Category: Daily Financial Times

NDB Bank recently entered into a Memorandum of Understanding (MoU) with DIMO to extend affordable and accessible leasing facilities to a wide spectrum of customers.

This partnership reflects NDB’s continued focus on enabling mobility and empowering individuals and businesses through flexible, customer-friendly financial solutions.

Through this collaboration, customers can now access DIMO’s renowned range of passenger vehicles including Mercedes-Benz and Tata together with tailor-made leasing solutions from NDB. With quick approvals, minimal documentation, no guarantor requirements, and repayment plans designed to meet diverse customer needs, NDB ensures that customers can drive home their dream vehicle with unmatched convenience. The Bank’s wide branch network and specialised leasing centres across the island, supported by dedicated leasing officers, further strengthen this offering by providing end-to-end support and accessibility.

The partnership also extends to DIMO’s robust Tata commercial vehicle range, which has long been trusted by Sri Lankan entrepreneurs and enterprises for durability and performance. NDB’s structured leasing solutions for commercial vehicles are specially designed to support SMEs and corporates, offering affordable financing options that ease the acquisition of essential transportation for business operations.

NDB Bank Assistant Vice President – Leasing Dilum Amarasinghe said: ‘We are delighted to partner with DIMO, a household name in Sri Lanka’s mobility sector, to provide customers with seamless access to both passenger and commercial vehicles. Reliable transportation is a key enabler of growth for individuals and businesses alike, and through this collaboration we are empowering more Sri Lankans to move forward with confidence.’

DIMO Executive Director Rajeev Pandithage said: ‘DIMO has always stood for turning aspirations into reality by pairing world-class mobility solutions with trusted aftersales care. With NDB’s attractive financial solutions and DIMO’s trusted aftersales care, we are enabling customers to access their aspired vehicles with greater ease and peace of mind. Whether it is a family pursuing their dream car or a business strengthening its fleet, this partnership ensures a seamless ownership journey backed by DIMO’s unmatched service excellence across the country.’

The Cabinet of Ministers has approved the import of up to 520 metric tons of Ponni Samba rice per importer without permits, as a temporary measure to address the shortage of Keeri Samba in the local market.

The second leg of the Asia Rugby Emirates Sevens Series 2025 is set to light up the Racecourse Ground in Colombo on 18 and 19 October, featuring both the Men’s and Women’s segments, with Asia’s best battling for vital series points.

In the Men’s competition, Sri Lanka finds itself in a challenging Pool C alongside China, Uzbekistan, and Singapore, setting the stage for an action-packed weekend on home soil. The hosts are determined to make an impact after a promising showing in the first leg in China.

Adding strength and much-needed experience to the squad, Srinath Sooriyabandara, Heshan Jensen, and Diluksha Dange have returned to training and are available for selection. Their inclusion is expected to provide leadership and stability, particularly in high-pressure moments.

Veteran playmaker Sooriyabandara, known for his quick thinking and agility, will be crucial in directing play. Jensen, a powerful forward, brings physicality in defence and breakdowns, while Dange adds pace and attacking flair to the wings.

Former Vidyartha and Kandy star winger Kavindu Perera will lead the outfit, which will be at full strength.

The Sri Lanka Men’s team will lock horns on 18 October with Uzbekistan (12:40 p.m.), Singapore (5:04 p.m.), and China (9:50 p.m.), while the Women’s outfit will play Thailand (10:28 a.m.), Hong Kong China (3:14 p.m.), and Singapore (7:16 p.m.) before moving forward to the knockout stages on Day 2.

Hello Amma, a pioneering social-impact initiative, has launched Sri Lanka’s first Return-to-Work Workshop to support mothers re-entering the workforce after career breaks.

Held on September 30 at WSPACE Colombo, the event marked a milestone in advancing gender equality, workplace inclusivity, and sustainable growth in line with SDG 5 (Gender Equality) and SDG 8 (Decent Work and Economic Growth).

The workshop addressed the often invisible barriers faced by mothers such as self-doubt, fear of rejection, and loss of professional confidence. It also equipped them with practical skills in CV building, interview preparation, emotional resilience, digital tools, and networking.

Hello Amma Founder Gayani Punchihewa said: ‘Behind every statistic of women leaving the workforce, there is a mother with dreams put on hold. Hello Amma helps mothers restart their careers with dignity and confidence, while giving organisations access to a resilient, talented workforce. When mothers thrive, workplaces become stronger and society as a whole benefits.’

Participants engaged with leading professionals who shared practical strategies for career re-entry: Dhanishka Dharmarathna, Psychologist and HR Professional – building emotional resilience; Himali Dassanayake, COO of CIPM – understanding employer expectations and readiness; Dr.Oshadie Korale, XpressJobs Co founder and COO – crafting AI-friendly CVs and LinkedIn profiles; Dulith Herath, Founder of Kapruka – bringing an employer’s perspective on how mothers’ maturity and soft skills strengthen workplaces alongside younger talent; and Gayani Punchihewa, Founder of Hello Amma – guiding participants on personal branding and confidence-building for career re-entry.

Mothers also received Hello Amma’s Return-to-Work Blueprint, a structured pathway covering professional preparation, resilience-building, digital upskilling, and support systems to ensure they are workplace-ready.

Beyond training, Hello Amma also acts as a bridge between mothers and employers, helping organisations tap into an underutilised talent pool. Employers gain access to women who are technically skilled and bring maturity, resilience, and adaptability shaped by their life experiences.

The initiative was made possible through the support of Norfolk Foods (sponsor), and in-kind contributions from Janet and Elephant House, who provided appreciation gifts to resource persons. Hello Amma expressed deep gratitude to all partners and speakers for championing this mission.

Hello Amma’s vision extends beyond individual workshops. By bridging the gap between mothers and employers, it aims to create inclusive workplaces, reduce the stigma of career breaks, and strengthen Sri Lanka’s workforce participation rates.

‘This is not just a workshop, it is the start of a movement. We are building pathways that connect mothers with employers who value inclusivity and resilience. I invite forward-thinking organisations to join us in this journey of empowerment and impact,’ Gayani added.

HNB General Insurance (HNBGI) has announced the signing of a partnership agreement with the Postgraduate Institute of Management (PIM) affiliated to the University of Sri Jayewardenepura strengthening the collaboration dedicated to advancing leadership excellence, management capabilities and empowering employees to drive sustainable organisational growth.

This partnership also marks the continuation of ‘HNBGI Elevation’ a Management Development Program with the inauguration of the second consecutive batch. HNBGI Elevation is designed to build future-ready managers who will transform the general insurance industry through critical skills in strategic decision-making and leadership development embodying its essence of ‘Leadership Beyond Limits.’

HNB General Insurance Director/CEO Sithumina Jayasundara said, ‘At HNB General Insurance, we believe that investing in our people is investing in the future. This partnership with PIM reflects our commitment to nurturing leadership talent, empowering our employees and preparing them to take on tomorrow with confidence.

HNB General Insurance Head of Human Resources/Assistant General Manager Malsha Munasinghe added, ‘HNBGI Elevation is a vital platform that enables our employees to unlock their true potential, build confidence and develop into leaders who can navigate challenges and inspire teams. As we continue with the second batch, we look forward to shaping a culture of growth and leadership that benefits both our employees and the organisation as a whole.’

Ambassador of Japan to Sri Lanka Akio Isomata recently awarded a Certificate of Commendation to Prof. Sajjiv Ariyasinghe Senior Professor of Physiology at the Faculty of Dental Sciences, University of Peradeniya. This recognition celebrates Prof. Ariyasinghe’s outstanding contributions to the deepening of mutual understanding and friendship between Japan and Sri Lanka. This awarding ceremony took place on the occasion of the ‘International Week’ conducted by the University with the presence of Deputy Vice Chancellor Prof. Ranjith W. Pallegama, other faculty members and students.

Prof. Ariyasinghe studied at the Department of Oral Physiology, Graduate School of Dentistry, Niigata University in Japan from 1999 to 2004 as a Japanese Government Scholarship Student and obtained his Ph.D. in 2004. After his study in Japan, he established a Sister-Link Program between the University of Peradeniya and Niigata University, and he serves as the key coordinator of the program thereby contributing to a long-standing partnership between the two universities. Through his leadership, the program has flourished, enabling academic exchanges, joint research initiatives, and deepening mutual understanding between the two countries.

Recognising the history that the development of the Faculty of Dental Science was supported by the Government of Japan, Prof. Ariyasinghe delivered a special lecture at the Clinical Training Commencement Ceremony, highlighting Japan International Cooperation Agency (JICA)’s historical contributions to Sri Lanka’s dental education, thereby contributing to increased awareness among students.

He also serves the Japan Graduates Alumni Association (JaGAAS) as a Vice President for International Affairs and promotes networking of Sri Lankan alumni who studied in Japan.

He expressed his gratitude for the honour, reaffirming his commitment to furthering people-to-people exchanges between Japan and Sri Lanka.

