Category: Daily Financial Times

Playdium, a bowling and entertainment arena in Sri Lanka hosted the inaugural Playdium Pin League (PPL) recently, marking a significant advancement in the nation’s sporting and leisure landscape.

The debut tournament brought together 22 teams comprising more than 100 corporate and open players, all competing on Brunswick Champion standard bowling alleys, the same technology utilised in leading international tournaments. The event generated a dynamic atmosphere, drawing attention to bowling’s growing popularity in Sri Lanka.

At the conclusion of an evening of spirited competition, the Champion Award winners were Panther Paces, with Fireball and Ball Burners emerging as 1st and 2nd runner-up.

Playdium Director Ashan de Livera said, ‘Hosting the first-ever Premier Bowling League in Sri Lanka is a proud milestone for us. Our vision has always been to provide a platform where competition and entertainment converge, allowing both corporates and individuals to experience bowling at international standards. The success of the inaugural PPL confirms the sport’s growing foothold in Sri Lanka and we are committed to establishing this as a bi-annual competition.’

Strategically located on the ground floor of Shangri-La’s One Galle Face Mall, Playdium is designed to meet international benchmarks as Sri Lanka’s largest world-class bowling and entertainment facility. Beyond its Brunswick Champion standard lanes and advanced scoring systems, the venue spans over 20,000 square feet and features an extensive range of attractions, including Arcade Games, Kids’ Play Area, VR Zone, Bumper Car Zone, Karaoke and Party Facilities as well as the Champions Table Restaurant.

Aryna Sabalenka extended her winning streak at the Wuhan Open to 20 matches with a straight-set victory over Elena Rybakina in the quarter-finals yesterday.

World number one Sabalenka, who is the three-time defending champion in Wuhan, beat eighth seed Rybakina 6-3 6-3 and said the Kazakhstani ‘always pushes me to the limit to get the win’.

The 27-year-old Belarusian, who is the top seed, will face American Jessica Pegula in the semi-finals on Saturday.

Pegula, 31, needed three sets to overcome Czech Katerina Siniakova 2-6 6-0 6-3 in the last eight.

World number three Coco Gauff also booked her place in the last four by comfortably beating Laura Siegemund 6-3 6-0.

Sabalenka is the fourth female player to win their first 20 main draw matches in a single WTA level event since 1990 after Monica Seles at the Australian Open (33-0), Steffi Graf in Leipzig (25-0) and Caroline Wozniacki in New Haven (20-0).

Fintrex Finance Sri Lanka has embarked on a transformative journey in partnership with Asia Pacific Technology Systems (APTS) and Craft Silicon, marking a significant milestone in its digital banking evolution.

The official agreement signing, held recently, formalised the collaboration for the implementation of a state-of-the-art core banking system.

This partnership reflects a shared commitment to innovation, efficiency, and enhanced customer experience. By leveraging Craft Silicon’s globally recognised fintech solutions and APTS’s expertise in technology integration, Fintrex Finance aims to modernise its banking operations, streamline processes, and deliver seamless financial services to its customers.

The agreement signifies more than just a business collaboration; it embodies a unified vision of excellence and forward-thinking in the financial sector. Stakeholders from Fintrex Finance, APTS, and Craft Silicon were present at the signing ceremony, celebrating the beginning of a strategic alliance that promises to reshape the banking landscape in Sri Lanka and beyond.

Sysco LABS Sri Lanka hosted the inaugural ‘Sysco LABS Dialogues – Academia, Policy and Industry in Information and Communications Technology’ recently, highlighting how committed public-private partnerships serve as an essential catalyst for achieving Sri Lanka’s national digital economic goals.

Sysco Executive Vice President and Chief Information and Digital Officer Tom Peck gave the opening remarks at the strategic forum held at the Atrium, Cinnamon Grand.

The evening drew senior representatives from the Export Development Board (EDB), The American Chamber of Commerce Sri Lanka (AmCham), SLASSCOM (Sri Lanka Association of Software and Services Companies), FITIS (Federation of Information Technology Industry of Sri Lanka), CSSL (Computer Society of Sri Lanka), universities, and other corporates in the industry.

From an investor/corporate point of view, Tom Peck, Executive Vice President and Chief Information and Digital Officer of Sysco Corporation, shared why Sri Lanka remains a strategic ICT investment destination.

