Category: Daily Financial Times

.HNB PLC, committed to driving innovation in Sri Lanka’s banking sector, has signed a MoU with the Sri Lanka Inventors Commission (SLIC) to support the existing and new inventors under the InnovaBiz EliteLink program. The partnership aims to provide Sri Lankan inventors with comprehensive support including financial assistance, technical guidance, commercialisation opportunities, and capacity-building initiatives.

Under the MoU, HNB will extend preferential loan schemes, interest relief, and expedited loan processing to eligible inventors. SLIC will recommend qualified inventors after conducting thorough technical feasibility evaluations, provide advisory support, reimburse interest portions for approved loans, and conduct training sessions to enhance technical and business capabilities. Together, the organisations have created a structured framework that supports inventors from ideation to market-ready products, contributing to national economic growth.

Highlighting HNB’s commitment to innovation, Managing Director / Chief Executive officer Damith Pallewatte said; ‘Innovation thrives when vision meets support, and this partnership with SLIC embodies that principle. At HNB, we are committed and continue to empowering inventors by providing the resources, guidance, and encouragement they need to turn ideas into reality. We are grateful to SLIC for joining us on this journey, and together, we aim to create a platform where creativity, perseverance, and collaboration can shape the future of the Sri Lankan economy.’

Representing the SLIC, Sri Lanka Inventors Commission Commissioner Prof. Veranja Karunaratne mentioned that innovation and subsequent commercialisation comes from creating environments where ideas can connect with financial resources. Also, successful innovation requires a commitment to collaboration by financial institutes like HNB

The collaboration ensures a robust system of accountability and transparency, with regular progress monitoring, technical and financial assessments, and strict data protection in line with national regulations. Inventors will benefit from access to investor networks, branding support, commercialisation guidance, and workshops designed to bridge the gap between innovation and market impact. Financial safeguards include interest reimbursement of up to seventy-five percent for patent holders and thirty-seven and a half percent for pending patent holders, as well as streamlined loan disbursement and recovery processes. Capacity-building sessions will strengthen both financial literacy and technical expertise, providing inventors with the tools to succeed.

This collaboration represents a decisive step towards building an innovation-driven economy in Sri Lanka. By integrating financial expertise with inventive talent, HNB and SLIC are creating a platform where ideas are transformed into enterprises, and inventions become engines of national progress.

Digital Economy Deputy Minister Eng. Eranga Weeraratne yesterday unveiled Sri Lanka’s ambitious AI vision at the first-ever National AI Expo and Conference 2025, urging private sector investors to partner with local innovators to build a globally competitive digital economy.

Speaking at the two-day conference spearheaded by the Digital Economy Ministry in collaboration with SLT-Mobitel, he said the event is being positioned not merely as a showcase, but as a launchpad, ushering in what the Government hopes will be a smarter, more ethical, inclusive and secure change.

‘We are not just here to showcase technology, but to mark the beginning of a new chapter,’ Eng. Weeraratne said.

Calling on the private sector and investors, he emphasised the economic potential of AI. ‘The future of your industries is sitting right here in this room. Partner with these bright minds, invest in their ideas, and let’s create a globally competitive AI industry together, right here in Sri Lanka,’ he added.

To ensure this transformation, the Deputy Minister outlined a four-pillar national strategy; building human capital, fostering innovation ecosystems, ensuring inclusivity, and promoting safe and ethical AI use.

‘Our biggest asset is our people. We will integrate digital literacy and data education into the national curriculum and launch large-scale skilling programs to create a future-ready workforce,’ he stressed.

He revealed that the Government will launch a dedicated startup funding program in January 2026 to back research and bold experimentation.

‘Sometimes the biggest breakthroughs come from the boldest experiments. That is why we are going to launch a fund to encourage and invest in Sri Lankan startups. This is non-negotiable if we want to compete globally,’ he asserted.

The Deputy Minister also outlined a national strategy to integrate the technology across industries, education, and everyday life, positioning Sri Lanka as a hub for globally competitive, people-centred digital transformation.

Inclusivity, he said, would be central to Sri Lanka’s AI journey. ‘No one gets left behind. This technology must work for the shop owner in Jaffna as much as for the CEO in Colombo. It must speak our languages and solve our local challenges,’ he added.

