HNB joins as Principal Sponsor of Northern Investment Summit 2026 to boost growth in North

HNB PLC has joined hands with The Management Club (TMC) as the Principal Sponsor and Official Banking Partner of the Northern Investment Summit 2026 (NIS26). The initiative, set to take place in Jaffna in January, is aimed at accelerating investment, entrepreneurship, and inclusive economic growth in the Northern Province.

HNB Managing Director and Chief Executive Officer Damith Pallewatte highlighted the bank’s proud presence in Jaffna for over 53 years and its legacy of more than 135 years in Sri Lanka. He emphasised that HNB upholds its leadership in empowering enterprise and nurturing sustainability. Pallewatte further noted that savings entrusted to HNB in the Northern Province have reached approximately Rs. 130 billion, while the bank’s lending portfolio now stands at around Rs. 60 billion. He added that repayment performance in the region remains strong, reflecting the discipline and resilience of local entrepreneurs.

‘The Northern Province is emerging as one of the most promising frontiers of growth in Sri Lanka. Encouraging regional development and prosperity is central to securing the country’s long-term recovery. In recent years, the North has evolved into a hub for enterprise, renewable energy, and value-added agriculture, supported by strong public-private partnerships,’ Pallewatte said.

He added that HNB views financial inclusion as the bridge between national policy and real economic opportunity. ‘By expanding access to capital and empowering entrepreneurs, we aim to ensure that the North’s growth story contributes to a more balanced and resilient national economy,’ he stated.

Through its involvement at NIS26, HNB will collaborate with Government agencies, investors, and development partners to promote entrepreneurship, investment readiness, and sustainable regional development. The summit will bring together senior policymakers, diplomats, and business leaders for policy dialogues, project showcases, and partnership discussions. It will also see the launch of the Northern Investment Opportunities Report, a comprehensive guide to projects aimed at attracting both domestic and foreign investment.

The partnership highlights HNB’s ongoing commitment to expanding financial access and promoting equitable growth across Sri Lanka. Through inclusive and transformative financial solutions, HNB remains dedicated to driving sustainable national development and uplifting communities island-wide.

Taxation and silent killing of local industries

Taxation serves as one of the most powerful tools in shaping a nation’s economic destiny. Its purpose extends far beyond merely filling State coffers. A sound and just tax system is meant to foster economic growth, promote social equity, ensure fair distribution of wealth, and protect domestic industries from unfair foreign competition and dumping.

However, when tax laws are misinterpreted, selectively applied, or exploited by powerful interests, the very objectives of taxation are defeated. Instead of promoting fairness and growth, the system begins to stifle local industries – slowly but silently killing the very enterprises that sustain employment, innovation, and national resilience.

Abuse of tax laws by multinational companies

In recent years, several multinational companies have increasingly taken advantage of loopholes in Sri Lanka’s tax laws to minimise or even avoid paying taxes. Armed with global expertise and vast financial resources, they employ high-profile tax consultants and auditors – spending hundreds of millions to save billions in potential tax liabilities.

When tax authorities fail to effectively detect or curb such practices, the outcome is devastating for local competitors. Domestic enterprises, already struggling with limited access to finance, high production costs, and regulatory burdens, are forced to compete on an uneven playing field. Over time, many are pushed to the brink of closure or compelled to relocate to more equitable tax jurisdictions.

A case in point

A striking example can be found in the digital service sector, where both local and foreign companies operate platforms that connect drivers with customers for ‘Rides’ and ‘Eats.’ While the locally incorporated entity dutifully pays all due taxes, including Corporate Income Tax (CIT), its foreign counterpart – operating in Sri Lanka through a dependent agent – reportedly manages to evade similar obligations.

This disparity not only deprives the Government of substantial revenue but also discourages entrepreneurship, deters compliant foreign direct investors, and erodes public confidence in the fairness of the tax system.

Tax liability of non-resident companies

Globally, it is a well-established principle that a country may tax a person – whether resident or non-resident – only if that person derives income from a source within that jurisdiction or is considered resident therein.

Sri Lanka’s Inland Revenue Act, No. 24 of 2017 (IR Act) is clear on this matter. Sections 6(2)(a)(h), 72(1)(b), and 73(m)(ii)(iib) explicitly impose tax liability on non-residents who earn profits through a source in Sri Lanka.

While Double Tax Avoidance Agreements (DTAAs) override domestic law in cases of inconsistency, both the IR Act and the relevant DTAAs consistently affirm that non-resident entities carrying on business in Sri Lanka through a Permanent Establishment (PE) are liable to tax on profits attributable to that establishment.