President Anura Kumara Disanayake yesterday said the daily wage of plantation workers will be increased to Rs. 1,750 before the end of this year.

He made the announcement at an event held in Bandarawela to distribute land title deeds to over 2,000 families from the upcountry plantation community under the fourth phase of the 10,000-housing project implemented with Indian assistance.

The President said the Government is committed to improving the economic and social well-being of the plantation community, who have contributed to the national economy for more than two centuries. He said ensuring fair wages, housing ownership, and better living conditions for the Malayagam community remains a key responsibility of the State.

Disanayake also thanked the Indian Government for its continued support to improve living standards in Sri Lanka, highlighting India’s contribution of Rs. 2.8 million per housing unit under the project, in addition to the Rs. 400,000 allocated by the Sri Lankan Government for infrastructure facilities.

He said the Government is focusing on several areas to uplift the plantation community, including health, education, access to clean water, and eradication of the drug menace in estate areas.

‘The plantation community has long demanded a fair daily wage of Rs. 1,750. We are determined to ensure that this entitlement is granted within this year by whatever means necessary,’ he said.

The President also noted the growing political participation of the Malayagam community, observing that for the first time in history, many of their representatives were elected to Parliament in the last General Election. He said the Government would not betray the trust placed by the community and would continue to work towards ensuring their economic and social advancement.

Indian High Commissioner Santosh Jha, speaking at the event, said the housing initiative reflected the longstanding friendship between India and Sri Lanka and reaffirmed India’s commitment to supporting the development and well-being of all Sri Lankan communities.

The third session of the 11th Annual Daily FT-CICRA Cyber Security Summit 2025 delved into one of the most pressing challenges in modern enterprise defence, which is the battle between artificial intelligence and cyber adversaries. Delivering a thought-provoking keynote titled ‘AI vs. Hackers: The Next Frontier in Threat Detection,’ Secgra Cloud Security Innovator and Director Paul Hidalgo urged organisations to rethink how they manage risk, cost, and visibility in an age where inefficiency itself has become a cybersecurity threat.

Delivering the keynote address, he offered a sharp, data-driven perspective on the economics of cybersecurity inefficiency. ‘The greatest vulnerability in most companies today isn’t malicious intent. It’s mismanaged resources,’ Hidalgo said, noting that the average enterprise wastes $ 18 million annually on unused SaaS applications.

The economics of insecurity

Hidalgo revealed that half of all SaaS licenses go unused, while 94% of organisations exceed their cloud budgets. ‘Every dollar burned on inefficiency is a dollar stolen from your security posture,’ he warned. He described this as a ‘vicious cycle’: wasted technology spend leads to bloated digital footprints, which in turn create new vulnerabilities and dilute security budgets.

‘We’re defending against infinite threats with finite budgets,’ he noted. ‘The challenge is not the lack of money, but the lack of visibility.’

According to Hidalgo, the average organisation today uses 269 different SaaS applications, 82% of which are procured directly by employees or departments. This shadow IT sprawl has expanded the corporate attack surface far beyond what traditional IT governance can control. Former employees often retain access to sensitive systems, with 63% of businesses suspecting that ex-staff still have credentials, and 20% reporting breaches from those accounts. ‘Your offboarding gap is your biggest backdoor,’ Hidalgo cautioned. ‘When people leave, their digital ghosts stay behind.’

Hidalgo also outlined three core challenges: visibility, misconfiguration, and lingering access, and positioned AI as the key to resolving them. He explained that AI can process massive volumes of telemetry to create unified visibility across an enterprise’s assets, automate configuration audits to detect weak security controls, and identify dormant credentials or misaligned permissions that expose organisations to insider risk.

Hidalgo opined, ‘The future of AI in cybersecurity isn’t just about speed. It’s about turning raw data into actionable intelligence, resulting in more clarity.’

FinOps + SecOps is a new paradigm

Perhaps the most provocative part of Hidalgo’s address was his call to merge financial operations (FinOps) and security operations (SecOps) into a unified model. He proposed that CISOs adopt the mindset of business partners rather than cost centres, using AI analytics to uncover budget inefficiencies and reinvest the savings into security programs.

Citing Secgra’s experience, Hidalgo shared an example where an enterprise uncovered $2 million in tech waste, reinvested 25% of those savings to fund its Zero Trust initiative, and returned the remaining $ 1.5 million to the business. ‘When you link cost, risk, and performance, you transform cybersecurity from a reactive expense into a self-funding value driver,’ he said.

