LOLC Technologies Joins Hands with Microsoft to Enhance Core-Banking with Azure

Image Caption [from left to right]: Prasanna Siriwardena, Deputy CEO of LOLC Technologies Ltd and CIO of LOLC Holdings PLC; Conrad Dias, Chairman of LOLC Technologies Ltd and Director of LOLC Holdings PLC; and Kapila Jayawardena, Managing Director/CEO of LOLC Holdings PLC together with Harsha Randeny, Country Manager for Microsoft Sri Lanka and Maldives and Dhammika Weerakoon, Corporate Accounts Lead for Sri Lanka and Maldives.

LOLC Technologies Limited, a subsidiary of the LOLC Group, has entered into a collaborative agreement with Microsoft to integrate Azure cloud services into “FusionX”, its core banking platform designed to meet evolving customer needs. This strategic move aims to upscale their operational architecture, enabling LOLC Technologies to harness the power of data and AI to expedite growth and success.

Through Azure, LOLC Technologies can harness cloud-native services to enhance FusionX by enabling scalability, agility, and AI-driven efficiency. Azure serves as the foundation, empowering LOLC Technologies to achieve its evolving digital goals by delivering tailored experiences that meet today’s unique banking demands. Azure’s secure and easily deployable nature, along with its AI capabilities, enables existing functions to be updated without needing a complete rebuild, simplifying the process of rolling back updates. Azure provides FusionX with an additional layer of cybersecurity to counter potential threats and implement best security practices. Consequently, as the organization designs new banking solutions, they do so with a proactive stance against threats.

Speaking on the adoption, Prasanna Siriwardena, Deputy CEO, LOLC Technologies Ltd and CIO, LOLC Holdings PLC, said, “This is not just a technological advancement, but a strategic transformation aimed at positioning LOLC Technologies at the forefront of digital banking solutions. By leveraging the unparallelled agility and resilience of Microsoft Azure, we are focused on redefining financial services. With this shift, we have empowered BFSIs to evolve rapidly while unlocking AI’s full potential through a real-time analytics platform.”

Strategizing for international growth, the company aims to enhance its products’ capabilities by leveraging the cloud service architecture of Microsoft Azure to boost value addition. The Cloud Adoption Framework within Azure will assist LOLC Technologies and their teams in improving operational efficiencies and promptly closing feedback loops, allowing them to cleverly align their business goals, operations, and vision.

Harsha Randeny, Country Manager for Microsoft Sri Lanka and Maldives, added, “We are enthusiastic about supporting LOLC Technologies break ground on their undertaking to elevate operations through AI automation. Not only are we looking forward to guiding LOLC Technologies through this transition, but we’re also keen on optimizing the organization’s leveraging of Microsoft AI Solutions at every level. We trust that with these tools at their disposal, LOLC Technologies will forge ahead with inventive opportunities.”

Microsoft is committed to empowering LOLC Technologies to drive innovation and transform their business with AI, leveraging cloud agility to support their evolution and advance their core banking capabilities.

About Microsoft

Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.

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