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Pullman, the Accor brand built around exchange, marked a major milestone in Sri Lanka with an exclusive gathering at Vistas Rooftop Bar, Pullman Colombo Downtown last week.

The evening celebrated the brand’s debut in the country with the introduction of two landmark properties – Pullman Colombo Downtown and Pullman Bentota Resort and Spa. The occasion brought together Accor South Asia CEO Ranju Alex, property owners, leadership teams from both hotels, distinguished dignitaries, including Foreign Affairs, Foreign Employment and Tourism Minister Vijitha Herath and prominent members of Sri Lanka’s media fraternity to celebrate this exciting new chapter for Pullman in the country.

The introduction of Pullman strengthens Accor’s presence across two of Sri Lanka’s most compelling business and leisure destinations. Bringing together the energy of Colombo’s commercial landscape and the natural beauty of Bentota’s coastline, the two hotels extend Pullman’s contemporary hospitality to both corporate and leisure travellers.

More than a celebration, the evening offered a platform for meaningful exchange with Sri Lanka’s corporate leadership and key industry stakeholders, reflecting Accor’s commitment to building lasting relationships as it continues to grow in the market. Guests also experienced first-hand Pullman’s approach to contemporary hospitality, where business, leisure and social moments come together.

Accor South Asia CEO Ranju Alex said: ‘Sri Lanka is an important market in Accor’s South Asia growth strategy, and the introduction of Pullman represents a significant step in strengthening our presence in the country. With two properties in Colombo and Bentota, we are bringing the brand’s contemporary hospitality experience to both business and leisure destinations. Our focus is not only on expanding our portfolio but also on building lasting partnerships and contributing to the continued growth of Sri Lanka’s tourism industry.’

Softlogic Holdings PLC Chairman and Managing Director Ashok Pathirage said: ‘Celebrating the arrival of Pullman in Sri Lanka alongside our partners at Accor is a proud moment for Softlogic Holdings. Pullman Colombo Downtown and Pullman Bentota Resort and Spa reflect our long-term confidence in Sri Lanka’s tourism potential, and we believe they will set new benchmarks for premium hospitality in the country.’

The arrival of Pullman through its Colombo and Bentota properties marks an important chapter in Accor’s continued growth in Sri Lanka. Together, the two hotels strengthen the Group’s presence across complementary business and leisure destinations, reinforcing its commitment to developing meaningful industry partnerships and supporting Sri Lanka’s continued growth as an international travel destination.

Pullman Hotels and Resorts is a premium global hospitality brand designed for the modern, connected traveller. The brand brings together contemporary design, intuitive service, distinctive culinary experiences, wellness and vibrant social spaces to create hotels where guests can work, connect, recharge and explore. With a focus on supporting blended lifestyles, Pullman creates dynamic environments that go beyond the traditional hotel experience, offering guests opportunities to connect with people, culture and the destination around them.

As participating properties in ALL Accor, Accor’s booking platform and loyalty programme, guests have access to exclusive member rates and the opportunity to earn and redeem Reward points across participating hotels, restaurants and experiences worldwide. Members may also enjoy additional privileges according to their membership status, including welcome amenities, room upgrades, early check-in and late check-out, subject to availability and programme conditions.

Accor India and South Asia currently operates 75 hotels across luxury, premium, midscale, and economy segments under brands including Raffles, Fairmont, Sofitel, Pullman, Grand Mercure, Novotel, Mercure, ibis, and ibis Styles. Ennismore, which represents the Group’s lifestyle portfolio, is also expanding its presence in the region, with Roswyn, a Morgans Originals hotel, recently opening in Mumbai.

Sri Lanka Golf Ranking Tournament 2026 will get underway today (10) in Rajawella with the competition scheduled to continue until 13 November.

The four-day tournament will bring together a strong field of 39 male and 7 female golfers seeking valuable ranking points and an opportunity to improve their positions in the national golf rankings. The opening day’s draw commences at 7:30 a.m. while the last tee off for the day will be at 10 a.m. (SJ)

As Sri Lanka prepares for the National Budget on 12 November, the country faces a defining economic question. How do we generate the foreign exchange, investment and jobs needed to accelerate growth in an increasingly competitive global economy? For decades, tea has been one of Sri Lanka’s most celebrated exports. Ceylon Tea remains one of the few truly global brands the country can proudly claim as its own. Yet while we continue to grow and export some of the world’s finest tea, much of the industry’s most profitable activities are happening elsewhere. The issue is no longer about producing better tea. The issue is whether Sri Lanka can capture more revenue share from the global value added tea business itself.

A success story that has reached its limits

The tea industry deserves enormous credit for its contribution to the national economy even though things have been rough due the political turmoil/ war in the Middle East. During the first nine months of 2026, tea exports generated approximately $ 1.083 billion, compared with $ 1.163 billion during the corresponding period in 2025. Export volumes have declined by 4%, falling from 198.3 million kilograms to 189.4 million kilograms.