‘We look for talent that can solve problems, think collaboratively, and drive real business outcomes. Sri Lanka offers that kind of talent and a supportive environment for innovation,’ he said. ‘Over the past years, Sysco LABS has grown and expanded significantly in Sri Lanka, tackling complex business challenges and delivering innovative solutions across multiple technology domains. Sysco is leveraging these innovations to help reinvent global foodservice.’

Tom highlighted that global capital seeks ecosystems where world-class talent is amplified by collaboration, and Sysco LABS’ success demonstrates how Sri Lanka’s unique partnership between policy, academia, and industry creates economic value, making it a compelling destination for continued investment.

LIRNEasia and Sarvodaya Fusion Chairperson Prof. Rohan Samarajiva, emphasised that to attract serious investment, Sri Lanka must build foundational ‘digital rails,’ starting with fast, transparent Government procurement. ‘The most important thing is predictability and seamless interaction. The Prof. explained that this creates an essential platform for public-private partnerships to thrive, establishing a high-trust, low-friction environment where the private sector is empowered to lead and innovate. The Government’s most critical role, he explained, is to enable an environment that allows collaboration to flourish and drives sustainable economic transformation.

SLASSCOM’s Chairperson Shehani Seneviratne outlined Sri Lanka’s impressive ICT export journey and key milestones, showcasing how the private sector can influence policy and talent development. ‘For years, our industry has been driven by the private sector and passionate individuals, and that remains our strength. Today, we are working closely with universities to ensure graduates are employable and industry-ready, while also creating new pathways such as online internships. At the same time, we continue to engage with Government on policy and regulation, because while policy provides the ambition, it is industry that must lead on talent and innovation to keep Sri Lanka competitive as a global ICT hub,’ she noted.

The discussion also spotlighted academia’s transformative role. University of Colombo School of Computing Senior Lecturer Dr. Ajantha Athukorale, described how universities are evolving from being suppliers of graduates to becoming dynamic partners. ‘In this era, it is vital that our graduates have strong fundamentals, so they are employable and able to tackle real-world problems. That’s why universities must go beyond theory, working with industry on curriculum design, building entrepreneurial skills, and creating opportunities such as industry-academia immersion. These collaborations ensure that the talent we produce is not only capable but also ready to innovate and contribute directly to Sri Lanka’s digital economy.’

The Sysco LABS Dialogues demonstrated how committed partnerships are essential to achieving national digital economy goals. It explored pathways where industry can support Government digital infrastructure. It also highlighted how academia can co-create a strategic, innovation-focused talent pipeline. The Dialogues further showcased why Sri Lanka is a compelling destination for global companies seeking to build purpose-driven technology. By advancing this model, the forum highlighted how collaboration can accelerate economic growth and strengthen Sri Lanka’s position as a global ICT hub.

Colombo Land and Development Company PLC has appointed Ruchira Withana to its Board as a Non-Executive Director.

Withana, Director General (Covering) of the Urban Development Authority (UDA), brings over five years of experience in the private sector and 27 years in the public sector as a SLAS Officer in the fields of business management, administration, industrial development, training, research, and land management and development, with significant experience in foreign-funded projects and programs supported by JICA, UNIDO, IRG (USA), ADB, and the UN.

He holds a Postgraduate Diploma in Environmental Management from the Maastricht School of Management, Netherlands, and a B.Sc. in Physical Science from the University of Kelaniya. In addition, he is pursuing a Master’s Degree in Archaeology from the University of Kelaniya.

He has held key positions including Regional Director at Vocational and Technical Training Ministry, Director at Industry and Commerce Ministry, Director at Buddhasasana, Religious and Cultural Affairs Ministry, Secretary (Fund) at Buddhasasana, Religious and Cultural Affairs Ministry, and Additional District Secretary (Land) at the District Secretariat, Gampaha.

Currently, he serves as Director General of the National Physical Planning Department in addition to his role as Director General (Covering) of the Urban Development Authority. He is also a Board Member of the Geological Survey and Mines Bureau, Lanka Mineral Sands Ltd., Gem and Jewellery Authority, Sri Lanka Land Development Corporation, Waters Edge Ltd., Urban Investment and Development Company Ltd., Condominium Management Authority, Road Development Authority, and Lanka Electricity Company Ltd.

Biodiversity Sri Lanka (BSL) marked its 10th anniversary this year, celebrating a decade of uniting businesses, scientists, and policymakers to safeguard the island’s natural heritage.

From its inception, Dilmah Tea played a pivotal role alongside IUCN and the Ceylon Chamber of Commerce in co-initiating BSL, funding its first staff member and helping shape the platform that would connect companies eager to act on biodiversity with the expertise and frameworks needed for measurable impact.

What began in 2012 as the Business and Biodiversity Platform, driven by this founding partnership, evolved into BSL in 2015 – making Sri Lanka the first country after Japan to establish a corporate-led biodiversity initiative.

This milestone anniversary was commemorated with Annual Technical Sessions on 24 September and the BSL Annual General Meeting on 26 September, both celebrating BSL’s pioneering role and looking ahead to an even stronger decade of action.

BSL Senior Technical Adviser Shiranee Yasaratne said: ‘I look back with a sense of pride and also great appreciation because we trod untrodden waters. At that point I need to recollect the initiation carried out by the likes of Prema Cooray, the Secretary Generals of the Ceylon Chamber of Commerce, IUCN, and Dilmah Conservation, which funded the first staff member for the platform.’

What started as a lonely journey with five members has today grown into a network of over 100 member organisations spanning the sectors of manufacturing, tourism, IT, finance, and more. Its flagship LIFE Series has built a portfolio of multi-stakeholder projects to restore threatened ecosystems. The first initiative restored 12 hectares in Kanneliya Conservation Forest and has since expanded to 10 hectares of mangrove restoration in Anawilundawa Sanctuary, management of 130 kilometres of coastline to reduce plastic pollution, coral reef rehabilitation, and restoration of Lunugamwehera National Park areas degraded by invasive species.

At this year’s Annual Technical Sessions, keynote addresses highlighted the urgency of business engagement. Renowned biodiversity scientist Rohan Pethiyagoda underlined the importance of corporate action for nature, while IORA Ecological Solutions, India Senior Economic Adviser Prof. Madhu Verma stressed the need to value nature in economic decision-making.

A high-level panel moderated by Resplendent Ceylon Chairman/CEO Malik Fernando, explored how businesses are embedding biodiversity into strategy. Panellists included University of Colombo Emeritus Professor of Economics Prof. Sirimal Abeyratne, Architect Murad Ismail, IUCN Country Representative Dr. Shamen Vidanage and Hayleys Fabric PLC Executive Director – Finance and ESG Rohitha Bandara, with expert reflections from UNEP ROAP Senior Regional Adviser on Climate and Environment Aban Marker Kabraji.

Recognising Dilmah’s commitment to biodiversity Kabraji said: ‘I was there at the creation of Biodiversity Sri Lanka, I know how much the Dilmah Family led it. All I can say is you showed us the way, and I thank you for it.’ It is commendable how Dilmah has taken a corporate leadership role towards a national sustainability objective.

The afternoon shifted to focused breakout sessions where economists, scientists, researchers, and corporate leaders exchanged ideas across six themes: Financing the Plastic Revolution; Science, Policy and Partnerships; Harnessing Nature to Transform Business Strategy; AI and Nature for Enriched Experiences; Cultivating Biodiversity in Agriculture and Plantations; and Aligning Business and Nature. Member-led examples showcased on-the-ground projects, challenges, and lessons.

At the Annual General Meeting, BSL Chairperson and Dilmah Chairman/CEO Dilhan C. Fernando presided, sharing updates from the past year after which a new Board of Directors was appointed.

‘Through our LIFE Series and science-led restoration programs, BSL is pioneering private-public-people collaborations that go beyond tree planting to deliver resilient landscapes, thriving wildlife, and shared prosperity,’ said Fernando.

A highlight of the AGM was the unveiling of BSL’s new logo and strategy, structured around five pillars under the acronym L.I.F.E. These focus on restoring landscapes, supporting local communities, promoting responsible resource use, and forging partnerships between business, science, and policy to drive lasting impact.

In today’s global context, sustainability is no longer optional. For Sri Lankan companies, particularly those linked to European and American markets, compliance with environmental standards is becoming mandatory. BSL’s mission goes further – nurturing businesses that embed sustainability into core strategy, while addressing climate change, pollution, and resource depletion.

