindubai Sun Apr 07, 2019 1:55 pm

» WHERE IS TELLER........market down.......ASI 5700...
by Uaecoindubai Sat Apr 06, 2019 2:43 pm

» GRAN VS TELLER
by Uaecoindubai Sat Apr 06, 2019 2:41 pm

» Our forum moderator Teller narrowly missed the year 2018 Nobel Prize for economics science to a pair of American economists, William D. Nordhaus and Paul M. Romer
by Uaecoindubai Sat Apr 06, 2019 2:35 pm

» BALA IS WARMING UP
by Uaecoindubai Sat Apr 06, 2019 10:38 am

» RHL is going to be interesting
by roshan1039 Fri Apr 05, 2019 11:33 am

» MGT - Collect n keep
by sanjulanka Fri Apr 05, 2019 7:21 am

You are not connected. Please login or register

Sri Lanka Equity Forum » Stock Market Talk » 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

Go down  Message [Page 1 of 1]

AmalHoole


Stock Trader
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 Trader
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.

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum