Central Depository Systems (Pvt) Ltd (CDS), a fully owned subsidiary of the Colombo Stock Exchange (CSE), signed a MoU with Korea Securities Depository (KSD) on the sidelines of the 22nd Annual General Meeting of the Asia Pacific Central Securities Depository Group (ACG) in Colombo.
The MoU aims to strengthen the relationship between the depositories and will pave the way for cooperation on knowledge sharing and mutual development. CDS Sri Lanka had earlier signed agreements with depositories in India and Pakistan.
KSD and CDS Sri Lanka through the MoU aim to establish new operational linkages while maintaining a focus on the development of new service areas. The move will pave the way for capacity building for both depositories, where cross training opportunities for the staff are expected to be facilitated.
CSE and CDS Chairman, Ray Abeywardena said, “The MoU is a positive outcome of the ACG AGM recently hosted in Colombo and offers CDS an opportunity to collaborate with and benefit from one of the largest depositories in the region. KSD is in a prime position to support the long-term business plan of CDS and could make a vital contribution to transforming CDS into a modern depository driven by operational excellence.”
KSD Chairman and CEO Lee Byungrhae said, “The MoU will be a catalyst to facilitate the establishment of a mutual partnership between CDS and KSD.
With over 40 years of experience and know-how as a core financial market infrastructure of Korea, we believe that KSD will have much to offer CDS to develop the capital market of Sri Lanka.
“We hope to work with CDS on knowledge sharing programs and spearhead financial market cooperation between the two countries,” he said.