While export earnings in Sri Lankan Rupees increased slightly from Rs. 347 billion to Rs. 350 billion, this improvement was largely driven by currency depreciation rather than stronger export performance. These figures reveal an important reality. Sri Lanka is earning less in foreign currency while exporting less tea. At a time when the country urgently needs foreign exchange, that trend should concern policymakers. This is not a criticism of the tea industry. Rather, it is recognition that the global tea business has fundamentally changed.

Where the real money is being made

Around the world, the highest profits in most industries are rarely captured by producers of raw materials. The greatest value is created through innovation, branding, packaging, logistics, retailing, customer ownership and global distribution networks. Tea is no exception. A striking statistic is that only 50% of Sri Lanka’s tea exports are currently sold as value-added products such as tea bags, packets and instant tea. While the value addition is commendable progress even though it’s half the total volumes exported, it also highlights how much more value can still be captured through advanced blending, product development, wellness beverages, digital trading and international brand ownership. Globally, the retail value of tea products is many times greater than the export value earned by producing nations. Simply put, producing the tea leaf is no longer where the greatest wealth is created.

The warning signals from global markets

Market dynamics are changing rapidly. Exports to Iraq, traditionally one of Sri Lanka’s largest tea destinations, declined sharply from 30 million kilograms to 18.4 million kilograms, a reduction of almost 39%. Shipments to Libya fell from 15.9 million kilograms to 6.6 million kilograms, representing a decline of nearly 60%. Exports to China, one of the world’s largest consumer markets, declined by 10% to 7.1 million kilograms. Even Chile, a strong growth story in recent years, saw imports of Sri Lankan tea decline from 8.5 million kilograms to 6.3 million kilograms. Although exports to Trkiye increased dramatically by 134%, rising from 15.2 million kilograms to 35.7 million kilograms, much of this reflects changing regional trade routes and geopolitical circumstances rather than long-term structural growth. The lesson is clear. Overdependence on a limited number of markets is becoming increasingly risky.

The Russian lesson Sri Lanka cannot ignore

The Russian market offers an important lesson in strategic value creation. For years, Russia imported tea from producing countries and gradually developed domestic blending, packaging and distribution capabilities. Import policies encouraged local processing while international producers continued supplying bulk tea. The result was predictable. Tea-producing countries continued to export raw material, but much of the value creation, employment generation, branding and profitability migrated to Russia itself. From a Russian perspective, this was sound economic policy. From Sri Lanka’s perspective, it exposed a structural vulnerability. We continue to produce some of the world’s finest tea, but others are becoming increasingly successful at capturing the value created after the tea leaves leave our shores.

The three strategic choices

Sri Lanka effectively has three options. Option One: Defend the Current Model. We can continue investing heavily in promoting Pure Ceylon Tea and strengthening its premium image. This remains essential. The Lion Logo is one of Sri Lanka’s most valuable national assets and must be protected at all costs. However, branding alone is unlikely to transform the sector from its current $ 1 billion export base into the multi-billion-dollar growth engine that the economy requires.

Option Two: Pursue Better Market Access. Sri Lanka can continue negotiating trade agreements and seeking improved access for value-added exports. While worthwhile, many countries are unlikely to dismantle policies that support their own packaging and blending industries. Trade diplomacy should continue, but it is unlikely to become the breakthrough solution.

Option Three: Build a Sri Lankan Tea Hub. This is the boldest option and potentially the most transformative. Under a Tea Hub framework, Sri Lanka would allow the controlled importation of teas from other origins into a highly regulated Free Trade Zone. These teas could then be blended, processed, packaged and re-exported from Sri Lanka. The country would evolve from being primarily a tea producer to becoming a tea business centre. That distinction could redefine the future of the industry. Should this be part of the reform agenda that Budget 2027 should address is the million dollar question. In fact this has been the battle ground at many pre-Budget debates in the tea industry.

The fear that cannot be ignored

The biggest concern surrounding a Tea Hub is obvious. Will it damage the Ceylon Tea brand? The answer depends entirely on how the strategy is designed. These concerns are legitimate and deserve serious consideration. However, protecting Pure Ceylon Tea and developing a Tea Hub need not be mutually exclusive goals. The solution is a clear dual-brand architecture. Tier One: Pure Ceylon Tea-100% Sri Lankan origin, Lion Logo protected, Existing Tea Board standards maintained and Premium positioning preserved.

Tier Two: Sri Lanka Tea Hub Certified- Internationally blended products, Separate certification system, Full digital traceability and Distinct visual identity Consumers would know exactly what they are purchasing. The national brand would remain protected while a second engine of growth is created.

Why Budget 2027 must be the turning point

Budget 2027 presents a rare opportunity to think bigger about tea. Instead of viewing the industry as an agricultural sector requiring periodic support, Sri Lanka should position tea as a national export competitiveness strategy. A dedicated Sri Lanka Tea Hub Authority should be established to coordinate policy, investment promotion and governance.

A Tea Free Trade Zone should be launched under strict customs and regulatory supervision. Investment incentives should attract global tea traders, logistics operators and beverage manufacturers to establish regional operations in Sri Lanka. Simultaneously, a Tea Innovation Centre should focus on future growth categories such as wellness teas, ready-to-drink beverages, nutraceuticals, tea extracts and sustainable packaging solutions. At the same time, smallholders must remain central to the strategy through productivity improvements, replanting support, climate resilience initiatives and access to technology. Transformation will only succeed if growers succeed.

