Category: Daily Financial Times

In a milestone event for Sri Lanka’s technology landscape, Abans PLC, in partnership with Xiaomi launched the ‘MI|Abans Smartverse’ the nation’s first-ever experiential smart tech village, at the Colombo City Centre from 12 to 16 November.

The grand opening was graced by Xiaomi brand principals including the Xiaomi BNS Regional Manager Luther Liu, Xiaomi Country Head Kain Wang and AIoT Head Vanessa Ma along with members of Abans Management. In addition to this, media representatives, influencers, customers and technology enthusiasts, also gathered to witness this new era in connected living.

The MI|Abans Smartverse offered an immersive experience that brings Xiaomi’s ecosystem of smart home products, electronics, and lifestyle solutions to life. Visitors were able to explore interactive zones that demonstrated how Xiaomi technology integrated seamlessly into daily living from smart homes with entertainment systems, vacuums, air purifiers to AI-driven home automation. Customers and guests were also able to experience an AR zone with the latest in innovative mobile phones and appliances, while many more engaged in games and activities which were designed to promote the brand.

This launch follows Xiaomi’s momentous appointment of Abans PLC as its authorised distributor in Sri Lanka, a recognition of Abans’ long-standing leadership in consumer electronics and its commitment to delivering innovation to Sri Lankan households, with advanced, global technology delivered to their doorsteps.

With this partnership, Abans and Xiaomi are set to pave the way toward a smarter, more connected Sri Lanka, one innovative product at a time. Xiaomi products, including Smartphones, AIoT and Home Appliances are now available throughout Sri Lanka at Abans Elite and Abans Showrooms, and at BuyAbans.com for purchase, while customers can experience them at all Abans Showrooms across the island.

The Abans Group, with a legacy that spans over five decades, was founded in 1968. Today, Abans has grown into a diversified conglomerate comprising over 10,000 employees and 400 touchpoints, with a presence across key sectors such as Retail Operations, Services, Logistics, Manufacturing, Real Estate, and Infrastructure Services.

Abans, said dedicated to empowering lives, it is widely recognised across Sri Lanka, and has played a pivotal role in modernising the country’s landscape and uplifting the quality of life for countless Sri Lankans by bringing some of the world’s leading brands to their doorstep.

As vehicle technologies continue to advance rapidly, the processes surrounding importation have also had to evolve. Both importers and regulatory authorities have continuously adapted to these changes-refining procedures, updating standards, and ensuring compliance with emerging trends and innovations in the automobile industry.

Today, vehicle importation forms an integral part of global trade, supported by well-established systems and regulations that facilitate smooth operations. A crucial element in the vehicle import clearance process is the manufacturer’s certificate-a document whose acceptance varies across countries.

Manufacturer certificate

Authorities involved with import clearance processes are tasked with altering the regulations imposed on vehicle imports making it more flexible to suit the current trends and technologies. The issuance of manufacturer certification is fundamentally guided by the principles of the World Customs Organisation (WCO), which has established the Guidelines on Manufacturers’ Certificate, also referred to as the Certificate of Origin.

To understand this deeper it is important to delve into the concept of what a Certificate of Origin is. It is a certification that the relevant goods are according to the applicable rules of origin issued as a paper or electronic form by the government authority or a body empowered. It exists in multiple forms and types. The Self-issued Certificate of Origin is a specific form in which the vehicles are certified by the producer, manufacturer, exporter or importer who would expressly certify that the vehicles in concern are originating according to the applicable rules of origin. The WCO states that ‘self-certification systems’ which includes manufacturer certification is acceptable and therefore is increasingly used for clearance of vehicles by Customs officials globally.

Accepted legal evidence

These documents on the face of it serve as evidence of origin and compliance, reducing the need for redundant government-issued verification. Accordingly, these manufacturer certificates, self-issued certificates of origin and supplier declarations are globally recognised and used as standard legitimate documentation used as evidence by the customs authorities worldwide.

According to the WCO, acceptance of these certificates is standard practice unless there is a reasonable suspicion of fraud or misrepresentation. The Revised Kyoto Convention (RKC), the international convention on the simplification and harmonisation of customs procedures, further reinforces this principle. As a party to the RKC, Sri Lanka has not enacted the provisions of the Convention through passing a Parliamentary Act. Yet, as a signatory to RKC, Sri Lanka is expected to accept manufacturer certificates as standard supporting evidence. The RKC’s recommended practices make it clear that documentary evidence should only be demanded when necessary for preferential duties or specific trade measures, and official verification should only be required if fraud is suspected. Excessive scrutiny or rejection of manufacturer-issued certificates would therefore contradict internationally accepted norms.

