Category: Daily Financial Times

Merchant Bank of Sri Lanka and Finance PLC (MBSL) has appointed Priyantha Herath to its Board as an Independent Non-Executive Director.

Herath is a business leader with over 27 years of experience in driving organisational growth and profitability. He has served in senior leadership capacities, including as Chief Financial Officer and member of top management roles across various industries.

He is the Founder/CEO PNB Holdings Ltd., a multi-award-winning BPO company in Sri Lanka catering to a global clientele. He also serves as a Non-Executive Director of Infinity Gift Card Ltd.

Herath held several key positions in the financial services sector, including Non-Executive Director and Audit Committee Member of MBSL Insurance Company Ltd., Deputy General Manager/Assistant Director of Merchant Bank of Sri Lanka and Finance PLC where he served from September 2007 to September 2016.

Herath is a Fellow Member of the Institute of Chartered Accountants of Sri Lanka and an Associate Member of the Certified Management Accountants of Sri Lanka.

He holds an MBA from the University of Colombo and a BSc (special) degree in Business Administration from the University of Sri Jayewardenepura.

In addition, he holds a Six Sigma Green Belt certification from the National Institute of Business Management. Since 2014, he has been a Lecturer in Financial Statement Analysis for CMA Australia at the Academy of Finance.

He has also served as a Lecturer in Business Analysis and Valuation for the MBA in Finance program at the University of Colombo (2016-2022) and as a Lecturer in Financial Management and Economics at the Institute of Accounting Studies (1999-2006).

Home Lands Group successfully concluded the Home Lands EXPO 2025 – Property Investment Forum and Exhibition, the first-ever property investment expo organised by a single developer in Sri Lanka, held on Saturday, 11 October, at the Grand Ballroom, Hilton Colombo.

The one-day event drew over 1,500 attendees, including aspiring homeowners and investors seeking high-return property opportunities. The expo showcased Home Lands’ exclusive portfolio of properties from city apartments to beach resort apartments, golf resort apartments, and retirement leisure villages, all under one roof.

A key highlight was the Home Lands Wealth Builder payment plan, which offers up to 100% funding with no down payment and no hidden charges. Customers simply pay monthly, making property ownership affordable, easy, and convenient.

The program generated significant interest and provided attendees with the opportunity to explore flexible financing options tailored to their needs.

The event also saw Sri Lanka’s six leading private banks, Commercial Bank, DFCC Bank, HNB, NDB, Sampath Bank, and Seylan Bank, partner with Home Lands to offer up to 100% financing solutions for the purchase of Home Lands projects, providing aspiring homeowners and investors with the financial support and confidence needed to secure their ideal properties and make sound investment decisions.

Home Lands Group Chairman Nalin Herath said: ‘The success of Home Lands EXPO 2025 reflects the growing confidence of Sri Lankans in property investment. With our Wealth Builder program and the support of the top six private banks, we are making it easier for aspiring homeowners and investors to achieve their dreams while creating lasting value in Sri Lanka’s real estate market.’

With over 3,200 residential units delivered and with over 2,300 units currently under construction, Home Lands continues to redefine modern living and investment value in Sri Lanka, reinforcing its position as the market leader in real estate.

The annual cost of cybercrime to Sri Lanka could range between $ 450 million and $ 1 billion, Asian Development Bank (ADB) Digital Sector Office Director Antonio Zaballos said yesterday, calling for stronger cybersecurity measures and a shift in national awareness as the country expands its digital economy.

Speaking at the ADB’s Serendipity Knowledge Program (SKOP) on Digital Transformation: Cybersecurity and Data Protection for Digital Economy Development held in Colombo, Zaballos said global losses from cybercrime have reached $ 10.5 trillion, or nearly 9% of the world’s GDP.

‘If we were just doing a rough estimate, and we consider just between 0.5-1% of the total GDP of Sri Lanka, we would be talking around $ 450 million to $ 1 billion a year related to cybercrime,’ he said.

He cautioned that as economies become increasingly connected, they also become more vulnerable. ‘The more connected we are, the more at risk we are,’ Zaballos said, describing cybersecurity as both a development and technical challenge that must be addressed through cooperation between governments, the private sector, and citizens.

Data Protection Authority Chairman Rajeeva Bandaranaike said Sri Lanka’s challenge lies not only in technology but in fostering a culture of data privacy and cybersecurity.

‘We don’t have a culture of data privacy and data protection, and awareness levels are very low,’ he said. ‘It’s about policymakers taking ownership and embedding a sense of responsibility across society.’

Bandaranaike said Sri Lanka’s forthcoming Data Protection Act and cybersecurity legislation would lay the groundwork for better governance, but long-term awareness building was equally important. ‘Like helmets and seatbelts, data protection will eventually become second nature, but it requires consistent enforcement and education,’ he said.

Cabinet Spokesman and Minister Dr. Nalinda Jayatissa yesterday said the Cabinet has approved the implementation of the National Minimum Wage of Workers (Amendment) Act, No. 11 of 2025, which raises the monthly minimum wage for private sector employees from Rs. 17,500 to Rs. 27,000 with effect from 1 April 2025.

Under the new law, the minimum wage will rise further to Rs. 30,000 from 1 January 2026, aligning with the 2025 Budget proposal to increase private sector pay in parallel with public sector salary adjustments.

The legislation, passed by Parliament on 22 July, also stipulates that the revised wage applies to all statutory payments including the Employees’ Provident Fund (EPF), Employees’ Trust Fund (ETF), overtime, maternity benefits, probationary pay, and holiday entitlements.

