Category: Daily Financial Times

Bank of Ceylon (BOC) has become the first local bank in Sri Lanka to implement the SWIFT MX (ISO 20022) messaging standard within its treasury system, a move that places the institution at the forefront of the country’s payments modernisation efforts.

The implementation marks the replacement of the long-used MT (Message Type) format with ISO 20022, a more structured and data-rich messaging standard now being adopted globally. The bank successfully completed the migration and went live with the new format on October 27, 2025, becoming the first local institution to operate SWIFT MX without using message converters.

ISO 20022 is an international standard introduced by SWIFT to improve the way financial institutions exchange payment data. It uses XML-based messages that carry detailed and structured information, making it easier to automate processes, enhance interoperability between systems, and analyse data more effectively. From March 2023, all financial institutions handling cross-border payments have been required to move toward ISO 20022 compliance, with full migration expected worldwide by November 2025.

The adoption of ISO 20022 represents a major shift in how payment messages are exchanged. The format supports multilingual text, extended remittance information, and an expanded character set, offering far greater flexibility and clarity than the previous MT format. This enables banks to transmit more contextual data within each message, improving reconciliation, compliance checks, and reporting accuracy.

Senior Officials at BOC said the project was part of the bank’s efforts to align with international best practices. ‘We recognised the importance of early adoption, given the scale of change in the global payment environment. Implementing SWIFT MX directly in our treasury system allows us to maintain full compatibility with international partners and deliver greater transparency in cross-border transactions.’

Globally, financial institutions are currently in a coexistence period, during which both MT and MX messages are used simultaneously. By the end of 2025, ISO 20022 will become the universal messaging format for high-value payment systems across all major currencies. Institutions that fail to transition risk being unable to process international transactions, as non-compliant messages will no longer be accepted by correspondent banks.

Bank of Ceylon’s implementation of SWIFT MX marks a notable advancement for Sri Lanka’s banking sector. It ensures that the bank’s systems are prepared for the global shift to standardised, data-driven payments, strengthening its role in international trade and finance while setting a benchmark for other local institutions to follow.

Sri Lanka’s rising golf talents Kaya Daluwatte was tied on top position while Reshan Algama was tied on fifth position end of Day 2 at the Nick Faldo Junior European Final played at the Al Ain Equestrian, Shooting and Golf Club.

The Girls’ Under-21 Division, Kaya Daluwatte produced a brilliant two-day total of 135 (68, 67) to finish tied for first place at five-under-par. Kaya shares the lead with Sweden’s Lova Jansson, who matched her score with identical rounds of 68 and 67. Kaya’s performance reflects not only her technical skill but also her growing competitive maturity. Her disciplined course management was constant occurring in her fine form in the course in Middle East cont8nued after her success at the Asian Youth Games in Bahrain couple of weeks ago.

In the Boys’ 21 and Under Division, Sri Lanka’s Reshan Algama continued his strong international form, posting rounds of 70 and 68 for a total of 138, placing him inside the top five at two-under-par.

Young Jevahn Sathasivam endured a challenging day, shooting six-over-par for an overall total of seven-over, placing him 18th with one more round left to play. More than 90 junior golfers from both the Boys’ and Girls’ segments are featuring in this global showcase of the world’s best junior golfers. Today will see the final round.

Sri Lanka ‘A’ skipper Dunith Wellalage led from the front to steer his team into the semi-finals of the Asia Cup Rising Stars tournament when they pulled off a thrilling six-run win against Bangladesh ‘A’ in the final Group A match played in Doha, Qatar, on Wednesday.

Wellalage, who took the Player of the Match award, first starred in a 52-run partnership off 28 balls with Sahan Arachchige to pull his side out of trouble, contributing a valuable 23 off 14 balls (2 fours, 1 six).

Thanks largely to this partnership, Sri Lanka ‘A’ recovered from 99 for 5 to post a challenging score of 159 for 7. Arachchige held the innings together with a composed knock of 69 off 49 balls (5 fours, 3 sixes) before falling to the penultimate delivery.

In Bangladesh ‘A”s reply, Wellalage ran through the middle order, taking 3 for 19 to restrict them to a total of 153 for 6.

The win meant that Sri Lanka ‘A’ finished second in the group to Bangladesh ‘A’, edging out Afghanistan ‘A’ on net run rate. All three teams finished with two wins, one loss, and four points apiece. Afghanistan ‘A’ were the defending champions, having beaten Sri Lanka ‘A’ in the final of the last edition.

From Group B, Pakistan Shaheens – the only unbeaten team in the tournament, with three wins out of three – and India ‘A’ qualified for the semi-finals.Semi-final line-up for today:

1st semi-final – Bangladesh ‘A’ v India ‘A’ at 3 p.m.

2nd semi-final –

Sri Lanka ‘A’ v Pakistan Shaheens at 8 p.m.