A $ 5 b opportunity

Tea remains one of Sri Lanka’s largest agricultural export industries, yet earnings have largely remained within the $ 1 billion to $ 1.5 billion range for many years. The real opportunity lies beyond production. A carefully designed Tea Hub strategy should target: $ 5 billion tea-sector value by 2035, over $ 500

million in foreign direct investment, around 50,000 new direct and indirect jobs, significant expansion in packaging, logistics and export services and positioning Colombo emerging as South Asia’s leading tea value-addition and trading centre. These are ambitious goals, but economic transformation has never been achieved through modest ambition.

The moment to be bold

The question before Budget 2027 is not whether Sri Lanka should protect Pure Ceylon Tea. That debate has already been settled. The real question is whether Sri Lanka is prepared to do the reforms and capture a larger share of the wealth generated by the global tea industry. A carefully designed Tea Hub can protect Brand Ceylon while attracting investment, creating employment, strengthening exports and generating new foreign exchange earnings. It can transform tea from a traditional export crop into a modern economic ecosystem. History rarely rewards countries that simply preserve yesterday’s successes. It rewards nations that build tomorrow’s opportunities on the foundations of their greatest strengths.

Next step

Sri Lanka has already earned global recognition for producing some of the finest tea in the world. Budget 2027 offers a far bigger possibility: to transform Sri Lanka from a country that exports tea into the country where the world’s tea business gathers, innovates, trades and creates value. If Singapore became the hub of trade, Dubai the hub of logistics and Switzerland the home of premium food brands, there is no reason Sri Lanka cannot become the global capital of tea. The real risk is not testing this vision. The real risk is allowing the opportunity to pass us by.

The Government’s Budget recorded a surplus of Rs. 22.3 billion in the first nine months of 2026, reversing a deficit of Rs. 441.4 billion a year earlier, as revenue from motor vehicle imports drove a 20% increase in collections that outran a slower rise in spending.

This is according to the latest Finance, Planning and Economic Development Ministry’s Fiscal Review Report.

Revenue excluding grants rose to Rs. 4,594.9 billion from Rs. 3,827.0 billion, while total expenditure increased 7.1% to Rs. 4,579.3 billion from Rs. 4,276.3 billion. The Ministry attributed the turnaround to the revenue increase ‘together with the rationalization of government expenditure’.

Total revenue and grants of Rs. 4,601.6 billion reached 86.8% of the Rs. 5,300 billion annual estimate, while expenditure stood at 60.6% of the Rs. 7,557 billion provision.

The nine-month surplus conceals a deterioration in the closing month.

September recorded a deficit of Rs. 13.1 billion, the first monthly shortfall since July, after a surplus of about Rs. 145 billion in August, according to figures in the previous month’s report.

Monthly revenue growth eased to 13.5% in September from 20% cumulatively, while expenditure growth accelerated to 8.6% from 7.1%, calculations from the Ministry’s data show.

The primary balance, which excludes interest payments and is the central indicator under Sri Lanka’s IMF-supported program, posted a surplus of Rs. 1,843.9 billion, up 25.8% from Rs. 1,465.1 billion, and already 5.1 times the Rs. 360 billion primary surplus projected for the full year in the 2026 Budget. September’s primary surplus of about Rs. 199.3 billion, against an implied interest bill of about Rs. 212 billion, was the only factor keeping the overall balance positive.

The Budget projects an annual overall deficit of Rs. 2,257 billion, implying the final quarter must absorb a deficit of about Rs. 2,279 billion to meet the target.

Tax revenue rose 19.3% to Rs. 4,252.1 billion, with VAT up 22% to Rs. 1,505.6 billion and income tax up 20% to Rs. 996.4 billion. VAT on imports, the largest single component collected by Sri Lanka Customs, rose 14% to Rs. 690.3 billion, while Customs excise duty rose 15% to Rs. 636.1 billion. Motor vehicle excise accounted for Rs. 381.0 billion of that, up 9.1% or Rs. 31.7 billion, and excise on liquor rose 22% to Rs. 204.9 billion.

The Ministry identified vehicle imports as the principal source of growth. ‘The total revenue (excluding grants) increased by 20 percent to Rs. 4,594.9 billion in the first nine months of 2026 from Rs. 3,827.0 billion in the same period of 2025, mainly due to the substantial revenue collection from import of motor vehicles,’ it said.

Non-tax revenue rose 29.8% to Rs. 342.9 billion, or 95.2% of its annual estimate, while grants fell 14.6% to Rs. 6.7 billion.

Customs collected 89.8% of its Rs. 2,206 billion annual estimate, the Inland Revenue Department 83.9% of Rs. 2,401 billion and the Excise Department 84.2% of Rs. 245 billion, taking the combined achievement to 86.6%. ‘In the first nine months of 2026, Sri Lanka Customs and Inland Revenue department became the largest contributors to the Government Revenue, individually accounting for 47 percent of the total tax revenue collected, while Excise Department was the third-largest contributor,’ the Ministry said.

