First Capital and HNB Partner to Introduce a Groundbreaking Digital Withdrawal and Payment Facility for Unit Trust Investors

24 January 2024, Colombo: First Capital Holdings PLC, the pioneering investment institution, has announced a groundbreaking milestone for the financial services industry in Sri Lanka with the introduction of the “First Capital Money Plus Fund”. 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

About First Capital Holdings PLC:

First Capital Holdings PLC is a member of the Janashakthi Group, focused on delivering ‘Performance First’ through its operations as primary dealer, corporate finance advisory firm, wealth management provider, and stockbroker.

With over four decades of expertise in providing capital market solutions, First Capital Holdings PLC stands as a listed full-service investment institution in Sri Lanka. First Capital Holdings PLC is rated [SL] A with Stable outlook by LRA.

The Board of Directors of First Capital Holdings PLC comprises of Nishan Fernando (Chairman), Manjula Mathews (Deputy Chairperson), Dilshan Wirasekara (Managing Director / Chief Executive Officer), Ramesh Schaffter, and Chandana de Silva.

About HNB:

With 254 customer centres and 800+ Self Service Machines (SSMs) nationwide, HNB is one of Sri Lanka’s largest, most technologically innovative private banks. Consolidating its legacy in sustainability, good governance and corporate excellence, HNB was crowned the Best Corporate Citizen for 2022 at the Ceylon Chamber of Commerce Best Corporate Citizen Awards. The Bank further secured four additional accolades, including being ranked among the Top 10 Best Corporate Citizens and taking home the Governance category and Sustainability Champion for the Finance sector titles. 

HNB was also ranked among the World’s Top 1,000 Banks list compiled by the prestigious UK-based Banker Magazine for the sixth consecutive year in 2022. This accolade accompanied HNB being recognized as the Best Bank for SMEs at the Asiamoney Awards 2023, along with being crowned the Best Retail Bank in Sri Lanka for the 13th occasion at the prestigious International Excellence in Retail Financial Services Awards 2023 hosted by the Asian Banker Magazine.