The law places responsibility on all employers, including intermediaries and contractors, to comply with the new wage structure. The Commissioner General of Labour has been tasked with enforcing the provisions, with public awareness already underway through official notices and newspaper advertisements.

The Labour Minister informed the Cabinet that necessary steps are being taken to ensure full implementation and compliance across all industries and services.

Cabinet Spokesman and Minister Dr. Nalinda Jayatissa yesterday said the Cabinet has approved a proposal by the Power and Energy Minister to begin procurement for a Rs. 1.45 billion project to modernise fuel filling facilities at Zone 7 of the Kolonnawa Terminal operated by Ceylon Petroleum Storage Terminals Ltd., (CPSTL).

The project, approved by the CPSTL Board of Directors and endorsed by the Department of National Planning, will be implemented in three stages under an engineering, procurement, and construction contract.

The first phase will cover the construction of new filling facilities for petrol at the Zone 7 site, forming part of a broader plan to introduce state-of-the-art systems for petrol, diesel, and kerosene handling.

The Government said the project is intended to enhance fuel distribution efficiency, safety, and capacity at one of Sri Lanka’s key petroleum storage terminals.

Sri Lanka’s Financial Intelligence Unit (FIU) of the Central Bank is set to sign Memoranda of Understanding (MoUs) with the Financial Intelligence Units of Vatican City State and Mauritius to strengthen cooperation in combating money laundering, terrorism financing, and proliferation financing.

Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said yesterday that both proposals had received Cabinet approval.

He said the agreement with the Vatican’s FIU, also known as the Financial Information Authority of the Holy See, will facilitate the exchange of information between the two institutions to support global efforts against financial crimes.

A similar MoU between Sri Lanka’s FIU and the Mauritius FIU was also approved to enhance cross-border collaboration and intelligence sharing in the fight against illicit financial activities.

eChannelling has launched ‘eMindCare,’ a first-of-its-kind holistic mental wellbeing platform designed to make expert mental health and psychosocial wellbeing services more accessible, inclusive, and stigma-free.

With psychosocial challenges and mental health issues such as stress, anxiety, and depression on the rise in Sri Lanka, eMindCare addresses a critical gap by combining professional care with holistic practices and mental health education. The platform is designed to support the diverse needs of individuals, families, and groups including students, young professionals, entrepreneurs, and employees in high-pressure industries. It also aims to lend a hand to individuals interested in maintaining their current mental wellbeing.

With the launch of eMindCare, eChannelling is reaffirming a commitment to the community, addressing some of the most pressing psychosocial challenges prevalent today. The platform moves past treatment, focusing on empowerment, awareness, and creating a culture where mental well-being is prioritised. The launch of eMindCare demonstrates eChannelling’s role as a responsible digital health leader, committed to improving access to healthcare and providing psychosocial support across the nation.

Available through the eChannelling website at www.echannelling.com, the platform connects individuals to a wide range of services including psychiatry, counselling, yoga, and meditation while also offering educational resources to empower people with the knowledge and tools needed to foster improved mental health.

For users, eMindCare delivers direct access to qualified psychiatrists, counsellors, and wellness practitioners, ensuring expert guidance at every step of any user’s mental health journey. The platform takes a holistic approach to mental wellness by integrating mind, body, and emotional wellbeing through counselling, yoga, and meditation, creating a well-rounded support system.

In addition, it provides valuable educational resources aimed at reducing stigma and promoting mental health literacy, empowering individuals to better understand and manage their overall wellbeing. Designed for convenience and privacy, eMindCare is accessible anytime and anywhere, via both the website and mobile app, placing inclusive mental health and wellbeing within the reach of all.

Cabinet Spokesman and Minister Dr. Nalinda Jayatissa yesterday said the Cabinet has approved a proposal by President Anura Kumara Disanayake to instruct the Legal Draftsman to prepare amendments to the Colombo Port City Economic Commission Act, No. 11 of 2021.

He said the revisions are aimed at addressing regulatory gaps and investor concerns following the repeal of Port City’s strategic business regulations on 4 August. Those regulations had previously granted key incentives and exemptions to investors.

Colombo Port City, established as a special economic region under the 2021 Act, is intended to position Sri Lanka as a competitive international business hub. The Colombo Port City Economic Commission has identified additional legal changes required to strengthen the region’s competitiveness, attract foreign direct investment, and improve Sri Lanka’s global ease-of-doing-business rankings.

The proposed amendments follow an earlier Cabinet decision in July 2024 to update the existing law. The new measures are expected to provide direct solutions to issues faced by investors and restore confidence by clarifying the incentive framework within Port City’s regulatory environment.

WindForce PLC yesterday said that it has finalised a Rs. 50 million, 24-year land lease agreement for the 100-megawatt Rividhanavi Solar Power Project.

The agreement was signed on 10 October with the Sri Lanka Sustainable Energy Authority (SLSEA) granting WindForce a 24-year lease for land located in Kotiyagala, Siyambalanduwa, in the Monaragala District.

The total lease value for the full term is Rs. 50 million.

With the signing of the land lease, all major project-related agreements, including the Power Purchase Agreement (PPA), Implementation Agreement, and Transmission Development Contract, have now been completed, the company said.

WindForce said the project’s effective date was 10 October, signifying that all required agreements are now in place for the commencement of the Rividhanavi Solar Power Project.

Singer Finance (Lanka) PLC yesterday said it has listed more than 75.7 million new ordinary voting shares issued under its 2025 rights issue on the Colombo Stock Exchange (CSE).

The rights issue successfully raised over Rs. 2 billion matching the estimated amount. The newly issued shares were officially listed on 14 October 2025.

The capital raised through the issue is expected to strengthen the company’s balance sheet and support its future business expansion plans.