With a decade of impact behind it, BSL now looks ahead to a future where business takes a leading role in building a nature-positive Sri Lanka.

The Nations Trust WNPS Monthly Lecture will be held on Thursday, 16 October at 6 p.m., at Jasmine Hall, Bandaranaike Memorial International Conference Hall (BMICH).

Sri Lanka’s incredibly diverse land-snail fauna is dominated by endemic species. Most of these endemic species are wholly or nearly dependent on natural forest, and most are restricted to small ranges in the wetter parts of the island. The question that underpins her study of this fauna is, ‘What historical and contemporary forces have shaped what species are found at a particular place?’ In this lecture, she will discuss her efforts to investigate this question, explore the approaches used for studying species-rich yet poorly known taxa such as land snails, and highlight the crucial importance of this kind of research for conserving Sri Lanka’s endemic biota.

The public’s attention often gravitates toward charismatic, large animals such as the elephant, leopard, and whale – species that dominate research and conservation efforts globally. In contrast, invertebrates like land snails, which make up more than 80% of all living species, are comparatively neglected. Her research on the composition of Sri Lankan land-snail assemblages at geographical scales ranging from local (e.g., a single site) to regional (e.g., across multiple climatic zones) offers intriguing and crucial insights into the diversity, distribution, and evolution of an invertebrate group dominated by species found only on the island (more than 80% of recognised Sri Lankan land-snail species are endemic). This work also has important implications for conserving forest-living species. Her research, for example, has shown that while certain types of non-forest habitats can support rainforest species, they are not a substitute for conserving species in their natural habitat.

Dinarzarde Raheem is a Senior Lecturer at the Rajarata University of Sri Lanka, where she is based at the Department of Biological Sciences, Faculty of Applied Sciences. Her research is broad-based, cutting across systematics, taxonomy, community ecology, and palaeoecology, with the land-snail fauna of South Asia-particularly that of Sri Lanka and India’s Western Ghats-being a specific focus. She has a wide-ranging interest in natural history collections, encompassing collections-based research, capacity building, collections development, and curation.

Presented by the Wildlife and Nature Protection Society (WNPS) as part of its monthly lecture series, with the support of Nations Trust Bank, the lecture is free and open to both members and non-members, offering expert conservation insights in just 60 minutes.

The grand finale of Venture Engine 2025 took place recently at Cinnamon Life – The Studio, spotlighting Sri Lanka’s most promising entrepreneurs and marking another milestone for the country’s growing startup ecosystem.

From over 175 applicants, twelve exceptional startups reached the finals after months of mentoring and pitching. Their ideas showcased the diversity and depth of Sri Lanka’s innovation landscape, from health technology to sustainable development and agri-tech.

DiabSense emerged as the winner of Venture Engine 2025, recognised for its groundbreaking use of AI-powered thermal and visual imaging to help clinicians detect diabetic foot complications non-invasively. Founded by Kosala Jayasundara, the startup was honored for addressing a critical healthcare challenge with scalable innovation. The award was presented by Industry and Entrepreneurship Development Deputy Minister Chathuranga Abeysinghe and BOV Capital Co-Founder and Peak XV Partners Managing Director Rajan Anandan.

AGC Innovate, founded by Umayanga Nanayakkara, was named First Runner-Up for developing sustainable solutions that translate research into practical, large-scale impact across construction and environmental management. The award was presented by Dialog Axiata PLC Group CEO Supun Weerasinghe, and BOV Capital Managing Partner Prajeeth Balasubramaniam.

Spectrify AI, co-founded by Jeevan Gnanam and Lakshan De Silva, secured second runner-up, recognised for its use of AI and spectral analysis to improve quality control and consistency in agriculture. Adil Mansoor and Capital Alliance Partners CEO Nishok Goonasekara presented the award.

Two special awards further highlighted entrepreneurial diversity. CSPEAKH, founded by Nadini Perera, received the Best Female-Led Business Award, presented by Shea Wickramasingha, Najila Ablej, and Prajeeth Balasubramaniam. The Most Impactful Business Award went to Seashore Garden, founded by Shawn Senarath, Sabina Dissanayake, Dasun D. Silva, Malika Sugathapala, and Duvindu Ranasinghe, and was presented by Sanchayan Chakraborty and Jan Metzger.