He concluded with what he called the ‘virtuous cycle’, a continuous improvement loop driven by AI-enabled visibility, fiscal discipline, and measurable return on investment. By aligning FinOps and SecOps under a single intelligence layer, he said, organisations can reclaim budgets, shrink their attack surfaces, and prove ROI while improving resilience. ‘AI vs. hackers is a race between those who can see clearly and those who can’t. By any means, it is not a battle between humans and machines. The winners will be the ones who turn visibility into value,’ Hidalgo continued.

The dual-edged nature of AI

Delivering the guest address during the third session of the Daily FT-CICRA Cyber Security Summit 2025, South Asian Technologies Ltd. Chief Technical Strategy Officer Shabeer Shiyam issued a stark warning that the world is entering an AI-powered cyber arms race, where both attackers and defenders are evolving faster than ever before. His session, titled ‘Battling the AI Arms Race,’ explored how generative AI, neural networks, and autonomous systems are redefining the dynamics of cybersecurity.

Shiyam explained that AI has become both a weapon and a shield. While it enables defenders to predict, detect, and respond to threats at unprecedented speed, it also empowers hackers with automation, scale, and precision. ‘AI is now writing its own malware, crafting personalised phishing emails, and running millions of attack simulations without human intervention,’ he warned.

He highlighted alarming global statistics; 97% of IT leaders now rank securing AI systems as a top priority, while 77% have already identified breaches in their AI infrastructure this year. At the same time, 96% believe AI will be critical to their future cybersecurity strategy, primarily to increase detection speed (74%), predict attacks (67%), and reduce human error (53%)

Shiyam showcased vivid examples of how attackers are weaponising AI. ‘We’re now seeing malware that rewrites itself in real-time to evade antivirus scans, phishing bots that mimic human tone using social data, and autonomous botnets that attack like swarms. These ‘shape-shifting’ threats can mutate, learn, and adapt faster than conventional defences,’ he said.

He also introduced the concept of ‘Predictive Shadows’, which are AI systems that run millions of attack simulations to anticipate vulnerabilities before they are exploited. This, he noted, mirrors the rise of AI-driven defenders capable of sandboxing threats instantly, classifying leaks in real-time, and tracing exfiltrated data back to its source.

Game Theory in cybersecurity

Drawing parallels to game theory, Shiyam urged organisations to adopt the ‘minimax principle’, the strategy of minimising maximum loss. ‘Assume hackers play optimally to maximise your damage,’ he said. ‘Design your defences for the worst-case scenario, not the average one.’ He compared effective cyber defence to chess, where sacrificing minor pieces, through layered protection, segmentation, and prioritised investment, can prevent catastrophic losses.

Shiyam concluded that the AI arms race cannot be won through technology alone. The foundation of cybersecurity, he reminded the audience, remains people, process, and technology working in harmony. ‘AI can predict, but humans must decide. Machines can react, but only humans can reason. Our greatest advantage is not faster algorithms; it’s smarter collaboration,’ he said.

He closed with a call for ethical AI adoption, urging businesses to align AI development with governance models such as MITRE ATLAS and MITRE ATT and CK to ensure accountability and transparency. ‘In this arms race, victory belongs to those who learn faster, act smarter, and never stop adapting.’

Strengthening national readiness

A panel discussion moderated by Dialog Axiata Head of Contracts and Regulatory – Group Legal and Regulatory Shenuka Jayalath, featuring Sri Lanka CERT Chief Information Security Officer Nirosh Ananda and FinCSIRT Manager of Information Security Kanishka Ratnayake, focused on Sri Lanka’s collective readiness to combat AI-driven cyber threats and the growing need for cross-sector coordination, legal clarity, and institutional resilience.

Shenuka Jayalath framed the conversation around the intersection of technology, regulation, and governance. She noted that as AI becomes embedded in business operations, cybersecurity accountability is increasingly becoming a boardroom and compliance issue. ‘AI doesn’t just change how attacks happen; it changes who is responsible when they do,’ she remarked, highlighting the urgency for policy frameworks that balance innovation with regulatory protection.

Nirosh Ananda provided a national perspective, emphasising the critical role of CERT in developing AI-aware incident response capabilities. He pointed out that Sri Lanka has already seen early signs of AI-enhanced phishing and data manipulation attacks, calling for shared intelligence systems and automated early-warning networks. ‘The threat landscape is changing faster than traditional defences can adapt. Our response must be equally intelligent, automated, and predictive,’ he cautioned.

Adding an industry coordination perspective, Kanishka Ratnayake outlined FinCSIRT’s initiatives to protect the financial sector from emerging AI-enabled fraud and deepfake scams. He explained how financial institutions are collaborating through real-time threat feeds and simulation exercises to test resilience under AI-assisted attack conditions.