Article 7(1) of the DTAA provides:

‘The profits of an enterprise of one of the States shall be taxable only in that State unless the enterprise carries on business in the other State through a permanent establishment situated therein…’

Further, Article 5(5) of the DTAA defines a PE to include a dependent agent of a non-resident person. In fact, the Inland Revenue Department (IRD) has already established, through a VAT assessment on digital service providers in the ‘Rides’ and ‘Eats’ sector, which such entities operate in Sri Lanka through dependent agents – making them liable for taxation under both domestic and treaty law.

It is therefore evident that there exists no inconsistency between the IR Act and the DTAA. Both confirm the tax liability of such non-resident enterprises.

Desperate attempt to register under the new VAT Amendment Act

It was made to understand that certain non-resident companies conducting online business activities through their dependent agents have been attempting to register under the provisions of the Value Added Tax (Amendment) Act, No. 04 of 2025. These provisions pertain to the registration of non-resident entities that carry on business in Sri Lanka without maintaining a permanent establishment (PE) or agency within the country.

It should be noted that non-resident companies operating in Sri Lanka through electronic platforms, without a permanent establishment, are not liable to pay income tax on the profits derived from such activities.

Just the tip of the iceberg

If Sri Lanka’s tax administration were more proactive and consistent in enforcing the law, billions of rupees in lost revenue could have been recovered. The issue extends far beyond the ‘Rides’ and ‘Eats’ companies – encompassing numerous non-resident digital and service providers in the fields of tourism, hotel booking, and e-commerce.

These entities often exploit ambiguities and loopholes in the tax system to evade their rightful obligations, leaving domestic competitors disadvantaged and the state deprived of due revenue.

By ensuring proper taxation of such non-resident companies, Sri Lanka can not only strengthen its fiscal position but also uphold fairness, integrity, and competitiveness across all sectors of the economy.

Towards a fair and protective tax regime

It is imperative that Sri Lanka’s tax authorities enhance their capacity, expertise, and technological tools to identify and counteract sophisticated tax avoidance practices. Taxation must once again serve its true purpose – to promote equity, fairness, and national growth.

A reformed and well-enforced tax regime can level the playing field for all taxpayers, protect local industries, attract responsible foreign investment, and restore public faith in the integrity of the system.

Only then can taxation cease to be a silent killer – and instead become the protector and promoter of Sri Lanka’s economic future.

2nd Session of Sri Lanka-UAE Joint Commission concludes in Colombo

The Second Session of the Joint Commission between Sri Lanka and the United Arab Emirates (UAE) was successfully concluded in Colombo on 4 November.

The Session was co-chaired by Deputy Minister of Foreign Affairs and Foreign Employment of Sri Lanka Arun Hemachandra, and Minister of State at the Ministry of Foreign Affairs of the United Arab Emirates Saeed bin Mubarak Al Hajeri.

In his opening remarks, Deputy Minister Hemachandra underscored that the establishment of the Sri Lanka-UAE Joint Commission marks a significant milestone in the partnership between the two countries. He emphasised that the mechanism serves as an effective platform for advancing comprehensive cooperation both at the bilateral level and within international fora. The Deputy Minister further noted that, although the First Session of the Joint Commission was held in Abu Dhabi in 2014, bilateral relations between Sri Lanka and the UAE have continued to strengthen, underpinned by close collaboration across multiple sectors.

The discussions during the Second Session provided a valuable opportunity to review ongoing cooperation and explore new avenues in key areas such as trade, investment, labour, and other fields of mutual interest. Deputy Minister Hemachandra highlighted the importance of further consolidating economic and trade relations, noting that the two countries had, during the year, concluded two landmark agreements – the Agreement on the Promotion and Protection of Investments (IPPA) and the Memorandum of Understanding on the Establishment of the UAE-Sri Lanka Joint Business Council.

The UAE State Minister welcomed the elevation of the bilateral relationship in the past few months and expressed keen interest in focusing on enhanced trade and tourism cooperation including infrastructure development targeting high end tourism from UAE. He conveyed willingness to further step up cooperation in energy, investments, financial services and textiles, and noted the importance of economic cooperation diversification.

At the conclusion of the deliberations, the Co-Chairs signed the Agreed Minutes of the Second Session. The discussions encompassed a wide range of areas of cooperation, including political, economic, financial, transport, sports, health, customs, energy, labour, defence, science and technology, education, culture, agriculture, food, and postal sectors.

During their stay, State Minister Saeed bin Mubarak Al Hajeri and the accompanying delegation also paid courtesy calls on Minister of Foreign Affairs, Foreign Employment and Tourism Vijitha Herath and Minister of Ports and Civil Aviation Anura Karunathilaka.

