New BOI Venture to Launch Mobile Commerce Services

New venture was approved by the Board of Investment (BOI) to provide mobile commerce solutions for the local market.

The Utiba Mobile Commerce platform is the leading platform in the global mobile payment systems. Currently over 225 million subscribers use an Utiba solution on their phone.

The agreement signed with U.Generations Mobile Solutions (UGEN) is an investment of US $ 900,000 and will generate employment for 20. UGEN is a joint venture between Genesiis Software (Pvt) Limited, a fully owned subsidiary of the Finco Group of Companies and a Singapore based company, Utiba (Pte) Limited, a Singapore based firm. Utiba (Pte) Limited specialises in providing Advanced Mobile Commerce solutions and platforms.

Mr. Nilkamal Weerasooriya, Managing Director of U.Generations Mobile Solutions said he was confident that the market is now ready to accept innovative banking solutions on the mobile phones. The convergence between telecommunication networks and banks will provide cost effective, convenient banking services to all Sri Lankans, he said.