Recurrent expenditure rose 5.6% to Rs. 4,036.6 billion, or 69.1% of the annual estimate, with interest at 45% of the total, subsidies and transfers 26% and salaries and wages 23%. Interest payments fell 5% to Rs. 1,821.6 billion.

Capital expenditure and net lending rose 19.2% to Rs. 542.8 billion, but reached only 31.6% of the Rs. 1,719 billion allocation, leaving more than two thirds of planned investment spending unexecuted with a quarter of the year remaining. The IMF has pressed the Government to accelerate spending execution, including on disaster-related support.

The economy expanded 4.2% in the second quarter of 2026, slowing from 5.0% a year earlier, with gross domestic product at constant prices of Rs. 3,029.8 billion against Rs. 2,908.6 billion.

Citrus Leisure PLC yesterday said it has secured a six-month extension to its management agreement covering consumer-facing and entertainment facilities at the Colombo Lotus Tower, including its revolving restaurant Blue Orbit, until 30 June 2027.

The company said the extension was approved by the Board of Colombo Lotus Tower Management Company Ltd. (CLTMC) at a meeting held on 2 November, with Citrus Leisure agreeing to continue under the existing terms.

The current agreement is due to expire on 11 December 2026.

Citrus Leisure initially entered into a three-year management agreement with CLTMC in May 2023 to operate several facilities at the 350-metre tower, including two banquet halls on the 25th and 26th floors, the revolving restaurant on the 27th floor, six suites on the 28th floor and the basement kitchen. The company opened Blue Orbit in December 2023, adding a dining and entertainment attraction to the country’s tallest tower.

The 1,150-foot Colombo Lotus Tower, regarded as a landmark infrastructure project, was built at a cost of $ 104.3 million, with 80% of the financing provided through loans from China’s Exim Bank.

Dialog Axiata, English Tea Shop and Central Finance registered wins when the first round matches of the 7th CBL Munchee – MCA Challengers League continued on Sunday.

At the Mercantile Cricket Association ground, a six-wicket haul followed by an unbeaten 43 runs by Maleesha Silva helped Dialog Axiata crush Colombo Dockyard by nine wickets. Maleesha and Chandula Premanath shared eight wickets between them to restrict Colombo Dockyard to 73 runs and clinch the win in the 10th over to boost Dialog’s Net Run Rate.

In another low-scoring game at Nalanda College ground, English Tea Shop handed Nations Trust Bank their third loss in the tournament, defeating them by five wickets. Semila Liyanage and Lahiru Gamage shared seven wickets to restrict Nations Trust Bank to 78 runs, and English Tea Shop scored the win needed in the 14th over with five wickets in hand.

At the FTZ ground Katunayake, an all-round performance by Isuru Gunasekera [31 runs and 4-33] was in vain as Central Finance overcame People’s Leasing PLC by three wickets. Chanaka Jayanetti captured three wickets and scored an unbeaten 22 for the winners.

At MCA

Maleesha’s six-fer and unbeaten 43 helps Dialog Axiata crush Colombo Dockyard by nine wickets: Colombo Dockyard 73/10 in 24.0 overs (Ruwan Kumara 30; Chandula Premanath 2-16, Maleesha Silva 6-03) lose to Dialog Axiata 74/1 in 09.1 overs (Sithum Silva 23, Maleesha Silva 43*; Uchitha Alankara 1-17).

At Nalanda College

Semila and Lahiru star in English Tea Shop’s five-wicket win: Nations Trust Bank 78/10 in 24.1 overs (Devaka Peiris 27; Lahiru Gamage 3-21, Semila Liyanage 4-16) lose to English Tea Shop 81/5 in 13.3 overs (Nuwan Wijesinghe 33, Lahiru Gamage 18*; Sachithra Weerarathne 3-29).

At FTZ, Katunayake

Central Finance defeat People’s Leasing PLC by three wickets: People’s Leasing PLC 111/10 in 34.3 overs (Isuru Gunasekera 31, Arjuna Perera 20; Anura Karunarathne 2-15, Udesha Rambukwella 2-26, Chanaka Jayanetti 3-24, Pahan Binara 2-15) lose to Central Finance 112/7 in 31.0 overs (Akila Jayarathne 31, Chanaka Jayanetti 22*; Isuru Gunasekera 4-33, Tharusha Nadun 2-18)

The Parliamentary Committee on Public Finance (CoPF) has called for an independent regulatory mechanism to ensure transparency in fuel pricing and fair competition between the Ceylon Petroleum Corporation (CPC) and private fuel suppliers.

The issue was raised at a committee meeting chaired by SJB MP Dr. Harsha de Silva, where members examined differences in fuel landing costs between the State-owned CPC and private importers.

Officials told the committee that the CPC meets part of domestic demand through its refinery, while private suppliers import all their refined petroleum products. Despite differences in import costs, private operators are required to price fuel based on rates announced by the CPC.

The committee expressed concern that the arrangement could create competitive distortions and called for a transparent pricing mechanism that takes account of import costs, taxes and distribution expenses.

Members also stressed the need to replace blanket fuel subsidies with targeted assistance for low-income communities and the public transport sector.

The meeting also examined proposed standards for imported vehicle tyres and changes to the Aswesuma welfare benefits programme.

The committee reviewed regulations issued under the Imports and Exports (Control) Act through Extraordinary Gazette No. 2508/27 dated October 1, 2026, and Supplementary Estimate No. 07 of 2026.

The Sri Lanka FinTech Festival 2026, organised by FinTech Forum Sri Lanka in collaboration with the Digital Economy Ministry and powered by Visa, recently brought together policymakers, regulators, financial institutions, fintechs, technology providers and investors to discuss the future of digital finance and Sri Lanka’s ambitions to become a regional fintech hub.

Opening the discussions, PhonePe CEO and International Payments Executive Director Ritesh Pai said successful fintech innovation starts with solving real customer problems rather than building products without clear demand. ‘It’s very fashionable for founders to fall in love with their solution and then go in search of a pain point. It doesn’t work like that,’ he said.

Adoption depends on removing friction. ‘If you want to drive consumption, you have to eliminate friction,’ Pai said. He urged banks, fintechs and telecom operators to work together while maintaining strong risk management and regulatory engagement. ‘The future of fintech isn’t about disruption through destruction, but by growth through collaboration.’

Pai identified agentic AI, decentralised digital KYC and graph neural networks as technologies that could reshape financial services. He said Sri Lanka has the potential to build ‘a very lean, efficient, and a deeply inclusive financial infrastructure’.

Future of FinTech

A panel featured NPCI Managing Director and CEO Dilip Asbe, PictureWealth Co-founder and Chairman Neal Cross, GovTech Sri Lanka Chairman and Chief Advisor to the President on Digital Economy Dr. Hans Wijayasuriya, Visa Sri Lanka and Maldives Country Manager Avanthi Colombage, and LOLC Finance and LOLC Technologies Chairman Conrad Dias.

Asbe said fintechs have expanded financial inclusion, QR payments and digital customer experiences, with AI expected to be the next growth driver. Firms must also strengthen compliance, cybersecurity and risk management as the industry moves from APIs to AI. ‘The fintechs that transition now, from the API era to the AI era, will be very interesting to watch.’

For Sri Lanka to reach the next level, Asbe called for sovereign payments, sovereign data capabilities and sovereign financial-services models built on digital public infrastructure, interoperability and consumer choice. ‘First, sovereign payments, sovereign data and sovereign models.’ He also backed innovation-friendly policies and the value of self-regulatory organisations.

Cross said banks and fintechs are increasingly becoming customer-focused financial-services providers. He urged Sri Lankan fintechs to expand beyond payments into lending, wealth management and corporate banking. There would be no concept of banks and fintechs, he said, ‘just finance companies solving retail customers’ problems.’

Sri Lanka has strengthened its foundations through digital identity, digital KYC and regulatory improvements, Cross noted, but further reforms are needed to help startups raise capital and scale locally. ‘For a Sri Lankan fintech, if you want to be successful, you currently have to headquarter in Singapore.’

Dr. Wijayasuriya said fintech is critical to converting digital activity into economic value. He highlighted progress on digital public infrastructure, including the upcoming digital ID programme, but warned that adoption must accelerate. ‘Are we going in the correct direction? Yes. Are we going fast enough? No.’

He revealed that Sri Lanka is developing a virtual asset regulatory framework with the Central Bank. ‘A newer initiative coming up is the setting up of a steering group together with the Central Bank of Sri Lanka to chart out a broad-spectrum digital financial services roadmap for the next two to three years.’ He added that the country’s smaller market needs ‘a guided ecosystem where each layer is correctly populated with the right talent and the right innovative companies.’

Colombage said the industry is shifting from disruption towards collaboration. Banks should view fintechs as partners rather than competitors, she said, combining innovation with the trust and infrastructure of established institutions. ‘Collaboration is at the centre of everything and solving a consumer’s problem is the priority.’

Dias said fintech firms must move beyond payments to broader needs such as credit and financing as payment functions become embedded in digital experiences. ‘This payment, in reality we are talking about agentic commerce and all that, will be hidden or invisible.’ The FinTech Forum is already working with the Central Bank on governance structures for fintech providers, he noted. ‘It is the problem we are going to solve for the end user or end customer.’

Building unicorns and monetisation

Speaking on ‘Building Unicorns and Monetisation,” Arc Founder James said Sri Lanka has the ingredients to build globally successful startups but must strengthen its ability to attract talent, capital and entrepreneurs. He highlighted Arc’s presence in the country, including its Mirissa campus, and revealed that Curious Ventures, a $10 million pre-seed fund, has allocated $1 million for founders building through Arc Sri Lanka.

James called for an entrepreneurial visa, founder-friendly tax policies and a fintech regulatory sandbox. Regulatory barriers and difficulties in attracting foreign investment often force startups to set up holding companies overseas, he said, sending intellectual property, capital and future value out of the country.