The event also featured an Alumni Pitch Session led by WSO2 Founder and CEO Dr. Sanjiva Weerawarana and Prajeeth Balasubramaniam, where previous Venture Engine participants presented their next-stage ventures.

The International Monetary Fund (IMF) yesterday said the next tranche of the $ 3 billion Extended Fund Facility (EFF) arrangement hinges on Sri Lanka’s Parliament approving a Budget for 2026 that aligned with IMF program parameters and debt sustainability.

‘The 2026 Budget should be in line with program parameters to continue building fiscal space on the back of strong revenue measures and prudent spending execution,’ IMF Mission Chief Evan Papageorgiou said.

‘This requires sustained efforts to improve tax compliance, broaden the tax base, and tackle revenue leakages by strengthening the tax exemption frameworks. Enhancing public financial management, avoiding the re-emergence of expenditure arrears, and promoting high-quality and efficient public expenditure, including by addressing capital spending under-execution, will contribute to safeguarding fiscal discipline and transparency,’ Papageorgiou added.

An IMF mission team led by Papageorgiou visited Sri Lanka from 24 September to 9 October, to discuss recent macroeconomic developments and progress in implementing economic and financial policies under the Extended Fund Facility (EFF) arrangement. At the end of the mission, Papageorgiou made the following statement in Colombo: ‘IMF staff and the Sri Lankan authorities have reached staff-level agreement on the Fifth Review under the 4-year Extended Fund Facility (EFF) arrangement. The arrangement was approved by the IMF Executive Board for a total amount of SDR 2.3 billion (about $ 3 billion) on March 20, 2023.

The staff-level agreement is subject to IMF Executive Board approval, contingent on: Parliamentary approval of the 2026 Appropriation Bill in line with program parameters and the completion of the financing assurances review, to confirm multilateral partners’ financing contributions and assess adequate progress with debt restructuring.

Upon completion of the Executive Board review, Sri Lanka would have access to SDR 254 million (about $ 347 million), bringing the total IMF financial support disbursed under the arrangement to SDR 1,524 million (about $ 2.04 billion).

Sri Lanka’s ambitious reform agenda continues to deliver commendable outcomes.

The economy grew by 4.8% YoY in 2025H1 and we expect growth to remain solid in 2025. Inflation has returned to positive territory and in September prices rose by 1.5% YoY. Gross official reserves reached $ 6.1 billion at end-September 2025. Fiscal performance in 2025H1 has been strong, primarily supported by taxes on motor vehicle imports.

Debt restructuring is nearing completion.

Program performance is strong, underpinned by good fiscal revenue outcomes and improvements in external resilience. The reform momentum should be sustained to safeguard macroeconomic stability and enhance Sri Lanka’s resilience to shocks. This is particularly important given heightened downside risks to the economy from persistent trade policy uncertainty and geopolitical tensions.

At the same time, it is instrumental to maintain cost-recovery energy pricing, strengthen the governance of state-owned enterprises (SOEs), and resolve their legacy debts to ensure financial viability and minimise fiscal risks. Upcoming bills on public-private partnerships, SOEs, public procurement, and public asset management should be consistent with the Public Financial Management Act and best practices.

Protecting the poor and vulnerable should remain a priority. There is scope to strengthen the design of the welfare benefit payment scheme to improve the targeting, adequacy, and coverage of social spending.

Accelerating the finalisation of bilateral debt agreements with the remaining official and commercial creditors is key to restoring debt sustainability and improving investor confidence. A swift operationalisation of the Public Debt Management Office will be a key step towards prudent debt management practices.

It is important for monetary policy to remain data-driven and to ensure price stability. Central bank independence should continue to be safeguarded, including by continuing to refrain from monetary financing of the budget. Efforts should continue to rebuild external buffers through reserve accumulation to adequate levels, while allowing for exchange rate flexibility.

Resolving non-performing loans, strengthening governance and oversight of state-owned banks, and improving the insolvency and resolution frameworks are important to foster credit growth and safeguard financial sector stability.

It is crucial to speed up the implementation of governance reforms outlined in the government’s action plan. Advancing procurement reforms, strengthening the AML/CFT framework, prioritising anti-corruption measures in revenue administration, including digitalisation, and implementation of electronic asset declarations will contribute to reducing corruption vulnerabilities.