Eng. Weeraratne also acknowledged the risks and challenges posed by AI. ‘We cannot ignore how AI can be used to spread disinformation, run sophisticated scams, or attack our infrastructure. That is why we have established a National Cybersecurity Coordination Centre and will soon launch a dedicated Defence Cybersecurity Operations Centre, both leveraging AI to protect our nation from such threats,’ he said.

Addressing innovators, students, academics, industry leaders, policymakers, diplomats and investors, the Deputy Minister compared AI’s transformative impact to electricity.

‘The best way to understand AI is as the new electricity. Just like electricity revolutionised industry, AI is now becoming the foundation of technology, changing how we work, live, and grow,’ he added.

Eng. Weeraratne painted a vivid picture of AI’s practical applications in Sri Lanka.

‘Imagine a doctor in a small clinic in Anuradhapura who can instantly access expert diagnosis from Colombo, or farmers receiving precise predictive data on weather and soil conditions to safeguard their crops,’ he explained.

‘For our globally renowned hospitality sector, AI could personalise visitor experiences; helping tourists avoid the midday heat, find hidden gems, or discover the best home-cooked rice and curry in a village restaurant. These are not futuristic fantasies. They are real, practical changes that will uplift our people,’ he added.

His final message was directed at the youth. ‘Students, you are the next generation that will define this new era. Be curious, never stop learning and get ready to build futures we can all be proud of. With great tools come great responsibilities, use them wisely, ethically and for the benefit of all Sri Lankans and the world,’ Eng. Weeraratne said. (CdeS)

Skipper, Ramesh Mendis with a swashbuckling unbeaten 153 runs in 137 balls, inclusive of 11 sixes and eight fours and a fine spell of pace bowling by opening bowler, Kavishka Anjula (eight overs 28 runs four wickets) guided Hayleys Group to a fine 63 runs win over CDB, in the 32nd Singer – MCA Super Premier League ‘Knock -out’ tournament 2025 top half semi-final played on 27 September at the MCA Grounds.

Ramesh Mendis’ herculean effort for Hayleys, not only stopped the current League Winner, CDB’s unbeaten run with five straight wins in the league stage, also gained sweet revenge over their loss to them in the league tournament.

Hayleys tottering at 73 for five in 24.2 overs was rescued by Ramesh Mendis and Minod Banuka (50 runs) with a gutsy 75 runs stand in 90 balls for the sixth wicket, as they finished with a challenging 282 for eight in 50 overs.

CDB severely shackled by the Hayleys bowlers, Kavishka Anjula, Prabath Jayasuriya and Inuka Karannagoda was all out for a disappointing 219 runs in 41.2 overs

Hayleys Group will now will meet the 2024 league winner and Knock out runners-up, Maliban Biscuits in the Final. A day-night game at the CCC grounds tentatively fixed for 23 October.

Chief scores:

Hayleys Group – 282 for eight in 50 overs (Nishan Madushka 25, Ramesh Mendis 153 not out, Minod Bhanuka 50, P. Madushan 2/59, T. Ratnayake 3/36)

CDB – 219 all out in 41.2 overs ( L. Udara 31, Avishka Fernando 43, N. Dhananjaya 30, P. Ratnayake 40, M. Subasinghe 24, Kavishka Anjula 4/28, Prabath Jayasuriya 2/49, Inuka Karannagoda 2/43)

Sri Lanka yesterday signalled its intent to position itself as a regional leader in the digital economy, with Prime Minister Dr. Harini Amarasuriya unveiling a sweeping package of education reforms, policy initiatives, and investment opportunities at the first-ever National AI Expo and Conference 2025.

From embedding Artificial Intelligence (AI), robotics, and climate science into school curricula and upskilling 100,000 teachers, to launching a unified cybersecurity strategy, digital payment systems, and a national AI platform, the Government pledged to align human capital development with economic modernisation.

Stressing that public-private partnerships (PPPs) would be central, Dr. Amarasuriya said the National AI Expo and Conference marks a ‘paradigm shift’ that will connect Sri Lankan startups with global technology leaders, improve productivity, reduce costs, and open new markets, while ensuring inclusivity and ethical use of AI.

