Ceylinco Fast Cash service suspended?
|By Jithendra Antonio |
Financial Times learns from sources within Ceylinco Consolidated that the Ceylinco Fast Cash remittance service has been stopped from operating from January 1st 2009. Internal investigation by another party at Seylan Bank PLC has apparently identified a misappropriation worth approximately Rs. 4 to 5 billion according to our sources. This has happened due to the fact that Ceylinco Fast Cash office in Singapore has not reimbursed the money back to Seylan Bank PLC which paid for the customers’ transactions. Ceylinco Fast Cash system operates in such a way that when cash transferring party sends money to the receiving party, the money is initially transferred to Singapore based office of Ceylinco Fast Cash and then the receiving party is paid by the Seylan Bank PLC.
When Financial Times contacted Ceylinco Fast Cash, a customer service agent said that the remittance service has been suspended temporarily since January 1st 2009 afternoon (12:30 p.m.) and a final decision will be taken today by the management of Ceylinco Fast Cash.
Ceylinco Express Remittance Pte. Ltd, (CER) was incorporated to establish a technology based global money transfer system facilitating two-way "Person-to-Person" money transfer service across the globe. CER is a member company of Ceylinco Consolidated, the largest business group in Sri Lanka with its international headquarters based in Singapore. CER positioned its product brand as "Ceylinco Fast Cash" (CFC) and launched its services in October 2006.
The entire IT infrastructure of the Ceylinco Fast Cash remittance system is hosted in Singapore, taking advantage of the superior information communication technology capability available in that country according to company’s website. The Company Profile says that the remittance system provides for very "high level" up-time, meeting the standard industry norms with a sophisticated disaster recovery plan implemented in Singapore. The system is developed as a web enabled thin-client system with network connectivity provided via the internet. The system security is maintained at the highest possible levels using 128-Bit SSL Protocol and the data is transmitted in encrypted format. In addition, the application has also a built-in dual user log-in control to minimize any unauthorized transactions by the potential users. The system had developed by NCS Pte Ltd (NCS), one of the largest software houses in Singapore and a subsidiary of Singapore Telecommunications (SingTel). The system is integrated to the SingTel mobile network to provide a two way text messaging facility enabling the system to generate text messages between the remitter and the beneficiary, advising each party of the details of the transaction and its status at no additional cost.
An official from Ceylinco Group, who wanted to remain anonymous, said that NCS has charged approximately US $ 2 million for the development of the Remittance Management System (RMS) software of Ceylinco Fast Cash. He stated that NCS had charged approximately US $ 230,900 for the hosting and management services of the RMS of Ceylinco Fast Cash for the period starting from October 16th 2006 to October 16th 2007. Another agreement has been signed by Chairman, Ceylinco Consolidated, Dr. Lalith Kotelawala and Dr. Chong Yoke Sin of NCS, Singapore (no longer an employee of NCS) for the period April 16th 2007 to October 15th 2008, referring to the application maintenance, support and enhancement of the same system in which NCS has quoted approximately US $ 185,000. Similarly, the next agreement has been signed relating to infrastructure, maintenance and hosting services of the Remittance Management Software for the period October 16th 2007 to October 15th 2008 in which NCS has quoted for US $ 500,000, according to our sources.
MEANWHILE ANOTHER WEDNESDAY PAPER IN SRI LANKA SAID:
Wednesday, January 07, 2009