‘If you pull it all together, you can create an incredible zone that truly means that Sri Lanka is the best destination in the world outside maybe San Francisco to build financial technology and unicorns,’ he said.

A panel then explored how to build global fintech companies from Sri Lanka. It featured Surge Global Founder and Short Circuit Group Managing Director Bhanuka Harischandra, James, iPiD APAC Regional Director Quinn Pham and Pai, who is also PhonePe CEO of International Payments.

Harischandra said Sri Lanka’s biggest challenge is not ambition but the concentration of talent, capital and experience. ‘One of the things Sri Lanka truly lacks and needs to spend considerably more time and energy on is talent density.’ Limited access to capital often forces startups to structure treasury functions overseas, he said. ‘We arranged the structure so that our capital centre, treasury function and core operations were in Singapore, while the Sri Lankan operations functioned primarily as a delivery centre.’

He warned that AI is rapidly commoditising software. ‘Software itself is being commoditised so aggressively that its value is declining.’ Sri Lanka’s reluctance to embrace risk remains a major barrier, he said. ‘We have a culture of not taking risks.’ Even so, fintech is one of the strongest candidates for the country’s next billion-dollar business. ‘There is a very real possibility that Sri Lanka’s next unicorn could be a fintech company.’

Local banks are increasingly supporting overseas expansion through offshore lending facilities, he said. ‘We used the offshore lending capabilities of domestic banks.’

James encouraged founders to prioritise customer problems, recurring revenue and sustainable business models over valuation headlines. ‘We tend to get influenced by herd mentality. We focus on what I call vanity metrics, such as valuations and the number of customers onboarded, without examining whether these activities are actually generating profits.’

Sri Lankan startups often receive lower valuations than comparable regional companies because venture capital activity remains limited, he said. ‘The same quality of company could attract five to ten times that valuation in Singapore.’ While Sri Lanka can produce unicorns, retaining them and their value will be the greater challenge.

James also highlighted the rise of agentic finance. ‘In five to ten years, decisions may not necessarily be made directly by people. AI agents could be making many of these decisions and carrying out transactions.’

Pham said the next major opportunity in cross-border payments lies in trust and recipient verification as real-time transactions become the norm. ‘Money is now moving instantly. The next major opportunity is to facilitate greater trust and provide safer payment experiences.’

Pai said PhonePe used payments as an entry point to build a broader ecosystem of consumer and financial services. ‘Payment is the final stage of fulfilling a transaction.’ Explaining PhonePe’s decision to move its headquarters from Singapore back to India, he said the move was driven by the location of its users, merchants and revenue base. He urged Sri Lankan founders to build with global ambitions from the outset. ‘The country has the potential to produce unicorns, but it needs robust public digital infrastructure.’

Countries should invest in domestic payment infrastructure to strengthen resilience, he said. ‘It is imperative for every country to have its own domestic payment ecosystem.’

Sustainable and inclusive FinTech

Speaking on ‘Inclusion and Sustainability in Fintech’, Visa APAC Vice President and Head of Home Platforms and Digital Solutions Krishna Tiruvengaram said fintech should be judged not by access alone but by how well it improves financial outcomes for individuals and businesses. He urged firms to design for underserved users, taking digital literacy, connectivity and trust into account, and encouraged lenders to build models that reflect the real income patterns of small businesses and informal workers.

He pointed to LankaQR, a supportive regulatory environment and initiatives such as Visa Acceptance as foundations for the next phase. ‘We can get the first transaction, we need to earn the second,’ he said.

A panel moderated by Advocata Institute CEO Dhananath Fernando featured Global Finance and Technology Network Group CEO Sopnendu Mohanty, BPC APAC Head of Presales Geoffrey Tunbridge, Maharaja Foods PLC Chairman and Board Director/Advisor Imran Furkan, Ant International Head of Sustainability James Jing Xu and PickMe Founder and CEO Jiffry Zulfer.

Tunbridge said interoperability is the foundation of a successful payments ecosystem. ‘Interoperability is essential because it drives down prices and fees.’ Long-term sustainability will come from value-added services rather than charging users for payment access, he said.

Drawing on Singapore’s experience, Mohanty said Sri Lanka should build on its payment infrastructure by encouraging competition and wider adoption among small businesses, with cybersecurity, consumer protection and fraud prevention keeping pace. He said transaction data could support credit assessments and called for regulation that aligns compliance with risk levels. ‘Sri Lanka should consider moving from entity-based regulation towards activity-based regulation.’

Zulfer identified trust, reliability and transaction costs as the biggest barriers to wider adoption. ‘We must remember that we are competing with cash.’

Xu said digital adoption among tourism SMEs depends on more than connectivity. It requires simple onboarding, transparent pricing, strong customer support and acceptance of international payment methods, he said. ‘Technology becomes a bridge between international tourists and local SMEs.’

Furkan said the financial sector must move beyond collateral-based lending. Open-banking frameworks, invoice financing and potential digital banking licences could improve SME access to capital, he said. ‘Transaction data today is far more valuable than collateral.’