Country-wise implementation

Acceptance of these documents can be country specific too.

Manufacturer-issued Certificates of Conformity, Certificates of Origin or similar documentation, are accepted routinely by customs authorities in the automotive and technical goods sectors of countries such as the United Kingdom, Singapore, Hong Kong, India, Thailand, Malaysia, the EU, the US, and Japan.

Legally, manufacturer-issued certificates should be treated as valid and sufficient documentary evidence for Customs clearance, valuation, and classification. Any unnecessary rejection or over-scrutiny of such certificates is contrary to the intent of the RKC and international best practices.

Globally, the acceptance of Manufacturer Certificates, Certificates of Origin, and Certificates of Conformity are implemented with country specific criteria.

In the United Kingdom, certificates of conformity are required for registering imported vehicles and confirm compliance with safety and environmental standards. Manufacturer-issued certificates of conformity and certificates of origin are routinely accepted by customs and vehicle registration authorities.

In Singapore, vehicle imports require manufacturer certificates of conformity or test reports recognised by the transport authority. Under these circumstances, Customs accepts supplier or manufacturer declarations as valid proof of origin under the self-certification system.

Traditionally, Sri Lankan vehicle importation procedures have recognised the Manufacturer’s Certificate as a valid and essential document for clearing imported vehicles. It has long served as official verification of a vehicle’s specifications. However, in a recent case involving a leading importer of EVs, authorities refused to accept the Manufacturer’s Certificate to determine the motor power of the vehicles.

Industry experts have expressed that the most practical solution would be to test the vehicles’ motor power at an independent laboratory equipped with appropriate technology.

In response, the matter has escalated to legal proceedings, while Sri Lanka Customs, on its own initiative, appointed an expert committee to examine the technical aspects involved in determining the motor power of electric vehicles.

Nonetheless, the industry continues to question the sudden shift in policy that led to the rejection of the long-accepted Manufacturer’s Certificate-a move that marks a significant departure from established practice.

As the global EV market progresses smoothly with import and export processes that recognise the Manufacturer’s Certificate, Sri Lanka remains in a state of uncertainty. Imported EVs continue to be held at ports, leaving frustrated customers unable to access the vehicles they have already invested in.

CAL Partners is pleased to announce its role as the exclusive transaction advisor to DFCC Bank PLC on the proposed acquisition of the wealth and retail banking business of Standard Chartered Bank Sri Lanka for a consideration of LKR 3.7 billion, subject to approval by the Central Bank of Sri Lanka. CAL Partners is the corporate finance advisory arm of Capital Alliance Holdings PLC, and this transaction marks another milestone in CAL Partners’ longstanding track record of M and A advisory for transactions of national significance.

Amidst a period in which several multinational financial institutions have streamlined operations and reallocated resources-particularly in frontier markets such as Sri Lanka-several local banks sought to acquire the retail banking businesses of Standard Chartered Bank and HSBC in Sri Lanka. CAL Partners is proud to have been the only investment bank in Sri Lanka to have advised an acquiring bank through to a definitive agreement during this transitionary period.

‘We are proud to have advised on this landmark transaction, supporting DFCC Bank in a deal that underscores both its growth ambitions and the strength of Sri Lanka’s banking sector.’ said Nishok Goonasekera, CEO of CAL Partners. ‘This acquisition reflects our commitment at CAL Partners to bridging local and global markets through strategic, high-impact advisory.’

The proposed acquisition represents a positive step forward for both DFCC Bank and Standard Chartered Bank, ensuring continuity for customers and employees while contributing to the strengthening of Sri Lanka’s domestic banking industry.

CAL Partners extends its congratulations to DFCC Bank and Standard Chartered Bank, and acknowledges the professionalism and collaboration of the DFCC senior management team, led by CEO Thimal Perera and Deputy CEO Shamindra Marcelline.

This transaction reflects CAL Partners’ depth of expertise in the financial services sector and reaffirms our commitment to advising on strategically significant, high-impact transactions that shape Sri Lanka’s financial services landscape.

About CAL

Capital Alliance (CAL) is a leading investment bank in Sri Lanka, offering a full spectrum of financial services including asset management, stockbroking, treasury, private wealth management, and investment banking. With over 25 years of experience and a commitment to innovation, CAL is your partner in financial freedom.