She declared that AI is no longer a distant technology, but a force already shaping lives and choices.

Dr. Amarasuriya also positioned AI as the backbone of a national strategy linking education reforms, startup ecosystems, cybersecurity, and PPPs, declaring that ‘Sri Lanka is ready to participate in the global digital economy.’

‘AI is not only a technology of the future. It is already influencing the choices we make today,’ the Prime Minister said, describing the Expo as both a showcase of technology and a statement of intent.

She stressed that AI must be understood not just in terms of capability, but in how it serves society. ‘Our challenge is not only to ask what AI can do, but how we want it to shape our society.’

Outlining the Government’s digital agenda, Dr. Amarasuriya announced that by 2030, Sri Lanka aims to expand its digital economy to $ 15 billion, representing 12% of GDP, with $ 5 billion in digital exports and a workforce of 200,000 skilled professionals.

‘By doing so, we send a clear message: Sri Lanka is ready to participate in the global digital economy,’ she declared.

She highlighted a series of initiatives to unify the country’s digital transformation, including the National Cybersecurity Strategy, an AI platform and expanded digital payment systems, which Dr. Amarasuriya said would replace fragmented efforts with a coherent national framework.

‘These initiatives will prepare every school, every university, every business, and every citizen for the future.’

Dr. Amarasuriya, who also serves as the Education Minister, placed strong emphasis on human capital. ‘Without human capacity, technology remains only potential,’ she cautioned.

She said the Government is embedding digital literacy, coding, AI, robotics, and climate science from early grades, while rolling out competency-based education reforms and equipping schools with smart classrooms and devices.

Prime Minister Dr. Harini Amarasuriya asserts Sri Lanka ready to participate in global digital economy at first-ever National

AI Expo

Unveils $ 15 b digital economy vision with education reforms, policy frameworks, global investment push

Stresses AI must be understood in how it serves society

Notes SL should be recognised as a producer of AI talent, research and education

Calls to build digital Sri Lanka that left no one behind by 2030

The Prime Minister also announced a Teacher Excellence Framework is being introduced to upskill 100,000 educators, alongside a National Digital ID system for the education sector. At the university level, she said curricula are being restructured to align with industry needs, producing not just employees but ‘innovators and entrepreneurs.’

‘Initiatives such as inventor clubs, vocational platforms from grade nine, and a National Skills Passport are expected to bridge the gap between students and future careers,’ she added.

Dr. Amarasuriya also underscored the importance of building the right economic environment.

‘We are expanding digital transport and payments systems via our national platform ‘GovPay,’ and strengthening cybersecurity through a national operations centre to ensure safety and trust in the digital marketplace.’

She said the Government is committed to PPPs, recognising that the public sector alone cannot drive this transformation.

‘The private sector brings agility, innovation, and investment, while the Government provides policy stability, infrastructure, and inclusivity. Together, we can achieve far more than either can alone,’ she stressed.

From an economic perspective, Dr. Amarasuriya said the National AI Expo and Conference is a marketplace of ideas and solutions.

‘It connects Sri Lankan businesses with global technology leaders, showcases local startups to investors, and demonstrates how AI can improve productivity, reduce costs, and open new markets.’

The Prime Minister emphasised that AI could add 10-12% of digital economy growth by 2030, but only if adopted responsibly. ‘It will only happen if we integrate AI with governance frameworks, ethical guidelines, and a focus on inclusivity.’

Calling the Expo ‘a living classroom,’ she said it brought students, teachers, and academics face-to-face with AI technologies and ethical debates. ‘It inspires young people to see themselves not only as consumers of technology but as creators, researchers, and entrepreneurs.’

She said the Expo would move beyond Colombo to regional centres, ensuring adoption across the country, and would eventually evolve into an international platform, attracting South Asian and global participants.

‘Sri Lanka must be recognised not only as a consumer of technology, but as a producer of AI talent, research, and education.’

In a personal reflection, Dr. Amarasuriya admitted she has long been a ‘sceptical adopter’ of technology.

‘But I think having sceptics like us is important, because we insist that technology must be used for solving human problems, not just as a fashion or trend. Education in technology must go hand in hand with educating people about humanity, ethics, and responsibility,’ she explained.