Cybersecurity and fraud prevention

Speaking on ‘Cybersecurity and Fraud Prevention’, Novus Technologies Ltd COO Thorsten Hellwig warned that Sri Lanka’s fast-growing digital payments ecosystem is a larger target for cybercriminals, with AI-powered fraud, phishing and deepfake attacks becoming more sophisticated. Traditional controls are no longer sufficient, he said, calling for intelligence sharing, real-time transaction monitoring and AI-driven fraud detection. ‘AI attacks can only be defended with AI defence,’ he said.

A panel featured Círculo de CISO Founder and President Sujit Christy, Commercial Bank of Ceylon Chief Information Security Officer Sunari Dandeniya, Council of Europe Cybercrime Programme Office Programme Manager Catalina Stroe, Central Bank of Sri Lanka Chief Information Security Officer Sanje Balasuriya and HSBC Managing Director and Global Head of Fraud, Risk and Compliance Levent Kutluca.

Christy warned that AI-powered identity impersonation could be the most dangerous challenge over the next year. ‘A trusted identity impersonation powered by AI. That is going to be the biggest threat.’ Dandeniya said AI is accelerating the scale and speed of attacks. ‘The sheer volume of attacks and the localisation of targets. Fraud is increasingly powered by AI.’

Stroe said cybercrime routinely crosses borders and cannot be tackled by institutions or countries acting alone. ‘The harm crosses borders and institutions. We need a coordinated response and strong inter-agency and international cooperation.’ Balasuriya added: ‘We need to work collaboratively and share intelligence to prevent sophisticated attacks.’

Dandeniya called for faster mechanisms to remove phishing websites, fraudulent domains and scam phone numbers. ‘When a bank detects a phishing domain or a scam telephone number, there should be a way to have it taken down quickly.’

Attackers increasingly target customers, suppliers and third-party vendors rather than banks directly, she warned. ‘Sometimes, it is easier to attack a small-scale vendor connected to a bank than to attack the bank itself.’

Balasuriya said cyber incidents become financial stability concerns once they undermine public confidence. ‘When an incident affects the wider system, it is no longer just an institutional issue. It becomes a matter of financial stability and trust.’

Kutluca said cyberattacks are becoming faster, larger and more sophisticated. ‘What used to be an elite capability is now widely accessible.’ Banks should create friction for criminals rather than legitimate users, he said. ‘The objective should not simply be to make everything seamless. It should be to make the experience seamless for the customer while introducing friction for the criminal.’

On AI governance, Christy warned that employees may unintentionally expose sensitive information through AI tools. ‘You have to treat it like an identity. You need to map its entire lifecycle.’ Balasuriya highlighted the challenge of unauthorised ‘shadow AI’. ‘We need a proper governance framework, with appropriate guardrails to protect sensitive information.’

Stroe highlighted the value of Sri Lanka’s participation in the Budapest Convention on Cybercrime. ‘It provides the possibility of requesting the urgent preservation of electronic evidence and access to a trusted network of designated points of contact.’ She said fraud victims should be supported rather than blamed.

Digital assets and asset tokenisation

Speaking on ‘Digital Assets and Asset Tokenisation’, PictureWealth Co-Founder and Chairman and Peppermint Innovation Non-Executive Director Neal Cross said the biggest opportunity lies not in cryptocurrency speculation but in tokenising real-world assets and mainstream financial products.

He said digital assets fall into three categories, namely digital currencies, tokenised assets and NFTs. Volatile assets such as Bitcoin behave more like equities, he said, while stablecoins are better suited to payments because they hold a one-to-one relationship with fiat currencies. Tokenisation allows illiquid assets such as property, bonds, equities, artwork and commodities to be divided into smaller units and traded more efficiently. ‘When something is cheaper and faster, it tends to be successful,’ he said.

Regulation is less of a barrier than many assume, as several jurisdictions already apply existing securities frameworks to tokenised assets, Cross argued. Institutions entering the sector must focus on governance, board-level understanding, risk management and custody, he said, and cannot afford to ignore customer demand. ‘The stuff we do today is getting a remap for tomorrow,’ he said. ‘And we need to be ready.’

The two-day event included the FinTech Expo conference, with exhibition floors, keynotes and panel discussions. It concluded with FinTech Night and the FinTech Awards 2026, which recognised contributors to Sri Lanka’s fintech ecosystem.

The Embassy of Sri Lanka in Qatar has initiated an internship program in collaboration with The Ned Doha, a luxury hotel and private members’ club in Doha, to provide international industry exposure and practical training opportunities for students of the Sri Lanka Institute of Tourism and Hotel Management (SLITHM).

The first batch of eight out of 12 Sri Lankan students arrived in Doha and commenced their internships on 25 October 2026, gaining practical experience in key hospitality areas, including front office operations, housekeeping and culinary arts.

During his official visit to Qatar to participate in the World Investment Forum 2026, Tourism Deputy Minister Prof. Ruwan Ranasinghe, attended the inauguration ceremony at The Ned Doha and congratulated the students on commencing their professional training.

