• Hanif M. Ibrahim Group CEO/ Executive Director Parkfinda Technology shares his journey and vision

The CEO of Parkfinda, a Sri Lankan entrepreneur, discusses the journey that led to the creation of their revolutionary parking solution. With a rich background in the parking industry, the CEO shares insights into the development of their flagship product, Parkfinder, which combines cutting-edge technology with automation to transform the traditional parking experience. The interview delves into the global expansion plans, benefits for motorists and travellers, challenges faced, and the role of Parkfinda in contributing to the economy.

Following are excerpts from the interview:

What inspired you to venture into this field?

If I look back in time, I began my profession in 1995 while living in Sri Lanka. I was one of the few workers who began to work locally and continued to work here for a good ten years. Then, there was a programme for highly skilled immigrants in the United Kingdom (UK), to which I applied, and got selected, becoming the first person from Sri Lanka to travel on that programme. After spending three months searching for employment, I was hired as a manager by National Car Parks, one of the largest parking firms, which gave me the idea to create my own parking company. In 2007, I collaborated with a friend, and we began in London with the Sunday parking lot. That's how we built this company. Currently, we have evolved our business in different areas. At present, we have established businesses almost in the entire UK. In 2013, we started businesses in Sri Lanka and that was with the Colombo Municipal Council. In 2018, we won the contract for the Bandaranaike International Airport (BIA) and it's us that manage the BIA car parks. During that period, I have done a lot of other technological innovations, such as the launch of Taxyak in Sri Lanka and the Easy Gaman app. Last year, I travelled to the USA. When I visited the USA, I saw a big gap in the country's parking industry. After researching that market, I returned to London. I believe the UK is much ahead of other regions in terms of the vehicle parking sector. They have companies that offer online booking through an app or website where they use AI technology to scan number plates and cameras to open and close the gates. I will explain the process as a journey in a car. When you pull into a parking lot, you just drive in, get a ticket, park the car, get out, pay, and leave. That is a typical, established occurrence. What we have done is something totally different, where everything is automated. The product we developed is named Parkfinder. I am proud to declare that it was developed in Sri Lanka - 60% developed locally, with the balance 40% in the UK and the US since that part of the process was much more complicated. We are currently using this in London, and functions flawlessly. In Sri Lanka, we're going to launch it tonight(6) at the BIA and for the first time ever,we are coming as a one-stop shop. Everything is available, and you can utilise either our very own app or the website or make a call to the park, if you wish to make a reservation. It's automated, simple. Automated systems show you how to make a booking. It's the first time we've had it implemented on a global platform. The first to be introduced, other than the UK, will be the parking facility in BIA airport.

What is Parkfinda Co. and what services and solutions do you provide globally?

Our services are offered worldwide. This app allows anyone to reserve a parking spot from anywhere in the world. Like Uber, Parkfinda will be a global service. The advantage of using the app is that it enables you to drive up to the park without making a reservation and have the payment automatically debited from your credit card.  The technology we use is just like that. With the use of AI technology, we are identifying cars. In the UK, the USA, and Europe, you can even get the driver's information. In fact, we are attempting to coordinate with the Sri Lankan Government to see if we can obtain that facility from the Registrar of Motor Vehicles (RMV) which is a bit of a process, yet we are making progress.

What kind of clientele are you concentrating on?  How affordable is this method for the Sri Lankans? What is the most successful operation your company runs at present?

This is open and applicable to any driver. Globally there are 29 million parking spaces available. 

If anybody owns a car park, they can sign with us.  If you want to sell food, you register with Uber. Likewise, anyone can register with us.  We are capable of providing a complete solution to them.  The customer has the option to reserve and park.  

The operator's desired price is a determining factor. We provide advice, not control. Operators agree that this price marketing strategy is appropriate. We advise them. We generally take a commission on the booking, and we do the management of the process. It has to be at a competitive price.