The final will take place on Sunday at 8 p.m.

Scores:

Sri Lanka ‘A’ 159 for 7 (20 overs)

(Sahan Arachchige 69, Dunith Wellalage 23, Ripon Mondol 2 for 41)

Bangladesh ‘A’ 153 for 6 (20 overs)

(Habibur Rahman 27, Zawad Abrar 26, Akbar Ali 25, Yasir Ali 20, Dunith Wellalage 3 for 19)

Doola River Edge, Udawalawa, ushered in the festive season with its annual Christmas Cake-Mixing Ceremony, a cherished tradition symbolising unity, joy, and togetherness. The vibrant event brought together management, staff, and guests to celebrate the warmth of the season in true hospitality style. The cake-mixing ceremony was graced by Directress Indika Senani, Director/Chief Executive Officer A. D. Amaradewa, Director – Finance and Accounting, Import and Sales and Marketing Rahul Perera, Manager – Human Resources and Administration Sudesh Ranjan Wijerathne, Resident Manager Dhammika Rathnayake, Chef Ruwanga Jayawardene, the hotel staff and along with enthusiastic local and Belgian guests who joined the spirited celebration.

Located just minutes from the iconic Udawalawe National Park, Doola River Edge is a boutique escape surrounded by serene river views and lush greenery. The resort offers modern deluxe rooms and luxury suites designed for comfort and tranquillity. Guests can enjoy refreshing dips in the riverside pool, embark on thrilling wildlife safaris, visit the Udawalawe Elephant Transit Home, or experience bird-watching, cycling trails, and peaceful river walks. With personalised service and curated activities, the property has become a preferred getaway for nature lovers, families, and international travellers. Looking ahead, Doola River Edge has lined up an exciting festive calendar. The Christmas Eve Night Gala Dinner on 24 December 2025 will feature an outdoor gourmet dinner, raffle draw, DJ entertainment, and a visit from Santa Claus. To welcome the New Year in style, the resort will host the 31 Night Gala Dinner on 31 December 2025, promising a glamorous and unforgettable evening.

Australasian Academy, in partnership with Holmesglen Institute Australia, proudly announces the launch of Sri Lanka’s first Australian Dual Diploma pathway, offering students a direct and seamless entry into the second year of an Information Technology degree in Australia. This landmark initiative marks a significant advancement in the international education opportunities available to Sri Lankan students, combining global academic standards with enhanced affordability and accessibility.

Holmesglen Institute, one of Australia’s most respected and innovative TAFE institutes, brings decades of expertise in vocational and higher education. Known for its industry driven curriculum, strong employer partnerships and practical learning approach, Holmesglen ensures that students graduate with the skills, knowledge and hands on experience required to thrive in today’s competitive global job market. The partnership with Australasian Academy extends these opportunities to Sri Lankan students right at home, reducing initial costs and widening access to internationally recognized qualifications.

This degree pathway is designed specifically for students after O/Ls and A/Ls, giving them the opportunity to begin an internationally aligned qualification immediately after school. Students complete their first academic year at Australasian Academy, benefiting from high-quality teaching, personalized academic guidance and a modern, industry-relevant learning environment. Upon successful completion, students are guaranteed entry into the second year at Holmesglen Australia. This model significantly reduces the financial burden often associated with overseas education and allows students to prepare both academically and personally before transitioning abroad.

To commemorate this milestone initiative, Australasian Academy is offering an exclusive 25% Launch Scholarship for students enrolling in the December intake. This scholarship has been introduced to make Australian education more accessible to talented and ambitious Sri Lankan learners. It is available for a limited period exclusively for the December 2025 intake. The Academy aims to empower students with globally competitive qualifications while easing their financial commitment during the first year of study.

The Dual Diploma programmes currently focus on high demand areas such as Information Technology, Advanced Programming and Back-End Web Development fields where skilled professionals are in increasing global demand. With the rise of digital transformation across every industry, students who pursue these qualifications gain a strong competitive advantage both locally and internationally.

Australasian Academy has earned a reputation for delivering superior transnational education and creating impactful learning opportunities for Sri Lankan students. The introduction of this Dual Diploma pathway, in collaboration with the prestigious institution Holmesglen, it reinforces its commitment to raising educational standards and providing accessible global pathways.

As Sri Lanka’s education landscape continues to expand, this programme stands out as a practical and transformative option for students aspiring to an international degree and career. With the added advantage of the 25% launch scholarship, the Dual Diploma pathway offers exceptional value, academic credibility and a clearly defined route to completing a globally recognized bachelor’s degree in Australia.

Students interested in securing this limited scholarship and embarking on an international academic journey are encouraged to apply early for the upcoming intakes.

CR and FC, led by former Science College playmaker Lasindu Karunathilake, will look to build on their explosive start to the season when they face a resilient Army SC outfit at Panagoda today (21).