Addressing the occasion, the Deputy Minister highlighted the Government’s commitment to developing a skilled workforce for Sri Lanka’s tourism industry by providing young people with international exposure, practical experience and opportunities to acquire internationally recognised hospitality skills and standards. He expressed confidence that such initiatives would contribute to improving the quality and competitiveness of Sri Lanka’s tourism sector.

The Deputy Minister also expressed appreciation to The Ned Doha for providing internship opportunities to Sri Lankan students and encouraged the hotel to expand the programme by accommodating more trainees in the coming years. He further acknowledged the efforts of SLITHM and the Embassy of Sri Lanka in Doha in initiating and implementing the programme.

The Ned Doha Managing Director Massimiliano Binda, stated that more than 40 Sri Lankan professionals are currently employed at the hotel and commended their performance and contribution to its operations. He also proposed establishing a Memorandum of Understanding (MoU) between the relevant institutions to formalise arrangements and facilitate the recruitment of additional Sri Lankan interns in the future.

The event was attended by the Ambassador of Sri Lanka to Qatar Sithara Khan; Minister of the Embassy of Sri Lanka Dharmasiri Wijewardana, Sri Lanka Lanka Tourism Development Authority Deputy Director-International Relations Suranga Liyanapahirana, The Ned Doha Director-Human Resources Denise Dias, Director-Finance Dimuthu Weerasiri, and Director-Engineering Chathura Wanniarachchi, among others.

The National Transmission Network Service Provider Ltd., (NTNSP) and Shanghai Electric Power Transmission and Distribution Engineering Co., Ltd., part of China’s Shanghai Electric Group, signed an engineering, procurement and construction (EPC) contract to expand Sri Lanka’s electricity transmission network.

Sri Lankan engineering firm ComCorp Ltd., will serve as the local engineering partner to Shanghai Power Transmission and Distribution Co. Ltd. (SPTDE), a subsidiary of the renowned Shanghai Electric Group of China, which is the EPC contractor for the 87.7 km high-voltage transmission line project for NTNSP.

The contract covers Package 2 of the Asian Development Bank-funded Power System Strengthening and Renewable Energy Integration Project (PSSREIP). The scope comprises the construction of a 78 km, 132 kV Matara – Hambantota transmission line, a 7.7 km double-circuit in-and-out connection to Homagama Grid Substation from the existing Horana -Padukka 132 kV transmission line, a 1.5 km single-circuit in-and-out connection to Mirigama Grid Substation from the existing New Habarana – Veyangoda 220 kV transmission line, and a 0.5 km in-and-out connection to Negombo Grid Substation from the existing Katunayake – Bolawatta 132 kV transmission line.

The new lines and connections are expected to increase the amount of electricity the network can carry and improve the reliability of supply. The work forms part of a wider effort to prepare Sri Lanka’s grid for more wind and solar generation. As new generation comes online, expanding the transmission network helps carry electricity from where it is produced to where households and businesses need it.

The contract, finalised 5 November, builds on Shanghai Electric’s previous work in Sri Lanka, which includes the 220 kV Veyangoda Grid Substation, the 220/132 kV New Chilaw Grid Substation and a two-bay extension at the New Anuradhapura Grid Substation. The company has also worked on 220 kV transmission infrastructure associated with the Norochcholai Power Plant. Its international portfolio includes high-voltage transmission and substation projects in Malaysia, Indonesia, Pakistan, the Maldives and Myanmar, with capabilities spanning engineering, procurement, construction and commissioning.

ComCorp’s work with electricity utilities dates back to 1997, when it was established in Sri Lanka as a licensed office of Belgium’s Electronic Instruments International (EII). The company began by introducing Digital Fault and Disturbance Recording technology to utilities in the region (Thailand, Malaysia, Bangladesh, UAE, Indonesia, Sudan, Algeria…etc.)These systems capture what happens when a fault occurs, giving utility engineers the data they need to investigate disruptions. Today, ComCorp remains a leading provider of power system monitoring and disturbance recording solutions, backed by three decades of experience and an established presence in the electricity utility sector.

Over the years, ComCorp has expanded into power transmission and distribution, protection and control systems, power transformers, engineering consultancy and utility asset management. Its services include equipment supply, installation, testing and commissioning, as well as turnkey project delivery. The company has worked directly together with over 15 Utilities and international technology and engineering firms including LEM, Qualitrol and many other EPC’s around the globe.

The project pairs Shanghai Electric’s experience delivering high-voltage infrastructure internationally with ComCorp’s experience coordinating engineering work in Sri Lanka. That local experience is relevant to a package that spans a long-distance transmission corridor in the south and three separate grid connections. For ComCorp, the appointment builds on its work with international engineering companies serving electricity utilities in Sri Lanka and the region.

NTNSP Chairman Nusith Kumaratunga and Chief Executive Officer Eng. N. S. Wettasinghe attended the signing alongside Director of Design Eng. Anuruddha Thilakarathna, Project Director Eng. S. W. Kumarawadu and Project Manager Eng. R. Jeewagan. Other senior NTNSP officials and engineers were present, together with representatives of SPTDE and ComCorp.