The UAE delegation comprised of Ambassador of the United Arab Emirates to Sri Lanka Khaled Al Ameri, the Director of the Asian and Pacific Affairs Department of the Ministry of Foreign Affairs of the UAE Abdulaziz Al Neyadi, and senior officials representing the UAE Ministry of Foreign Affairs, Dubai Chambers, Etihad Airways, AD Ports, and other agencies.

The Sri Lankan delegation included Secretary to the Ministry of Foreign Affairs, Foreign Employment and Tourism Aruni Ranaraja, senior officials from the Ministry, and other relevant Government institutions and agencies.

The convening of the Sri Lanka-UAE Joint Commission after 11 years is reflective of the strengthening of bilateral relations between the two countries, following on the recent high-level visits.

The Third Session of the Sri Lanka-UAE Joint Commission is scheduled to be held in Abu Dhabi.

AIA delivers record 3Q

AIA Group Ltd., has announced 25% growth in value of new business (VONB) on constant exchange rates (CER) for the third quarter ended 30 September 2025.

VONB was up 25% to $1,476 million, a record for the third quarter. VONB margin of 58.2%, was up by 5.7 pps. AIA said there was broad-based double-digit VONB growth in Hong Kong, Mainland China, ASEAN and India. The Agency VONB growth of 19% with very strong recruitment up 18%.

AIA’s Group Chief Executive and President Lee Yuan Siong said: ‘AIA’s continued strong execution of our growth strategy has delivered another excellent quarter as we capture the unparalleled opportunities in life and health insurance markets across Asia. In the third quarter of 2025, we grew VONB by 25% compared with the same period last year and we achieved double-digit growth in 11 markets.’

‘Our unrivalled distribution platform is a key competitive advantage and both our Premier Agency and partnership distribution channels generated very strong growth during the quarter. I am confident that the continued compounding of high-quality new business will grow our in-force portfolio and drive higher earnings and cash generation for many years to come.’

AIA also said VONB saw double-digit increases from 11 of 18 markets.

AIA’s key distribution channel, industry-leading Premier Agency, achieved 19% growth and generated over 70% of the Group’s VONB. Strong recruitment momentum continued, with 18% growth in new recruits, supporting a further increase in the number of active agents. The fast-growing and complementary partnership distribution channel saw a 46% increase in VONB, driven by an excellent performance from the independent financial adviser (IFA) and broker channel in Hong Kong and our bancassurance businesses.

In aggregate, the ASEAN markets delivered 15% higher VONB, supported by double-digit growth from both agency and partnership channels.

Other Markets segment’s VONB was the same level as last year, with double-digit growth from South Korea, Vietnam and India offset by a decline in Australia and Taiwan (China). Tata AIA Life, continued to deliver excellent VONB growth across all distribution channels and maintained its number one industry ranking in retail protection in the third quarter of 2025(13).

Overall, VONB for the Group was up by 25% to US$1,476 million. Annualised new premiums (ANP) grew by 14% to US$2,550 million, while VONB margin increased by 5.7 pps to 58.2%, due to a favourable shift in product mix. Margin reported on a present value of new business premium (PVNBP) basis increased from 10% to 11%, while total weighted premium income (TWPI) increased by 14% to US$11,910 million.

New business contractual service margin (NB CSM) for the third quarter of 2025 increased by over 25%. ‘Successive layers of profitable new business add to our substantial, recurring earnings from in-force business, reinforcing our confidence in delivering our operating profit after tax (OPAT) per share CAGR target of 9 to 11% from 2023 to 2026,’ Lee said.

When shadow of economic crime falls on the State

There is a silence that follows tragedy-a phone call in the night, a trembling voice, a parent who will never be whole again. A needle, a pill, a decision made in darkness. In that moment, the world seems unbearably indifferent. Yet indifference is never neutral-it is the shadow in which evil thrives.

Trump’s war against the unseen empires of crime begins from that silence. He does not fight abstractions; he strikes at the machinery that devours human lives. Beneath the fragile order of nations lies a darker economy-one that trades not only in drugs and weapons but in despair.

I have spent years among those who study this hidden order-at the Economic Crime Symposium at Cambridge University-where minds from Interpol, law enforcement, and academia gather to trace the anatomy of global corruption. For 42 years, this symposium has built a vast body of knowledge, layer upon layer, each generation adding its colour to the same unfinished canvas. Those before me witnessed what I now confront in altered form; those who follow will craft better defences against it. Its founder, Professor Barry Rider, foresaw the many shades through which economic crime would evolve-how it would infiltrate nations, institutions, and lives. And through these decades, one truth has become inescapable: economic crime and geopolitics are not separate realms but two faces of a single system. Rogue regimes stretch their reach across borders, funding corruption, capturing elites, and manufacturing chaos as strategy.