In a call for unity in the digital transition, the Prime Minister said: ‘By 2030, when we look back, let us be able to say with pride that we built a digital Sri Lanka that left no one behind. Our goal is simple: a digital Sri Lanka where opportunities go beyond privilege and become rights.’

The National AI Expo and Conference, she said, would serve as the cornerstone of that vision; ‘a paradigm shift where every community, entrepreneur, and young mind recognises its value and has a stake in the country’s digital transformation.’ (CdeS)

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) yesterday announced that it has formally presented its proposals for the forthcoming National Budget 2026 to the Government.

The proposals presented by CA Sri Lanka addresses several critical pillars of fiscal management, including policy planning and implementation, the establishment of a Tax Ombudsman, enhancing strategic trade policy and broadening the export base.

It also included reforming the tax system to ensure equity and drive growth, reducing cash usage and promoting digital transactions, amendments to the administrative provisions, transformations within the State Sector, and strengthening fiscal discipline through the Public Finance Management Act.

The proposal was presented to Finance Secretary Dr. Harshana Suriyapperuma. The delegation was led by the CA Sri Lanka President Heshana Kuruppu, together with Members of Council.

In addition to the budget proposals, CA Sri Lanka also presented the findings of its comprehensive Tax Perception Survey to Dr Suriyapperuma. The survey provides invaluable, data-driven insights into the perspectives of Chartered Accountants on the current tax system, offering a critical evidence base for future reforms and improvements.

Kuruppu said that as the national body of accountants, CA Sri Lanka has a profound responsibility to actively contribute to the economic dialogue of the country.

‘Our proposals for the National Budget 2026 are not merely recommendations, but they are the culmination of rigorous research and expert analysis from our members who are at the forefront of the economy,’ he said.

‘We believe that implementing these measures will be pivotal in enhancing revenue collection, ensuring equity, fostering a conducive environment for investment, and ultimately driving sustainable economic growth for all Sri Lankans,’ he added.

The recently concluded 17th Asia Cup exposed several frailties in the Sri Lanka T20I cricket team’s line-up which, if not properly addressed, could see them faltering in the upcoming ICC T20 World Cup as well.

That could be quite detrimental not only to the players but more so to the coaching staff whose every move is under scrutiny by the detractors.

Sri Lanka has shown that they are not short of talent or inspiration to perform at their best against any opposition like they did against eventual Asia Cup champions India in their final Super Fours game which ended in a tie and subsequently won by India in the super-over.

The 2025 Asia Cup for Sri Lanka has been all about the extraordinary batting of Pathum Nissanka who is gradually scaling the heights that our past legends have reached. Currently, he is in a different plane compared to the rest of his team mates when it comes to batting.

The biggest problem with the team leaving aside composition and team selections is lack of consistency in their performances. This team performs in a blow hot blow cold manner that leaves everyone exasperated doubting their ability to perform under pressure. One day they are brilliant, the next rather ordinary. Champion teams don’t perform in that manner. India is a great example of how champion teams perform. They won each and every match of the Asia Cup to lift the title for the ninth time in the tournament’s history.

When Sri Lanka won the 1996 Cricket World Cup, they did the same, winning every game they played although two of the group games were walk-overs due to Australia and West Indies concern over security.

What has been quite noticeable with the present team is that when Pathum Nissanka or Kusal Mendis delivers the team always wins. This should not be the case, for the middle order too has to contribute. The issue here is that the momentum given by the two openers in the power play is not continued by the middle order batters. This is an area that needs to be rectified quickly for Sri Lanka is running short of time as they keep on experimenting with their middle order. At least by now they should have a settled middle order. You cannot go to a world event without having a stable batting line-up.

The lack of a pinch-hitter at the crucial no. 6 position is also hurting Sri Lanka a lot. The other aspect is that Sri Lanka must decide once and for all whether they are comfortable going with a 7-4 combination or a 6-5 combination for their matches. A 7-4 combination tried out during the Asia Cup left them short of a fifth bowler, resulting in part-time bowlers trying to do the job and leaking extra runs. A 6-5 combination (where the fifth bowling option should be an all-rounder) is what should be giving the captain the opportunity of getting the opposition out or restricting them. This would mean more responsibility on the six batsmen to deliver. If the top six cannot put enough runs on the board they are not worthy of their place in the team.