CR were ruthless in their opener, registering a half-century plus a win over Sri Lions, but today’s challenge promises to be far tougher, especially on unfamiliar turf. With in-form players such as Mursheed Doray, Omalka Gunaratne, and Karunathilake steering the side, the Red Shirts enter as favourites. Under the guidance of Head Coach Dushanth Lewke, CR appear well-organised and hungry for consistency.

Army, coached by veteran tactician Sanath Martis, with Sudaraka Dikkumbura assisting, will hope to produce an upset, but maintaining intensity across 80 minutes remains their biggest hurdle.

The referee will be Raveen Alexander.

Air Force, buoyed by their narrow yet confidence-boosting win over Army last week, will aim to keep their momentum intact when they meet Police SC at Police Park. Police, still reeling from a heavy defeat to CH, will be desperate to steady their campaign, making this an unpredictable clash. Air Force, however, have shown grit and discipline early in the season and will look to capitalise on the Cops’ inconsistent form as they chase back-to-back victories.

The referee will be Kelum Sandaruwan.

Both CR and Air Force have a real opportunity to extend their winning streaks and strengthen their standings as Week 2 unfolds. Both games will see its kick off at 3:45 p.m.

PMF Finance has appointed Dinesh de Silva to its Board as an Independent Non-Executive Director.

With more than 30 years of leadership experience, Dinesh de Silva has built a distinguished career transforming organisations into agile, diversified, and high-performing enterprises. His leadership philosophy centres on unlocking human potential, fostering innovation, and embedding a culture of continuous improvement.

He has successfully guided organisations through complex transitions, expanding product portfolios, entering new markets, and building resilient operational ecosystems. His expertise spans strategy, finance, operations, innovation, sales and marketing, HR, and governance, underpinned by a proven record of delivering measurable business growth and cultural transformation.

As Group Director of Lean Enterprise at MAS Holdings, de Silva pioneered the establishment of the Lean Enterprise Division, reporting directly to the Chairman and the Apparel Board. He developed and implemented world-class Lean governance frameworks, policies, and standards across global operations, while launching the LIME (Leaders Intense MOS Experience) program to cultivate Lean leadership among senior executives. His initiatives trained and mentored over 1,500 leaders, embedding a culture of operational excellence and continuous improvement across the group.

Beyond his corporate roles, de Silva serves as a Director at MAS Holdings Ltd., and as a Board member of MAS Legato Ltd., the shared services and BPO arm of MAS Holdings. He is also the Founder and Managing Director of Fortitude Venture Ltd., a venture capital firm dedicated to inspiring, innovating, and igniting the potential of emerging startups. Through Fortitude Venture, he provides strategic investments, mentorship, and hands-on support to early-stage businesses, fostering innovation and sustainable growth in dynamic markets.

A Fellow Member of the Chartered Institute of Management Accountants (CIMA), UK, de Silva has also completed executive education programs at globally renowned institutions including the Centre for Creative Leadership, The Tuck School of Business at Dartmouth, The Wharton School, the National University of Singapore, INSEAD, Henley Business School, and Hult Ashridge Executive Education. These programs have equipped him with advanced skills in strategic leadership, organisational transformation, and innovative business design.

He has held several senior executive and board-level positions within MAS Holdings, one of South Asia’s largest apparel and manufacturing conglomerates.

As Chief Executive Officer of Bodyline Ltd., and Intimate Fashions India Ltd., he led over 11,500 employees across Sri Lanka and India, managing an annual turnover exceeding $ 200 million. Under his leadership, the organisation diversified its customer portfolio to include global brands such as Victoria’s Secret, Nike, Triumph, lululemon, and Levi’s, generating over $ 80 million in new revenue within four years. His strategic direction strengthened profitability, enhanced innovation capabilities, and embedded Lean and sustainable business practices that improved efficiency by 20%.

Earlier in his career, as Director of Operations at MAS Active, Dinesh oversaw a network of manufacturing units with over 10,000 employees and a turnover of $ 150 million. He was instrumental in driving operational efficiency and doubling business growth through advanced production systems and Lean methodologies. His tenure as General Manager of Finance and Administration at Bodyline further strengthened his reputation for strategic financial management, human capital development, and process excellence, achievements that earned multiple national awards, including the National HRM Award and CIMA Sri Lanka’s Best Finance Team Award.

President Anura Kumara Dissanayake yesterday pledged an uncompromising, years-long national campaign to dismantle Sri Lanka’s drug networks, warning that the country’s future is at risk unless the ‘deeply rooted’ drug economy and its political links are eliminated.

Addressing the Southern Province program of the ‘A Nation United’ mission at the Tangalle Public Stadium, the President said drug addiction and the parallel criminal economy have devastated families, fuelled organised crime, and corrupted parts of the State system.