Compass for a disoriented world

In Washington, at the height of this disorder, the Economic Crime and Geopolitics Index (ECGI) was born-a compass for a disoriented world. Since then, nations such as the Philippines, Thailand, Sri Lanka, and Myanmar have begun to look within. In Manila, $ 20 billion has vanished into ghost projects. In Myanmar, digital scam centres and in Thailand, the Chinese gambling networks and spread like a second state, undermining the first.

It is within this same underworld that America’s own tragedy takes root. More than 80,000 Americans died from drug overdoses last year-sons and daughters whose futures dissolved in a chemical haze. Trump calls this not a crime, but a war. And in war, he believes, clarity must replace hesitation. Seven boats were struck off Venezuela’s coast. Thirty-two traffickers perished. Their deaths will not bring back the dead, but their survival would have killed thousands more.

At the United Nations, Trump spoke without ornament: ‘To every terrorist thug smuggling poisonous drugs into the United States, be warned-we will blow you out of existence.’ It was not cruelty, but an assertion of moral gravity-a declaration that the state must defend the living from the merchants of death.

In Sri Lanka, I met the deputy minister of public security Sunil Watagala -a man waging his own battle against the networks that rot the foundations of the State. President Anura Kumara Disanayake has declared his war on crime with an old truth reborn: ‘This country cannot have two States. There can only be one-the legitimate State built by the democratic power of the people. The black State must be dismantled.’

Criminal networks have infiltrated politics

His warning is stark. Criminal networks have infiltrated politics, hiding behind local councils and parliamentary campaigns. Seventy-three T-56 rifles from a military camp have been traced to these groups. The ECGI now places Sri Lanka at a risk level of 74.2-a grave position among South Asian nations, surpassed by only a few in vulnerability to economic crime. If this trend endures, the island’s stability may not. Yet, in the President’s defiance, one hears the faint pulse of recovery-a nation trying to reclaim its spine.

In 2012, I was invited to witness the Mexican campaign launched by President Felipe Calderón. I recall how he spoke with quiet conviction about the darkness entrenched in his own society. It was his final year in office, and his war on cartels had revealed how deeply organised crime could infiltrate the core of a nation.

Years later in Sri Lanka, after the Easter Sunday bombing, a former president-still grappling with the tragedy-asked me, while I was at defence research, ‘Is there a connection between my anti-drug operation and the bombing?’ I did not believe there was any. Yet the question itself revealed a deeper truth: when criminal networks operate with vast resources and impunity, even leaders can feel the state slipping beyond their control.

These networks often wield budgets greater than the poorer states they undermine, spreading influence through politics, business, and blood. The faces change, but the struggle remains the same: a state at war with its reflection. Sri Lanka’s challenge today echoes that enduring lesson.

Far across the ocean, the Caribbean hums with movement. Ten thousand American troops have been redeployed; eight warships and a submarine circle near Puerto Rico. To some, this is provocation. To history, it may be preparation. Venezuela’s hybrid regime-a nexus of cartels, corruption, and foreign patrons-is being challenged where it breathes.

Where profit and power merge into one

Trump’s campaign is not military alone; it is existential. It rejects the quiet surrender to forces that deform democracy from within. Economic crime, he insists, is the skeleton key to tyranny. Dictatorships-whether in Caracas, Beijing, or Pyongyang-feed on these invisible transactions, where profit and power merge into one.

From the jungles of Shan State to the streets of Bogotá, the same architecture persists-drug lords, arms smugglers, human traffickers, and cyber syndicates, all protected by regimes that trade sovereignty for survival. To confront them is not merely to enforce law; it is to resist the decay of civilisation itself.

Trump now turns to Asia. In Malaysia, at the ASEAN Summit, Foreign Minister Mohamad Hasan spoke of regional efforts to confront transnational crime and strengthen extradition treaties. It is an acknowledgment that corruption has become a global language-and that nations must answer it in chorus.

Trump’s courage lies not in perfection, but in refusal-to look away, to soften what must be said, to call evil by another name. Bureaucrats will argue. Criminals will not. They understand only fear, and Trump, unrefined but unflinching, speaks that dialect.

Every missile fired at sea carries a cost. Leadership is often a form of solitude-a burden carried without applause. Yet the measure of courage is not in popularity but in the willingness to confront the abyss and not retreat.

When a cartel falls, when a shipment is seized, we see only numbers. But behind each act lies something quieter-a father’s vow that no other child will be lost to the same silence. In that sense, every strike is not vengeance but remembrance.

To lead in an age of shadows is to act without certainty, to strike not for glory but for the unseen redemption of others. History will debate his methods; time will remember his intent. For those who have buried their children, Trump’s war against the architects of addiction may be the first gesture of justice in a long time.

