Local IT startups showcase applications open until April 10
The Act was passed in Parliament in September last year and became effective on February 2012, he said. He noted that it is compulsory to use the word finance in registered financial institutions and no other company can use the words ' Finance', 'Financing' and ' Financial' in the name description without the prior approval of the Monetary Board and all companies who want to engage in the business of finance should comply with the rules by May 9 this year, he disclosed.
The Central Bank has the power to publish the names and addresses of firms which use the words against the provisions of the Act and it will introduce a logo or a sign to be used by every registered finance company, he added. The requirement is not applicable to firms which are required by the Monetary Board to have as part of their name the word 'finance', 'financing' or 'financial' or their equivalent in any other language.
It is also not applicable to an association of finance companies formed for the protection of their interests, trade unions which are an association or combination of workers who are employees of a finance company, or educational bodies or consultancy services.
He said that approved micro-finance companies registered under the Finance Business Act may continue to use the words 'micro finance' as part of their names or descriptions until a proposed Micro Finance Act is enacted. Unauthorised acceptance of public deposits will be made an offence and those violating the law can be indicted in the high court.
The Central Bank has the power to publish the names and addresses of firms which use the words against the provisions of the Act and it will introduce a logo or a sign to be used by every registered finance company, he added. The requirement is not applicable to firms which are required by the Monetary Board to have as part of their name the word 'finance', 'financing' or 'financial' or their equivalent in any other language.
A local non-profit is offering Sri Lankan IT startups a global platform to pitch their ideas and maybe even attract investors.
The Colombo chapter of This Week in Startups ( TWIST), a live- streamed web series hosted by Jason Calacanis on Thisweekin.com which highlights startups from around the world, is offering a showcase for five selected local startups. Interested parties may apply at thisweekincolombo. com/ apply- to- pitch/ up to April 10, 2012, with the TWIST Colombo event being held on May 12.
According to a TWIST Colombo statement; " All applicants will first be given one minute to pitch their ideas to the local audience. The audience will then vote for the 5 best ideas of the day on a scale of 1 - 5, based on the following criteria: Effectiveness of the 1 minute pitch – Did the presenter make a clear and compelling case with energy and belief ? Business potential and feasibility – How quickly could the idea be implemented? Would audience members buy or recommend proposed product or service? Would it be sustainable? Transformational potential– What social impact would the idea have?
The five best presenters will then be given the opportunity to pitch their ideas on a global platform.
They will receive comprehensive feedback, ideas, and recommendations from Jason Calacanis on the pitch as well as the business model. Pitching on this global platform also means that their ideas/companies will be marketed to about 100,000 interested people worldwide, including potential investors."