HNB PLC has partnered with Soul Sounds and Cinnamon Grand Colombo to present the iconic ‘Moods of Christmas’ concert on 21 December 2025 at The Atrium, Cinnamon Grand.

The collaboration celebrates the spirit of the season through music, harmony and togetherness, bringing one of Colombo’s most anticipated festive experiences to life.

Powered by HNB PLC and hosted by Cinnamon Grand, the concert will feature Sri Lanka’s premier female ensemble, Soul Sounds, led by the internationally acclaimed Soundarie David Rodrigo, with a special performance by the Soul Sounds Academy Children’s Choir. Audiences can expect an evening of traditional carols and contemporary festive classics performed with Soul Sounds’ signature harmonies and emotional depth.

Adding further value for its customers, HNB Visa Infinite and HNB Club Elite Credit Cardholders will enjoy an exclusive 30% saving on dining at selected Cinnamon Grand restaurants on 21 December, making this seasonal celebration even more rewarding.

National Development Bank PLC (NDB) said its Board has approved a proposal to issue up to Rs. 16 billion in GSS+ Bonds.

GSS+ Bonds typically refer to Green, Social and Sustainability-linked instruments to fund projects with environmental or social benefits, now increasingly used by banks to diversify funding sources while meeting sustainability-linked commitments.

The bank will issue up to 160 million listed, rated, unsecured, subordinated, redeemable GSS+ Bonds, with a non-viability conversion at a face value of Rs. 100 each.

The issue will proceed subject to obtaining the required regulatory clearances, and that the GSS+ Bonds will be quoted on the Colombo Stock Exchange.

Sanasa Life Insurance Company PLC has announced a rights issue amounting to Rs. 522.7 million, subject to regulatory and shareholder approvals, to improve its solvency position.

The company said its Board of Directors resolved on 13 November 2025 to issue up to 52,267,278 ordinary shares on a rights basis at a ratio of one new share for every two existing shares. The shares will be issued at Rs. 10 each.

The company said the new shares will be offered only to current shareholders. The Board has determined that the issue price of Rs. 10 per share is fair and reasonable to the company and existing shareholders.

Proceeds raised after deducting issue costs will be utilised for investments that strengthen the company’s solvency position.

Sanasa Life Insurance noted that the issue is subject to approval from the Securities and Exchange Commission of Sri Lanka under Section 81 of the SEC Act, as well as clearance from the Insurance Regulatory Commission of Sri Lanka.

Shares not subscribed by the last acceptance date, or shares for which payment is not duly received at the time of final allotment, will be treated as rights not accepted. These will be pooled and allocated to shareholders, employees of the company or third parties who have applied for additional shares. Any remaining unsubscribed shares will be allotted at the Board’s discretion.

The Board has also instructed the Company Secretary to complete all post-issue procedures and will convene an extraordinary general meeting for shareholders to consider and approve the basis of allocation of unsubscribed shares where required.

Rush Lanka Group has officially obtained the CIDA LB1 Grade – Property Developer certification, the highest level of recognition awarded for construction excellence in Sri Lanka.

Last year, the company held the LB4 Grade, and within a short period, it progressed to the LB1 Grade this year. This is an important milestone that shows the company’s continuous growth, strong performance, and commitment to excellence. It highlights the collective effort of the Rush Lanka team and the trust given by clients, partners, and stakeholders.

The Construction Industry Development Authority (CIDA) awards this certification to recognize the capability, reliability, and performance of property developers who meet strict national construction standards. Achieving LB1 status places Rush Lanka Group among the most qualified developers in the country and strengthens the company’s ability to take on ambitious, high-value projects.

According to CIDA, LB1-certified developers receive several advantages. The certification increases credibility and trust among buyers, investors, and financial institutions by showing that the developer follows strong quality and safety standards. It also creates a competitive edge, separating developers with proven expertise and strong operational systems from others in the market.

With this grading, developers can manage larger and more complex projects, including mixed-use and large-scale developments that require advanced technical skills and strong financial stability. Access to financing also improves, as banks and lenders prefer to work with companies that show a solid track record and reliable credentials.

From a regulatory perspective, the LB1 Grade reflects compliance with national construction standards under the CIDA framework, which can streamline dealings with approvals, permits, and

local authorities. For clients and property buyers, it offers assurance of quality, safety, and reliability, factors that build confidence and reduce uncertainty in real estate investment.

