Pine Labs Limited has announced a strategic partnership with Pan Asia Banking Corporation (PABC), one of Sri Lanka's largest listed entities, to deploy a comprehensive API-first Card Issuing and Processing Platform. The announcement was made on January 28, 2026, marking a significant expansion of Pine Labs' footprint in the Sri Lankan financial services market.

Partnership Details and Platform Capabilities

Under this partnership, Pine Labs will implement its Credit+ platform to provide Pan Asia Bank with a full-stack Credit Card Management System. The platform is designed to support high transaction concurrency and uptime while offering flexible and scalable product configurations.

The Credit+ platform will integrate seamlessly with Pan Asia Bank's existing core banking platform and payment networks, delivering rule-based controls and configurable limits through APIs.

Leadership Perspectives

B Amrish Rau, CEO of Pine Labs, emphasized the technological advantages of the partnership: "Our engagement with Pan Asia Bank is around implementation of a modern credit card management platform using our cloud-native and API-first card management technology. Our platform will help the bank handle the entire card lifecycle giving them complete control over configurations, limits, and program logic as volumes scale."

Naleen Edirisinghe, Director/Chief Executive Officer of Pan Asia Bank, highlighted the strategic importance of the collaboration: "This partnership with Pine Labs marks an important milestone in our digital transformation journey as it further strengthens our ability to deliver faster, smarter and more secure card services to our customers, while building the scalable infrastructure required to support our long-term growth and innovation agenda."

Technical Architecture and Benefits

The customized architecture of Pine Labs' platform will enable Pan Asia Bank to introduce new card products with enhanced operational efficiency. Key capabilities include:

• Real-time authorization processing
• Seamless modification of controls and limits
• Swift response to regulatory or market changes
• Minimal impact on core banking infrastructure
• API-driven configurability for product launches

Regional Market Expansion

This partnership represents Pine Labs' second major banking client in Sri Lanka within a span of few months, demonstrating the company's growing presence in the region. As banks across Sri Lanka continue to embrace agile alternatives to legacy card systems, Pine Labs is positioning itself as a trusted technology partner for innovative and future-ready card issuing and processing solutions.

The collaboration underscores the increasing demand for modern, scalable financial technology solutions in the Sri Lankan banking sector, with institutions seeking to enhance their digital capabilities while maintaining operational flexibility and regulatory compliance.

Pine Labs has reported a significant financial turnaround in its third quarter results, marking a strong recovery from previous year losses. The fintech company demonstrated robust operational performance with substantial improvement in profitability metrics.

Financial Performance Overview

The company's consolidated financial results show a remarkable transformation in its bottom line performance. Pine Labs achieved profitability after experiencing losses in the corresponding period last year.

| Financial Metric: | Q3 Current Year | Q3 Previous Year | Change || | ---: | :--- | :--- | :--- | | Consolidated Net Profit/Loss: | ₹420 million profit | ₹570 million loss | +₹990 million improvement |

Operational Turnaround

The quarter-over-quarter comparison reveals Pine Labs' successful transition from a loss-making position to achieving substantial profitability. The ₹990 million improvement in net profit represents a complete reversal of the company's financial trajectory, indicating effective cost management and revenue optimization strategies.

This positive financial performance reflects Pine Labs' strengthened market position and operational efficiency improvements. The company's ability to generate significant profits after previous losses demonstrates its resilience and adaptability in the competitive fintech landscape.

Business Impact

The strong Q3 results position Pine Labs favorably for continued growth and market expansion. The substantial profit generation indicates improved cash flows and enhanced financial stability, providing a solid foundation for future business initiatives and strategic investments in the fintech sector.