Colombo Dockyard signs major shipbuilding contract

Colombo Dockyard PLC (CDPLC), has secured another repeat vessels contract to build two Cable Laying and Repair Vessels to one the prestigious cable ship operators, Orange Marine.

Incidentally this is the largest shipbuilding contract CDPLC has ever signed in the history of the Company.

Orange Marine is a French company specialising in the field of submarine telecommunications, from the initial design, engineering, to installation of intercontinental and regional links, and maintenance of existing cables. The Orange Marine’s fleet is one of the most experienced in the world and represents 12% of the world cableships fleet.

The contract signing was held in Colombo recently and Orange Marine President/CEO Didier Dillard signed the contracts in the presence of Ships Technical Director – Med Marine Base Director Emmanuel Décugis. Also Ambassador Rémi Lambert, Deputy Head of Mission Matthieu John, and Embassy of France Economic Counsellor Philippe Fouet, were present to give their blessings to the project.

MD/CEO Thimira S. Godakumbura signed the contracts on behalf of the CDPLC in the presence of Director/CFO Gihan Ravinatha and the senior management team of Colombo Dockyard.

The proposed two vessels shall be ultra-modern, high technology vessels similar to the Sophie Germain built and delivered by CDPLC back in July 2023. These vessels are specially designed and equipped for sub-sea cable lay and repair operation duties with a high focus on good sea keeping qualities, excellent station keeping performance and low fuel consumption.

The vessels have been designed by Vard Design AS of Norway and an optimised hull form and bow shape developed by Vard has been incorporated in the design, enabling the vessel to achieve high speeds and minimise its carbon footprints, to be a highly eco-friendly vessel.

These vessels shall be built to Bureau Veritas classification society standards and shall meet the regulatory requirements of the French Flag Authority. The vessels environmental friendliness with focus on low fuel consumption shall be in accordance with BV CLEANSHIP requirements.

The vessel’s primary activities shall be to carry out cable operations, including laying, repair and ROV inspection. The vessel is 100 m in length with a beam of 18.8 m and a Depth of 7.15 m and shall have a deadweight capacity of 1800DWT. The vessel can achieve an impressive speed of 14.5 knots and has accommodation facilities for 76 persons. The vessel has three cable tanks to carry fibre optic cables.

The vessel shall be fitted out with a diesel-electric propulsion plant. The power plant shall consist of four generator sets for electrical propulsion power. The vessels propulsion shall be by two main Azipod propellers in the aft and two tunnel thrusters in the forward and the system will be run and monitored by Integrated Automation System and Power Management System.

It will be worth recording that in 2019, CDPLC successfully built and delivered a 113 m Cable Laying Vessel ‘KDDI Cable Infinity’ to Japan and in 2023 the 100 m Cable Laying and Repair Vessel ‘Sophie Germain’ to France. Now CDPLC is carving out a name for itself as a reputed, reliable and trustworthy Shipbuilder for Cable Laying and Repair Vessel in the world.

With this it marks Colombo Dockyards stamping of presence into the prestigious European market establishing Colombo as a preferred Shipbuilding destination for European Ship Owners.

CDPLC continuously proves its excellence through successful securing and execution of shipbuilding projects worldwide and is the front runner of Sri Lankan industrialisation.

CDPLC contributes heavily to the National Export earnings from the Shipbuilding sector with much needed foreign currency to the Sri Lankan economy and plays a leading role of uplifting and driving the maritime development strategy of Sri Lanka.

AOD and Cinnamon Life unite for ‘What’s Your Colombo?’

What’s Your Colombo?, a two-year, design-led initiative by the Sri Lanka Design Festival (SLDF), conceptualised by the Academy of Design (AOD), has set out to celebrate Colombo as a creative, cultural, and experiential capital through the eyes of its people.

Launched in partnership with Cinnamon Life at City of Dreams, one of Colombo’s most dynamic destinations for culture, business, and leisure, the campaign invites citizens, communities, and brands to rediscover the city through design, storytelling, and collaboration.

As part of AOD’s mission to extend design thinking beyond industries into the public realm, What’s Your Colombo? demonstrates how design can influence the spaces we inhabit, the stories we tell, and the futures we imagine. Through SLDF, Sri Lanka’s leading platform for creative dialogue and innovation, AOD brings together education, industry, Government, and the public to reveal how cities can be redefined through creativity and design-led thinking.

AOD Founder and Chairperson Linda Speldewinde said: ‘What’s Your Colombo? began as an idea. For too long, people have passed through Colombo without really seeing it, perhaps because we haven’t yet found the words to describe what our city truly is. So, what is Colombo? It’s many Colombos-yours, mine, ours-each with its own soul.