Regarding the company’s approach, Mr. Sabeer Iqbal, Managing Director of Rush Lanka Group, shares:

‘At Rush Lanka Group, we never cut corners. Marketing may attract clients, but it is the successful completion of every project and the credibility of our documentation that truly reassure them. All our certificates are available on our official website, reflecting our commitment to transparency. Over the years, satisfied homeowners have become our strongest ambassadors. Even internationally, clients choose us because we deliver on time, maintain transparency in pricing, and provide clear, reliable project details. These principles continue to set Rush Lanka apart in the industry.’

Earning the CIDA LB1 Grade underscores Rush Lanka Group’s expertise, reliability, and steadfast commitment to excellence, qualities recognized throughout Sri Lanka. With over 30 years of experience in delivering premium developments, the company ensures buyers’ confidence, peace of mind, and enduring value in every project.

Sri Lanka’s Armed Forces Remembrance and Poppy Day ceremony was held yesterday (16) at the Cenotaph War Memorial in Viharamahadevi Park, Colombo, under the patronage of Prime Minister Harini Amarasuriya.

Mercedes-Benz Fashion Week Sri Lanka (MBFWSL) returns from 19-23 November 2025, hosted at Cinnamon Life, marking the next chapter of a movement that has reshaped how fashion functions in South Asia. What began nearly a decade ago as a collaboration between AOD and DIMO, the only Authorised General Distributor for Mercedes-Benz in Sri Lanka, has grown into an ecosystem: one that connects design, education, industry, mobility, culture, and sustainability.

Here, fashion is not treated as surface or spectacle. It operates as system and structure, influencing livelihoods, identity, economic direction, and how a region expresses itself to the world. In this sense, ‘Design Beyond Glamour’ is not a theme, but a shift in how fashion contributes to society.

This year, the platform brings together over 80 emerging Sri Lankan designers and more than 15 designers from India, Bhutan, Bangladesh, and the wider region, reflecting a shared creative language that is proudly South Asian and globally relevant. Instead of presenting heritage as nostalgia, these designers reinterpret craft through innovation, ethics, and future-forward cultural confidence. Following are excerpts from the interview with AOD Founder Linda Speldewinde and DIMO PLC Director Rajeev Pandithage.www

Q: What movement does Mercedes-Benz Fashion Week Sri Lanka represent today?

Linda: Fashion here is not just expression, it is economic participation, cultural authorship, and confidence. Over nearly twenty years, we’ve built pathways from education to industry to global visibility. The runway is simply where that story becomes visible. It’s a system, not an event.

Rajeev: At Mercedes-Benz, design has always been the core of identity, not styling, but the engineering of emotion and purpose. When we see fashion in that same frame, it becomes clear why Mercedes-Benz is part of this movement. They share the same principles: precision, responsibility, innovation, and emotion. MBFWSL is where those principles come together in a South Asian context.

Q: Your partnership has lasted almost a decade. What makes it enduring?

Rajeev: We recognised alignment early. Mercedes-Benz has a heritage of championing innovation and design that move the world forward, while AOD nurtures the next generation of Sri Lankan talent to do the same. What began as a collaboration has evolved into a powerful platform that gives designers and young creatives in Sri Lanka the space to showcase, connect, and shape the industry’s future.

Linda: It is a partnership rooted in shared belief: that creativity is not an accessory, it is an economic and cultural force. Together, we’ve helped shape a globally relevant design identity for Sri Lanka and for a region that is beginning to define itself on its own terms.

Q: ‘Design Beyond Glamour’ is the 2025 lens. How does it shape this year’s platform?

Rajeev: For us, it reflects the essence of Mercedes-Benz: intelligent luxury. Beauty that serves meaning. Expression that respects people and planet. Design that is as thoughtful as it is inspiring. That’s what we hope to encourage through this platform, a culture of creating with purpose and bringing to life the true essence of design

Linda: Our designers today create with accountability, to their communities, to craft systems, to the environment. Their work is emotional and aesthetic, yes, but it also supports livelihoods and futures. That is design beyond glamour.

Q: This year, several shows are being directed in collaboration with designer Amesh Wijesekera. Why is his involvement meaningful?

Linda: Amesh represents proof of what this movement makes possible, Sri Lankan-born, globally recognised, yet rooted here. His work captures the evolution of South Asian fashion: heritage transformed through fearless experimentation. His journey shows what happens when creativity meets ecosystem support, not isolation.

Rajeev: Mercedes-Benz Fashion Week Berlin launched his international career. Being able to facilitate that from Sri Lanka makes us proud and we want more designers to have that trajectory and we are happy for him.

Q: How do you see Colombo’s role within this new South Asian creative landscape?

