Deutsche Bank floats FX digital platform in Sri Lanka

Clients can pay in local currency between two Asian markets.

Deutsche Bank has announced its investment in Sri Lanka with the launch of a new digitally-enhanced foreign exchange (FX) platform, according to a news release.

The bank is targeting local corporate clients.

By mid-year, Deutsche Bank Sri Lanka said that clients can pay in local currency between two Asian markets, thus reducing FX execution costs to a single conversion along with a faster delivery between the brank network.

Deutsche Bank is also extending its FX API technology to Sri Lanka, which enables local clients to connect the platform into their own direct sales e-commerce infrastructure, shared chief country officer Vikas Arora.

More upgrades are planned in the rest of the year to further enhance the foreign currency payment offering for both inbound and outbound payments in Sri Lanka Rupee (LKR).

The Sri Lanka branch rollout of the digital FX platform follows the launch of an online payments facility for customs and excise for importers toward the end of 2019.