Through the SLDF, we want to reimagine how both we and our visitors see our city. We’re doing this through the lens of design, but we’re also inviting everyone to share their Colombo: their words, stories, moments, memories, and expressions in any form that feels right. Our city is too precious to be left without its own narration. We wanted to use this opportunity to do something for Sri Lanka, and had the perfect partner in Cinnamon Life, who also believes in narrating Colombo through the eyes of its people.

It’s about seeing the city through the eyes of its people, to understand Colombo not through architecture or infrastructure alone, but through lived experiences. It’s about how design helps us connect with our surroundings and with each other. This movement celebrates Colombo’s icons, its everyday citizens, and the creative spirit that defines who we are. Design gives us the language to articulate that identity and to imagine what comes next.’

Phase One of What’s Your Colombo? focuses on building awareness and emotional connection with the city through storytelling and creative experiences. The campaign brings together some of Colombo’s most recognisable icons, designers, entrepreneurs, artists, and community leaders, who share their personal interpretations of the city in a series of short films, photographs, and social stories.

These reflections, from the quiet corners of old neighbourhoods to the vibrant pulse of new cultural spaces, collectively weave a portrait of Colombo as a city of many layers and perspectives.

The movement extends to the streets through Experience Colombo Trails, curated by SLDF, that guide residents and visitors along design-led routes exploring intersections of fashion, food, art, and architecture. The Experience Colombo Passport complements these routes, inviting people to participate in creative activities, culinary stops, and retail experiences. Participants who complete a series of experiences gain exclusive access to events such as Mercedes-Benz Fashion Week Sri Lanka, reinforcing the link between design, lifestyle, and community.

Cinnamon Life, City of Dreams Sri Lanka Chief Executive Officer/General Manager Sanjiv Hullugalle said: ‘Colombo is more than a capital-it’s a living story. At Cinnamon Life, we see ourselves as the city’s living room; a place where creativity, culture, and community come together. What’s Your Colombo? is our way of opening those doors even wider-to celebrate the city’s vibrant energy and the people who define its spirit.’

‘Cinnamon Life at City of Dreams was envisioned as a space where creativity, connection, and community come together-and we’re proud to be part of a movement that gives voice to Colombo’s evolving identity. Our collaboration with AOD through the Sri Lanka Design Festival reflects a shared belief that design, culture, and hospitality have the power to shape not only how we experience a city, but how a city defines itself. We look forward to continuing this journey and inspiring more people to discover their own Colombo.’

The first phase of the movement will culminate at Sri Lanka Design Festival 2025, where AOD and Cinnamon Life will present the outcomes of Phase One and unveil Phase Two of the initiative. The event aims to bring together key partners including Sri Lanka Tourism, the Colombo Municipal Council, Cinnamon Life, and leading creative and academic institutions. It will feature a public exhibition of What’s Your Colombo? films and photographs, alongside a design dialogue exploring how storytelling evolves into city-making.

Set for rollout in 2026, Phase Two will take the movement from storytelling to co-creation. It will engage schools, institutions, and civic bodies to embed design as a strategic driver of Colombo’s identity and sustainability. Monthly themed programs will unite citizens, policymakers, and creators around shared goals that celebrate Colombo by design.

By the close of 2026, What’s Your Colombo? aims to position Colombo as South Asia’s emerging creative capital-a city that expresses itself through design and storytelling. The initiative will culminate in SLDF 2026, capturing how design has helped shape the city’s evolving identity.

Ultimately, What’s Your Colombo? seeks to make every citizen a storyteller and every story a building block in Colombo’s living narrative.

As Linda Speldewinde adds: ‘Design gives us the ability to see what’s special about our city and to share it with the world. Colombo is a city of a million stories and through design, we’re learning to tell them together.’

Join the movement. Experience the city through new eyes. Explore the trails, share ‘your Colombo,’ and be part of a design movement redefining how we see and live our city.

SLASSCOM’s IT & BPM Exploration Day inspires Northern Region’s next generation of tech talent

The Sri Lanka Association for Software and Services Companies (SLASSCOM) has hosted the IT and BPM Exploration Day – Northern Region recently at the University of Vavuniya – Faculty of Technology, marking another milestone in its ongoing efforts to expand technology education and career awareness across the country.

Building on the success of the long-running IT and BPM Weeks initiative launched in 2014, this program continues to take knowledge, skills, and inspiration to regional communities through annual engagements. Following the Central Province event held earlier this year at the University of Peradeniya, the Northern Region edition brought together over 500 participants-including school students, parents, teachers, undergraduates, academics, startups, and entrepreneurs-for an immersive day of learning, innovation, and collaboration.