Sri Lanka Cricket (SLC) has sacrificed Test matches to include more white ball games this year to prepare the team for the T20 World Cup. Thus, it is imperative that the opportunity is made use of fully. The repercussions that could follow if they fail to fulfil the requirements of the nation, can have far reaching consequences.

United Motors, the exclusive distributor for Mitsubishi Motors in Sri Lanka for over four decades, has announced the arrival of the versatile 2025 Mitsubishi range. The lineup, which includes 4 Mid-Range SUVs, the formidable Triton double cab, and the efficient Attrage sedan, was officially unveiled at a special event at Hyde Park Corner, marking a significant milestone for the company.

The 2025 models feature a modern, aerodynamic design and advanced, fuel-efficient engines across the range. The showcase spotlights the robust Mitsubishi family, with a special highlight on the dynamic all-new Outlander Sport.

Spotlight on new arrival: All-new Outlander Sport

Blending aggressive style with versatile performance, the Outlander Sport is designed for the urban explorer. It features a bold new design language, an advanced infotainment system with smartphone integration, and a suite of Mitsubishi’s latest safety technologies, making every journey both connected and secure.

‘The arrival of this new 2025 range energises our commitment to delivering not just vehicles, but confidence and unforgettable experiences,’ said United Motors Group CEO/Executive Director Chanaka Yatawara. ‘We support every Mitsubishi with our best-in-class after-sales service across eight locations nationwide, ensuring peace of mind for every owner.’

The 2025 lineup presents a comprehensive portfolio for every need. Which features the versatile mid-range SUVs, including the Expander, Expander Cross, and Eclipse Cross, alongside the high-end range of the Outlander and Montero Sport. The range is complemented by the Triton double cab, renowned for its robust suspension and comfortable, well-appointed interior, and the stylish Attrage sedan. Each model is renowned for its outstanding performance, reliability, and exceptional value.

We invite customers and enthusiasts to visit any United Motors showroom to experience the 2025 Mitsubishi lineup first-hand.

For those seeking a vehicle that combines modern design, fuel efficiency and reliability, the 2025 Mitsubishi range is unmissable. Think SUV. Think Mitsubishi.

With a record number of wins at the 9th South Asian Travel Awards (SATA) 2025, Cinnamon Hotels and Resorts strengthened its reputation as a destination expert shaping hospitality experience across Sri Lanka and the Maldives.

The prestigious regional awards, held at Cinnamon Grand Colombo on Saturday, recognised excellence across Sri Lanka, Maldives, India, Nepal, Bhutan, and Bangladesh, where Cinnamon Hotels and Resorts claimed eight distinguished titles, including multiple Gold and Silver awards.

Cinnamon Hotels and Resorts’ wins at SATA 2025:

Cinnamon Dhonveli Maldives – Gold, Surf Resort

Cinnamon Velifushi Maldives – Gold, Beach Resort

Cinnamon Lodge Habarana – Gold, Eco-Friendly Hotel/Resort

Cinnamon Wild Yala – Gold, Wildlife Tented Lodge/Resort

Cinnamon Lakeside Colombo – Gold, Wedding Destination Hotel

Cinnamon Bentota Beach – Signature Selection – Silver, Designer Resort/Hotel

Cinnamon Citadel Kandy – Silver, Riverfront Hotel/Resort

Kamal Munasinghe, Cinnamon Grand Colombo – General Manager of the Year

Cinnamon Dhonveli Maldives, home to the world renowned Pasta Point surf break, was named Surf Resort of the Year for the seventh time and third consecutive year. Cinnamon Velifushi Maldives celebrated its first ever Gold award as Beach Resort of the Year, recognised for its pristine lagoon, white sand beaches, and luxury villas.

Cinnamon Hotels and Resorts Area General Manager – Maldives Sanjeeva Perera said: ‘These awards highlight both legacy and progress. Cinnamon Dhonveli Maldives continues to set the benchmark for surf tourism, while Cinnamon Velifushi Maldives’ first Gold award reflects the island’s natural beauty and our team’s ability to create meaningful guest experiences.’