He said hundreds of thousands of youth have fallen victim to addiction, collapsing family units and driving widespread fear across communities.

‘A country cannot progress when burdened by drug-related crime and corruption. This menace has engulfed the future of our nation,’ he asserted.

Dissanayake accused past political leaders of nurturing armed groups and underworld figures linked to drug trafficking, giving them protection and influence within State structures.

‘Underworld leaders once sat on political executive committees and even worked within Presidential security divisions,’ he said, adding that the present Government provides ‘no political protection to any criminal.’

The President said the tri-forces, Police, intelligence agencies, and the Navy are now working in a coordinated nationwide operation to shut down smuggling networks, intercept shipments, and dismantle distribution chains.

He noted that drug entry routes have evolved from airport smuggling into containerised shipments, boats, and even local drug-manufacturing setups.

‘This is not a mission of catching a boat and issuing a press release. It requires long-term, uninterrupted operations spanning several years. We will continue until this scourge is defeated,’ he said.

He confirmed active cooperation with foreign Governments, with several drug-network members arrested overseas and others being pursued for extradition.

To strengthen grassroots action, the Public Security Ministry is establishing Public Security Committees at the village level to encourage citizens to report illegal activities without fear. ‘Villagers know who suddenly amass massive wealth. Fear must no longer silence them,’ he added.

Dissanayake also highlighted expanded investment for drug rehabilitation, announcing rehabilitation centres in every district. He said addiction often reflects societal failure rather than individual fault. ‘We must return these lost children to their parents,’ he said.

The President cautioned that drug traffickers possess massive illicit wealth that can influence narratives, intimidate officials, and attempt to derail Government operations.

He warned of both visible threats such as intimidation of security-force families and invisible ones: misinformation campaigns, political sabotage, and fabricated crises.

Citing global examples including Haiti and Mexico, he said criminal networks often attempt to manipulate public opinion when threatened. ‘Their aim is to weaken the mission, not necessarily to target officers directly,’ he warned.

Dissanayake insisted that any political forces attempting to undermine the anti-drug mission would be countered ‘through political means,’ stressing that no officials will be used for political activity.

‘This battle is much broader than law enforcement versus offenders. We will confront and defeat the political front that seeks to undermine this mission,’ he said.

The President closed with an appeal for a united front across the Government, security forces, religious leaders, and the public.

‘We have a professional Police and armed forces. If the State machinery, the Maha Sangha, religious leaders, and citizens unite, we can overcome this crisis,’ he said. ‘Our decision is firm and unwavering. We will intensify our efforts each day until this menace is completely eliminated.’

Sri Lanka Rugby (SLR) has reinstated the World Rugby-compliant process for appointing match officials across all domestic tournaments, effective from Week 2 of the ongoing season.

Under World Rugby Laws and recognised global governance standards, the appointment of referees must be carried out by the match organiser, while the Referees’ Union is responsible for training, development, evaluation, and nomination of officials. This separation of duties ensures neutrality, transparency, and the integrity of competition.

This process was properly followed until 2020. Following the departure of Rohan Gunarathne as Executive/Tournament Director that year, the system gradually shifted into a structure where both assignments and final appointments were handled solely by the Referees’ Union, without formal ratification by SLR and outside World Rugby’s mandated protocol.

This deviation continued for five years. The current Committee has now rectified and restored the proper structure to protect the credibility of tournaments and match officials.

SLR will make final referee appointments, as required by World Rugby Laws.

The Referees’ Union will recommend and assign officials, but appointments must be ratified by SLR.

Separation of duties is reinstated to avoid conflicts of interest or allegations of bias.

Alternate referees must be provided for each match day to allow flexibility and reduce back-to-back appointments where possible.

SLR President Pavithra Fernando said: ‘This is not a criticism of referees or their contribution to the sport. Our responsibility is to ensure that SLR aligns with international governance standards and protects the integrity of the game. The appointment process must remain with the governing union to ensure neutrality and safeguard everyone involved.’

SLR reiterated that this change strengthens governance safeguards for both institutions. ‘This system clarifies responsibilities, enhances accountability, and protects referees from external pressures or perceptions of bias.’

HNB PLC hosted the third edition of its flagship real estate showcase, HNB Luxury Living, at Jetwing Lighthouse, Galle. The event brought together Sri Lanka’s leading property developers, offering clients exclusive access to luxury apartments, villas, and lifestyle residences.

Held following the Colombo and Ratnapura editions, the showcase was attended by HNB Senior Vice President /Head of Retail Banking, Kanchana Karunagama, Vice President-Personal Financial Services, Susith Perera, and Assistant Vice President/Regional Business Head – Southern Region, Rajitha Wijenayake.

The initiative reflects HNB’s ongoing role in connecting buyers with trusted developers across Sri Lanka.