The event featured a diverse line-up of sessions tailored to various audiences, including SLASSCOM TechKids and Arduino workshops for junior students, school awareness sessions for senior students, and industry awareness, entrepreneurship, STEM for Her, soft skills, and mentoring sessions for youth and professionals. With the support of the Royal Norwegian Embassy, the initiative provided participants with hands-on exposure to coding platforms, tech-based games, career guidance, and entrepreneurship development. EY GDS also joined as a key partner, offering valuable insights into career pathways and future opportunities within the global IT and BPM sectors.

SLASSCOM Chairperson Shehani Seneviratne said, ‘Through this initiative, we are not only showcasing career opportunities in IT and BPM but also equipping students and entrepreneurs with the mindset and skills to innovate for the future.’

Prime One Global Managing Director Sharanyan Sharma said, ‘The IT and BPM Exploration Day at the University of Vavuniya was an inspiring and impactful initiative that successfully connected academic potential with real-world industry opportunities. The strong collaboration between SLASSCOM, the University of Vavuniya, and partners like EY GDS showcased how regional talent can play a vital role in shaping Sri Lanka’s digital future.’

University of Vavuniya Vice Chancellor said, ‘While this era is focusing on empowerment of youths, the IT and BPM Exploration Day at the University of Vavuniya was a truly inspiring initiative that opened new pathways for our students to connect with real-world industry opportunities. The strong collaboration between SLASSCOM and the University of Vavuniya highlights the immense potential of regional talent to contribute to Sri Lanka’s digital future.’

Through initiatives like the IT and BPM Exploration Day, SLASSCOM continues to play a pivotal role in strengthening Sri Lanka’s national talent pipeline by bridging the gap between education and industry. By taking technology-focused programs to regional universities and schools, SLASSCOM ensures that students from all parts of the country-not just major urban centres-gain access to valuable insights, mentorship, and exposure to real-world opportunities in IT, BPM, and emerging technologies, also fostering an innovation-driven mindset that encourages problem-solving, creativity, and entrepreneurship.

By connecting academia, industry leaders, and development partners, SLASSCOM continues to build an inclusive ecosystem that empowers Sri Lanka’s youth to contribute to the nation’s transformation into a digitally advanced, globally competitive economy.

Sri Lanka Insurance Life appoints Nalin Subasinghe as CEO

Sri Lanka Insurance Life (SLIC Life), has announced the appointment of Nalin Subasinghe as its new Chief Executive Officer, effective 3 November 2025.

Subasinghe brings over 21 years of extensive experience in the insurance industry, with a distinguished track record spanning both Life and General Insurance, including 15 years in C-Suite leadership positions. His career began with Sri Lanka Insurance Corporation in 2004, where he served as Deputy General Manager – Actuarial and Risk Management, and also held the role of Head of Investment. He also represented SLIC as the Nominee Director at Capital Alliance Investments Limited and Ceylon Asset Management Limited.

Prior to his current appointment, he held the position of Chief Actuarial Officer/General Manager at HNB Assurance PLC, HNB General Insurance Ltd.

He has also served as the Chief Actuarial Officer/General Manager at Union Assurance PLC (Vice President, John Keells Holdings PLC).

In addition to his corporate leadership roles, Subasinghe has made significant contributions to the actuarial profession and local insurance industry. He is currently the Vice President of the Actuarial Association of Sri Lanka (AASL) and has served as Chairman of the Actuarial Sub-committee of the Insurance Association of Sri Lanka (IASL).

Subasinghe holds a Bachelor of Science (Hons) Degree in Finance Business and Computational Mathematics from the University of Colombo and a Master of Science Degree in Actuarial Management from Heriot-Watt University, Edinburgh, UK.

Sri Lanka Insurance Life, with over six decades of excellence as the largest government-owned life insurer, manages an asset base of Rs. 264 billion and the largest Life Fund in the industry at Rs. 239 billion. It is the only life insurer in the country to hold a Fitch Rating of A+ (lka) for long-term financial stability.

NDB delivers exceptional 65% growth in post-tax profit during nine months

National Development Bank PLC (NDB) said it has delivered impressive profitability growth backed by sound core banking operational growth in the first nine months of 2025.

NDB’s operating income and pre-tax profit expanded by 32.3% and 62.1% to reach Rs. 28.4 billion and Rs. 11.0 billion, respectively.

Director/Chief Executive Officer Kelum Edirisinghe said: ‘Our performance over the nine months’ period ended provides ample testimony to the consistent positive progress made across almost all aspects of our business operations. It reflects the strategic clarity, agility, and commitment of our staff at all levels in navigating this fast-paced market landscape whilst creating excellence in every aspect of our operations. These results also speak for our internal resilience and operational excellence, and also to the encouraging progress of the Sri Lankan economy, which we are proud to be a part of.’