Currently, we are testing and operating roughly 15-20 car parks in the UK as part of our operation. It's doing great. We didn't run into many problems.  Success, in my opinion, is the answer we are providing.

The current interest in the parking solution at the BIA – how can Parkfinda provide a solution?

The parking industry operates in a relatively dangerous environment where people, for instance, can get robbed and lose money.  In this process, every vehicle that drives in is recorded on the system, which nobody can manipulate and thus will increase your earnings and guarantee complete camera protection.  Our camera system captures the number of every vehicle that drives in.  That indicates a 98.5% success rate.  

Your money won't be lost. The riskiest factor in the parking industry is that the parking operator earns more than the employee.  One of our experiences at Bandaranaike Airport was this. They had a system that was largely manual and more traditional when we took over in 2018. Therefore, when we assumed control in 2018 we introduced the Automated Number Payment Refugee System (ANPRS). It's a relatively simple system, but its protective feature raised revenue by about 80-90%. Today, we are giving out the smart card. It's a global smart card. The payment methods include the QR code, credit card, and easy cash. These choices are all accessible and will be available from 4 July at the airport.

Do you plan to expand your service to Hambantota International Airport, and other locations around the country?

Nearly a week ago we initiated our marketing strategy to reach a wider market. Everyone will benefit from this solution. Everyone owns a parking spot, even in a household. For instance, I can market my parking space when I am not at work. In the future, finding parking space will be a major issue. There are less parking spots compared to the high number of cars. We believe that this issue will be resolved by our solution. We are examining every business, including hotels and shopping malls. We are planning to hold conversations with them once the product is launched. We will reach out to any place on the globe if the chance arises. Currently, we are also in communication with the Los Angeles airport. We want to expand globally, and that is the interesting aspect of the system.

Can you explain how a motorist or traveller to the BIA would benefit from your parking solutions?

If you intend to travel to London tomorrow morning but are unsure of the parking situation. You can use my app to reserve a place. You go to my app, book a space. Parking will help you organise your journey. Today there is a constant problem with parking. Parking Charge Notices (PCN) are available in other countries yet we still don't have. But we will set up that in Sri Lanka. When we have PCN, we are more disciplined, and the customers will find it easier. The amount of your pay today is unknown to you. Even for that, we have a fix. We are in discussion with the Colombo Municipal Council to introduce it to their parking system.  That will address the street parking management.

As an investor, what are your thoughts about the ease of doing business in Sri Lanka?

I always wanted to contribute to Sri Lanka, considering the challenges Sri Lanka has encountered for the last couple of years. We had an economic problem. I'm going to set up the first national operation in Sri Lanka. Next will reach the global market, which will happen within the next six years or earlier. Our target is one million customers, which is a base that can earn a revenue of about five to six million dollars per month. That's the revenue we are going to bring in.  In my own way, I will be helping the economy to grow by the foreign exchange in flow. And that's one of the things that I'll be doing as a Sri Lankan.

What are the key challenges you face when doing business in Sri Lanka, and what advice do you have for other investors?

People need to adapt to the new change, and  they are very reactive.  When the time comes, we can get there. And also, we need to reduce political interference in innovative new trends. Anyone should not copy and say we can do it. I think that the president is opening doors for that. That's a good sign for the country.  That's one aspect I see positively. Every other country is adapting. And considering how people adapted to Uber, did anybody ever think that people would buy food through a phone or  book a taxi through an app? People have to adapt. And also, that gives opportunity to the economy when the money comes in.

The COVID crisis and the following economic slowdown have affected industry and commerce worldwide. How has Parkfinda managed to cope with the challenge ?

The only industry that was not affected by COVID is parking.  In this situation, one would not use public transportation to go to work. The people use the car. During this time, we had 90% occupancy in all our car parks in London.

In Sri Lanka, we had an issue because of the lockdown, whereas in Europe or the UK, they allow people to come to work in their personal vehicle. That was an advantage. And we weren't  affected during that period. As a parking operator, we managed to stay unaffected because everybody was compulsorily using the parking space.