Recruitment at the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) should be accelerated and CIABOC’s independence safeguarded in line with the Anti-Corruption Act. Structural reforms will be key to lifting Sri Lanka’s potential growth.

The IMF team held meetings with President and Finance Minister Anura Kumara Disanayake, Prime Minister Dr. Harini Amarasuriya, Labour Minister and Deputy Minister of Economic Development Dr. Anil Jayantha Fernando, Minister of Industry Sunil Handunnetti, and Central Bank of Sri Lanka Governor Dr. P. Nandalal Weerasinghe.

The team held discussions with Treasury Secretary Dr. Harshana Suriyapperuma, Senior Economic Advisor to the President Duminda Hulangamuwa, Chief Advisor to the President on Digital Economy Dr. Hans Wijayasuriya, Central Province Governor Prof. Sarath Abayakon, and other senior Government and CBSL officials.

The IMF team also met with parliamentarians, representatives from the private sector, civil society organisations, and development partners.

‘We would like to thank the authorities for the excellent collaboration during the mission, including while visiting the Central and Uva provinces. We reaffirm our commitment to support Sri Lanka achieve strong, sustainable growth,’ the IMF Mission said.

Hatton National Bank PLC (HNB) was part of a consortium of international lenders and credit funds that backed Singapore-based Aster Chemicals and Energy Ltd.’s successful $ 1 billion oversubscribed sustainability-linked syndicated term loan (SLL) facility.

HNB participated in this global sustainable financing arrangement alongside other leading banks including Clifford Capital, Mizuho Bank Ltd., PT Bank Mandiri

(Persero) Tbk, PT Bank Negara Indonesia (Persero) Tbk, Singapore Branch, PT Bank Rakyat Indonesia (Persero) Tbk, Singapore Branch, Bangkok Bank PCL, First Abu Dhabi Bank PJSC (FAB), Indonesia Eximbank and Standard Chartered Bank.

The initial $ 700 million facility was upsized by an additional $ 300 million via the exercise of a green-shoe option, reflecting strong investor confidence and demand.

Aster, a joint venture majority-owned by Chandra Asri Group with Glencore as the minority partner, operates a crude oil refinery and ethylene cracker in Pulau Bukom, together with downstream chemical facilities in Jurong Island.

DBS Bank Ltd. and Oversea-Chinese Banking Corporation Ltd. (OCBC) served as Mandated Lead Arrangers, Underwriters, and Bookrunners, and as Sustainability Coordinators, ensuring the facility’s alignment with Aster’s ESG objectives.

HNB Senior Vice President and Head of Wholesale Banking Majella Rodrigo said: ‘Our participation in this landmark transaction underscores HNB’s deep commitment to fostering sustainable and responsible financing. We take pride in joining hands with our global partners to champion sustainability linked initiatives that strengthen both environmental stewardship and long-term economic resilience.’

HNB Senior Vice President and Head of Corporate Banking Manojith Weerasuriya added: ‘This transaction reflects HNB’s strategic ambition to drive high-impact, cross-border financing that supports global sustainability goals. Partnering with leading international institutions strengthens our commitment to creating lasting value through responsible banking and innovative financial solutions.’

The proceeds from the facility, are linked to measurable reductions in greenhouse gas emissions intensity, and will be used for general corporate purposes, including rejuvenation projects for Aster’s assets on Pulau Bukom and Jurong Island.

DNV, a leading Norwegian technical consultancy firm, provided sustainability-related opinions and assessed the loan’s alignment with sustainability-linked loan principles issued by the Asia Pacific Loan Market Association (APLMA), Loan Market Association (LMA), and Loan Syndications and Trading Association (LSTA). Legal counsel for the consortium of lenders was Baker McKenzie Wong and Leow Singapore, while Latham and Watkins LLP represented the borrower.

The transaction was facilitated by a senior team from Hatton National Bank PLC, comprising of Senior Vice President and Head of Wholesale Banking Majella Rodrigo, Senior Vice President and Head of Corporate Banking Manojith Weerasuriya, Executive Vice President and Chief Legal Officer Melody Wickremanayake, Assistant Vice President for Multinational and International Corporates Savanthi Gunasekera, and Relationship Manager Shewmay Chang.