NDB…

‘Amongst others, one of our key performance highlights is growth of Small and Medium Scale Enterprise (SME) loan book which expanded by over 24.0% on a year-to-date basis underscoring the Bank’s commitment to support the sector,’ he added.

Looking ahead, Edirisinghe said NDB remain focused on further sharpening strategic focus with significant groundwork underway. ‘A broad strategic realignment is taking shape across the Bank, positioning us for sustainable growth and value creation for the benefit of our shareholders and other stakeholders in the years ahead,’ he said.

‘As we look to the future, our commitment to Environmental, Social, and Governance (ESG) principles remains steadfast. From very early on, we have embedded sustainability into our business model, ensuring that our growth is inclusive, responsible, and aligned with the long-term well-being of our communities and stakeholders. We appreciate that this is an imperative. I take the opportunity to extend my sincere appreciation and gratitude to all our customers for their trust and loyalty, our shareholders for their continued confidence and the staff at all levels for their relentless pursuit of excellence, and to all our other stakeholders and service providers who support us in multiple ways. Together, we remain focused on creating a future of enduring impact and shared prosperity for the benefit of all our shareholders,’ he added.

Following are key highlights of NDB’s performance.

Net interest income improved by 6.4% to Rs. 25.9 billion over 2024. This is noteworthy considering the tapering interest rate environment which prevailed during the period under review. Reflecting the bank’s efforts to diligently maintain its margins, Net Interest Margins broadly stabilised at 4.1% (2024: 4.3%) which, excluding items of a one-off nature, was 4.3% on a like for like basis (2024: 4.5%). At end-September 2025, the bank had close to Rs. 46.8 billion in Loans and Deposits under a special arrangement with its customer(s) with a netting-off feature (end 2024: Rs. 19.6 billion).

Net fee and commission income grew by 13.8% to reach Rs. 5.8 billion YoY, whilst for the third quarter alone it reported an impressive 24.2% over the third quarter of 2024. This evidenced targeted efforts made to strengthen non-fund sources of income, thereby enhancing the resilience of the bank’s overall income composition. This growth was enabled by improved performance across almost all aspects of the bank’s core business operations.

Impairment charges continued to decline, driven by concerted efforts to enhance the quality of the loan book, resulting in a charge of Rs. 5.9 billion for the period under review, representing a 46.7% reduction YoY. The resultant total impairment coverage ratio, excluding such one-off items of a special nature stood at 8.8% (end 2024:10.1%); which compared well with industry averages at the said period end. Operating expenses netted Rs. 13.9 billion, marking a 14.8% YoY increase – predominantly driven by staff related routine increments and realignments to the industry, and higher investments in IT infrastructure and those of a direct business development nature.

Return on average equity was 12.4% during the nine months period whilst for the third quarter alone it was 16.0%. Annualised Earnings per share was Rs. 23.41 for the said period which was Rs. 21.25 for 2024. Respective ratios at a Group level were 12.6% (2024: 12.5%) and Rs. 25.28 (2024: Rs. 23.05), respectively.

The bank’s pre-tax return on average assets was 2.3% whilst, for the third quarter alone, it was 2.6% (2024: 3.1%, 1.5%, respectively). Net asset value per share was Rs. 194.01 (2024: Rs. 186.91) and compared with a closing share price of Rs. 142, which posted a 25.4% appreciation since end 2024. Group Net asset value per share was Rs. 207.34 (2024: Rs. 199.13).

The bank’s total deposits amounted to Rs. 702.9 billion at September 30, 2025 (end 2024: Rs. 631.7 billion, 11.3% growth) whilst net loans expanded to LKR 585.4 billion (end 2024: Rs. 460.7 billion, 27.1% growth). Excluding transactions of a one off and special nature, this represented a normalised absolute net growth of 7.2% and 22.1% over end 2024, respectively. The bank’s CASA ratio on a normalised basis was 23.8% having improved from 22.5% at end 2024. This continued to reflect the Bank’s efforts to consistently improve its low cost funding from current levels.

The bank’s Impaired loans (Stage 3) to total loans ratio was 4.5% (end 2024: 5.2%) which compared well with the industry average. Its Stage 3 provision coverage was 55.6% (end 2024: 54.5%) which also was close to the industry norm.

Liquidity and solvency Liquidity levels also remained strong with the bank’s Liquidity coverage ratios, across both Rupee and All currency, being 343.3% and 226.6%, respectively at September 30, 2025 (end 2024: 358.1% and 308.3%) and its Net stable funding ratio was 136.1% (end 2024: 152.4%) – all of which were well above the minimum regulatory requirements of 100.0%. The bank’s solvency levels as measured by CET1/ Tier I and Total CAR were 11.5% and 15.4%, respectively representing adequate buffers over its regulatory minimums (end 2024: 13.7% and 19.1%).