Linda: We are at a moment where South Asia is not borrowing identity, it is defining it. Colombo is increasingly where that identity is articulated and exported.

Rajeev: Colombo is becoming a meeting point, a crossroads where regional talent exchanges ideas, aesthetics, and ambition. That aligns well with Mercedes-Benz’s view of design as a connector of people and futures.

Q: What can audiences expect this year beyond the runway?

Linda: The Mercedes-Benz Future Talks return, a series developed with trend and cultural insight partners that explores how we will live, move, eat, build, and express identity in the next decade. They bring together global designers and cultural voices to examine design as lifestyle, human experience, and future readiness. It reflects Mercedes-Benz as not just an automotive brand, but a design and cultural brand.

The David Pieris Group, one of Sri Lanka’s largest and most diversified conglomerates, has announced a strategic partnership with HelaGo, the revolutionary ride-hailing platform introduced by the Helakuru Superapp, to jointly advance a fair, transparent and locally empowered mobility ecosystem in Sri Lanka.

The partnership agreement was officially signed between David Pieris Motor Company (Lanka) (DPMC Lanka) and the HelaGo management at the David Pieris Group Head Office in Battaramulla recently, marking an important milestone in modernising Sri Lanka’s transportation landscape.

From its humble beginnings in the automotive industry, the David Pieris Group has grown into one of Sri Lanka’s most respected and diversified business groups. With a proud legacy spanning over four decades, the Group today comprises 30+ companies across multiple sectors including automotive products and services, financial services, insurance brokering, logistics, ICT, real estate, renewable energy, leisure and racing, shipping and marine services. Its commitment to innovation, inclusivity and sustainable mobility continues to shape Sri Lanka’s transportation landscape.

In addition to its extensive operations in Sri Lanka, the David Pieris Group has expanded its presence internationally, establishing operations in Dubai, Indonesia, the Philippines and Singapore.

HelaGo, launched under the Helakuru Superapp ecosystem by Bhasha Lanka Ltd, is designed as a ‘fair and open’ ride-hailing platform that empowers both drivers and passengers. It introduces a fresh economic model to the industry, one that moves away from top-down, algorithmically controlled pricing and instead fosters a transparent, demand-and-supply-driven environment.

In HelaGo, fares naturally reflect real market conditions at a micro level, giving drivers the opportunity to earn fairly within a reasonable range while allowing passengers to make informed choices that suit their needs. By restoring balance, transparency and mutual consent to the core of the ride-hailing experience, HelaGo aims to create a more sustainable and equitable mobility ecosystem for Sri Lanka.

The platform supports multiple payment methods including cash, card and HelaPay-the integrated digital wallet within the Helakuru ecosystem-ensuring simple and secure transactions. With millions of existing Helakuru users, HelaGo is strongly positioned for rapid nationwide adoption, bridging affordability, accessibility and fairness to create a more inclusive mobility experience.

HelaGo Chairman and Helakuru Founder Dhanika Perera said: ‘We are honoured to partner with David Pieris Motor Company (Lanka), a name that has earned the trust of Sri Lankans for decades. Together, we are introducing a new chapter in mobility, one that is fair, transparent and truly empowering for every passenger and driver.’

DPMC Lanka Executive Director Samantha Silva said: ‘DPMC has always been at the forefront of shaping Sri Lanka’s mobility landscape with reliable, value-driven and innovative solutions. Our partnership with HelaGo reflects our shared vision of empowering customers and transport providers alike through affordable, technology-enabled mobility options.’

This collaboration is strengthened by the natural synergies between the two organisations. The David Pieris Group brings unparalleled expertise in mobility solutions, an extensive ecosystem, nationwide distribution and sales networks, financial services, strong global relationships across markets and much more.

HelaGo, on the other hand, contributes advanced digital capabilities, a widely trusted local application ecosystem, deep insights into Sri Lankan consumer behaviour and a rapidly expanding user base. Together, these synergies create a strong foundation for joint innovation across multiple strategic areas.

The combination of David Pieris Group’s mobility and operational strengths with HelaGo’s digital and customer-centric capabilities opens the door for the partnership to evolve into a robust, future-ready mobility ecosystem, one that can grow not only within Sri Lanka but also potentially expand into regional markets through the David Pieris Group’s international presence.

This collaboration brings together David Pieris Group’s deep expertise in automotive and mobility solutions with HelaGo’s cutting-edge digital innovation, setting the foundation for a more inclusive, sustainable and future-ready transportation ecosystem in Sri Lanka.