Kamal Munasinghe, who received the General Manager of the Year award during his tenure as Area Vice President – Colombo Sector and General Manager of Cinnamon Grand Colombo, has since been appointed Chief Operating Officer of Cinnamon Hotels and Resorts, where he is set to lead operations across the chain. Reflecting on the brand’s performance, he said: ‘These honours recognise the dedication and expertise of our teams across Sri Lanka and the Maldives. At Cinnamon Hotels and Resorts, we curate experiences that connect travellers with culture, nature, and community. As a destination expert, our commitment is to create journeys that are both authentic and inspiring.’

SATA 2025 presented 53 Gold and 113 Silver awards overall, with the Maldives named Adventure Destination of the Year and Bhutan named Heritage Destination of the Year. With its strong performance, Cinnamon Hotels and Resorts continues to define its role as destination experts, setting new benchmarks in sustainable and experiential hospitality.

Hayleys Leisure continues to elevate Sri Lanka’s presence in the regional hospitality scene, clinching three coveted accolades at the South Asian Travel Awards (SATA) 2025, South Asia’s premier recognition platform for excellence in tourism and hospitality.

Taking centre stage, The Kingsbury, Colombo was crowned Gold Winner – Leading F and B Hotel, a remarkable achievement that cements its reputation as South Asia’s culinary powerhouse. With an impressive portfolio of nine restaurants and bars, the hotel has continuously set benchmarks in fine dining, innovation, and service excellence – redefining Colombo’s luxury dining landscape.

Further adding to the accolades, Amaya Lake, Dambulla was honoured with the Gold Award for Leading Family Resort, a recognition that highlights its growing popularity as a premier family destination in Sri Lanka’s cultural triangle. With its tranquil lakeside setting, heritage-inspired experiences, and warm hospitality, the resort continues to deliver unforgettable getaways for families seeking authenticity and connection.

Adding to this success, Amaya Resorts and Spas received the Silver Award for Leading Resort Brand in South Asia, affirming its strength in offering culturally immersive, wellness-driven stays across its boutique collection. Together, these accolades reflect Amaya’s emergence as one of South Asia’s most preferred family hospitality brands.

Hayleys Leisure Managing Director Rohan Karr said: ‘These recognitions are a celebration of the exceptional work by our teams across all properties. From leading South Asia’s F and B innovation at The Kingsbury, to delivering memorable family experiences at Amaya Lake, and offering distinctive resort stays through Amaya Resorts and Spas-we remain focused on setting new industry benchmarks while showcasing the best of Sri Lankan hospitality.’

LB Finance PLC has appointed Ravi Tissera to its Board as an Executive Director.

Tissera is an inclusive finance, impact investing and green finance and MSME Sector specialist.

He was the founder CEO of LOLC Microcredit Ltd. in 2008, which was later merged with and acquired by LOLC Finance PLC in 2018. He continued as Executive Deputy Chairman/CEO of the merged entity until February 2020.

Tissera played a vital role in expanding microfinance entities outside Sri Lanka for the LOLC group, to Myanmar, Cambodia, Pakistan and Zambia.

After holding many senior positions within the LOLC Group, Tissera resigned in February 2020 to take up office as CEO at Early Dawn Microfinance Myanmar Ltd. As the CEO of Early Dawn Microfinance, he was able to uplift the Company up to Myanmar’s top four microfinance institutions.

During his term, it was also the first MFI in Myanmar to complete long -term debt restructuring. Tissera has strong competencies in Corporate Finance and lead the first USD syndicate debt finance to the Non-Bank Financial Institutions sector in Sri Lanka.

He is professionally qualified as a marketer and has received executive education training at HBS. He is also a panellist and resource person in the inclusive finance, impact investing and green finance space. Tissera has served as an Alternate Director of Seylan Bank PLC.

Prior to his appointment as the Chief Transformation Officer of L B Finance in March 2025, Tissera served as an Independent Non-Executive Director of HNB Finance PLC during the period April 2024 to March 2025.

He counts for over 15 years’ experience as a CEO in the Non-Bank Financial Institutions sector, both in Sri Lanka and Myanmar.