Sri Lanka’s premier fintech app, genie, powered by Dialog, has launched an innovative feature that allows its users to set up a Central Depository Systems (CDS) account, add money, place orders to buy and sell stocks on the Colombo Stock Exchange (CSE) and withdraw funds from their trading account maintained with the broker, and manage their stock portfolio, all from the convenience of their mobile phone. Softlogic Stockbrokers Pvt Ltd [SSB] is the first broker to partner with genie in providing these brokering services within the app.
The seamless and quick end-to-end CDS account opening process has a remote verification of the KYC (Know Your Customer), which eliminates the need for physical visits or cumbersome paperwork. Softlogic stockbrokers will facilitate the CDS account opening once the customer is verified and approved by them.
Once the CDS account is opened, each customer will be assigned a dedicated investment advisor. Research team of SSB will provide required guidance on trading and the customers can always reach out to SSB for any further clarifications.
The unique feature of the genie stock trading facility is that the users can fund their trading account seamlessly using the payment instruments on the genie app which facilitates transfers from their genie digital saver and other bank accounts. Funds can also be transferred to the trading account via an interbank transfer from the user’s bank, using the CEFT network where funds would be instantaneously credited to their trading account. genie is the first and only app in Sri Lanka to facilitate such fund transfers directly to a trading account digitally brining unprecedented convenience and ease of operations to both customers and stockbrokers.
Customers can trade in shares listed on the Colombo Stock Exchange (CSE) by using the buying and selling features on the genie app during market hours and also they can place orders during off-market hours. Any trades input to genie after the market is closed will be placed on the CSE order book on the next trading day. genie provides customers with simple and easy input screens to place the orders to buy and sell stocks by entering the price and quantity of each trade.
The genie stock trading facility is mainly designed and targeted to attract and support small investors who may want to trade in relatively small values. Retail investors can commence investing in the market with as little as 1,000 rupees and can withdraw their investment via a simple request for withdrawal to the broker through the app. Regular updates on the market is also provided within the app.
“As Sri Lanka’s premier Fintech app, we are pleased to have contributed to the widening of the retail investor base in Sri Lanka and to enable investors to gain access to the stock market and start investing and trade in stocks.” Renuka Fernando, Group Chief Digital Services Officer of Dialog Axiata PLC said. “We are confident that as we widen access, there will be better understanding and participation in our Capital markets. We will continue to foster good investment habits and educate our customers with easy access to market information. Self-directed investing is the logical extension of the genie platform which aims to democratize financial products and wealth management”, she further stated.
“We are pleased to have partnered with genie, Sri Lanka’s premier Fintech app, where customers can experience end to end digital journey from opening a CDS account to trading. We look forward to work with genie in expanding our reach in the digital economy of Sri Lanka, whilst providing the best customer experience.” Dihan Dedigama, Director / Chief Executive Officer, Softlogic Stockbrokers said.