ICTA together with PwC Introduces new Credit Evaluation Framework to support Tech Companies
June, 9, 2021
The Information and Communication Technology Agency (ICTA), the apex body for Information and Communication Technology in Sri Lanka, in collaboration with PwC Sri Lanka, recently introduced a new Credit Evaluation Framework to be adopted by lenders when lending to tech companies with minimal collateral. The new framework was launched in an event held with the participation of Prof. Lalith Gamage - Chairman of ICTA, Mr.Mahinda B.Herath - Chief Executive Officer ICTA, Mr. Anura De Alwis - Chief Digital Economy Officer of ICTA, Mr. Kavinda Weerakoon, Director - Deals, PwC Sri Lanka, Mr. Ashok Goonesekere Chief Risk Officer DFCC Bank, Mr. Indika Ranaweera, Vice President – SME, Middle Market & Business Banking, NDB Bank and Mr. Kanishka Weeramunda, Founder/CEO of Paymedia (Pvt) Ltd. a technology company who has successfully gone through the evaluation process.
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The Angel Fund, the first of its kind in Sri Lanka, has shortlisted its five early-stage startups for potential investment; Niftron, Traccular, Medica, Soulboner Clothing, and Ophir. This follows an intense application and selection process, spanning September, October, and November 2020, which initially attracted 80 applications.
The Angel Fund, launched earlier this year by the Lankan Angel Network (LAN), was established with the support of ecosystem development partner Ford Foundation to catalyze the growth of Sri Lanka’s startup ecosystem. Comprising 100 angel investors, including many high-profile entrepreneurs and corporate leaders, who represent more than a dozen sectors with proven competencies in over 20 functional domains, the Angel Fund is also distinct in that it features 20% of its investment from members based out of Canada, Dubai, Hongkong, Qatar, UK, and the USA.