Sri Lanka’s Digital Alternative Lending Association Condemns Unethical Practices Made By Dubious Or Illegal Lending Apps DALA (Digital Alternative Lending Association), the only self-regulating body for the digital lending industry of Sri Lanka, strongly condemns the unethical practices made by dubious or illegal lending companies, such as unfair debt collection practices and incessant harassment, and reminds the general public to only engage with legitimate financial service providers. The association issues the following statement: “DALA believes these dubious or illegal lending apps misrepresent the growing digital lending industry in the country, perversely counterintuitive to legitimate players in the segment that are making a proactive effort to reach the financially underserved who are in need of access to formal credit options. “Our members’ lending operations are transparent and responsible, substantially distinguished from entities engaged in fraudulent activities within the financial sector. Our unwavering dedication ensures our customers a dependable, enduring, and trustworthy financial partnership, solidifying our commitment to ethical and secure financial services. This dedication remains pivotal in DALA's overarching mission, elevating integrity and credibility as paramount values in the digital lending landscape. “A non-profit organization registered under the Companies Act No. 7 of 2007, DALA stresses its commitment to fair and ethical business standards, practices, and laws — open to collaborating and fostering sound relationships with the relevant authorities as it develops policies to curb such practices from these fly-by-night companies. During its press conference last December 7, DALA — which consists of esteemed and reputable entities such as Lotus Loan, Robocash, LoanMe, Fino.lk, Cashx, and Oncredit — also put forth recommendations aimed at safeguarding against financial scams. The importance of consumer protection was highlighted, stressing the necessity for individuals to verify and exercise caution before entering into any financial agreements.
About DALA DALA (Digital Alternative Lending Association) is a non-profit organization registered under the Companies Act No. 7 of 2007. DALA plays a significant role in the booming fintech industry in Sri Lanka. We stand out as the only self-regulating body for service providers in the digital lending industry. The establishment of the DALA platform is a watershed to strengthen a solid rapport among its members, customers, stakeholders, and relevant supervisory authorities in a more collaborative, open, and transparent manner. To achieve this objective, DALA is committed to adhering to fair and ethical business standards, practices, and laws. Our members are dedicated to uplifting and supporting the lifestyles of Sri Lankans with a financial helping hand when they are in need, and at the same time, DALA will also boost the sustainable development and growth of the Sri Lankan financial sector. Most importantly, as a self-regulatory platform, DALA is a unique marketplace to facilitate and encourage the digital lending industry, representing the common interests of our members.