Strategic partners of the 11th annual cyber-security summit were Visa and Sysco LABS, Platinum partner was South Asia Technologies, Community Impact Partner was Meta, Payment network partner was LankaPay. Other partners included platform partner #HashX, podcast partner Techtalk, hospitality partner Cinnamon Grand, Colombo, Creative partner Mullenlowe Sri Lanka and electronic media partner Yes101, TV1 and News1st.

Q: The role of directors is under greater scrutiny today. How do you see the role of boards evolving in Sri Lanka’s current economic climate?

A: The era of passive oversight is over. Boards must now serve as active partners in strategy, transformation, and value creation. In today’s economy, directors are expected to drive performance, enforce discipline, and rebuild stakeholder trust. The focus must shift from compliance-driven governance to long-term value generation. Sri Lanka’s corporate recovery will be led by boards that are agile, transparent, and purpose-driven.

Q: You often emphasise the importance of visible talent. How can boards strengthen succession planning and leadership development?

A: Investors invest in people first and numbers second. Sound governance is built on a foundation of capable leadership. Succession planning should be an embedded, ongoing process-not an annual formality. Boards must identify and mentor emerging leaders early to ensure organisational continuity. At SLID, we help boards institutionalise leadership visibility through programs such as our Women in Leadership Program and Board Placement Service, which strengthen succession pipelines, enhance diversity, and connect qualified professionals with companies seeking strong governance talent. These initiatives ensure that organisations are never unprepared for critical leadership transitions.

Q: ESG is a buzzword, but integration remains a challenge. How can Sri Lankan boards embed ESG into their strategy?

A: ESG is not a compliance tool-it’s a strategic imperative. Boards must integrate environmental, social, and governance principles into the business model, aligning sustainability with profitability. For Sri Lanka, the social and governance dimensions are especially critical. Ethical conduct, transparency, and responsible management build long-term investor confidence. We encourage boards to link ESG performance directly to competitive advantage and access to global capital.

Q: AI and digital disruption are reshaping industries. How ready are Sri Lankan boards to navigate this shift?

A: Technology oversight has become a core board responsibility. Directors must cultivate working knowledge of AI, data ethics, and cybersecurity. SLID is building this capacity through specialised programs on AI governance, data privacy, and digital transformation. The boards of tomorrow will be defined not only by financial acumen but also by their ability to understand how technology shapes risk, opportunity, talent and strategy.

Q: Diversity remains an area where Sri Lankan boards lag. What practical steps can be taken to improve inclusion at the top?

A: Diversity is a strategic advantage-not merely a social cause. Diverse perspectives strengthen boardroom decisions and enhance creativity and resilience. At SLID, we are creating structured pathways for women and young professionals to enter board roles through initiatives such as the Women Directors Forum, Young Directors Forum, and Board Leadership Training (BLT) programs. These initiatives offer mentorship, capacity building, and continuous professional development to ensure leadership readiness. Companies, in turn, must look beyond traditional networks and cultivate inclusive cultures where every voice is heard and valued.

Q: Some argue that new governance requirements are becoming too stringent. What is your view on the latest changes?

A: Some new rules were essential to strengthen accountability and rebuild confidence-but balance is key. Provisions on board independence, term limits, and disclosure must evolve with the country’s economic context. As we recover from a period of financial stress, governance reforms must support growth rather than create rigidity. This is particularly relevant in the financial sector, where strong regulation has been vital in restoring depositor confidence. Since nearly 90% of the capital employed by banks comes from public deposits, sound yet practical governance remains the foundation of stability. The Central Bank’s and SECs role in maintaining that balance is critical, and the Sri Lankan financial system today is among the most tightly and prudently regulated in the region.

Q: Looking ahead, what is your vision for SLID and its role in advancing governance in Sri Lanka?

A: Our ambition is to make SLID a regional benchmark for governance excellence. Over the next five years, we aim to elevate director professionalism, promote ethical leadership, and align Sri Lankan boards with international best practices. To this end, we have launched the SLID-ACCA Director Recognition Program to build governance capacity nationwide. Our Annual International Directors Conference brings together local and global experts to exchange insights and strengthen boardroom effectiveness. Extending our reach beyond Sri Lanka, SLID has formed a strategic partnership with the Institute of Directors (IOD) India, enabling regional collaboration and knowledge exchange across South Asia. Through these initiatives, we are shaping a new generation of directors equipped to lead with integrity, foresight, and resilience-driving Sri Lanka’s transition toward a more sustainable and globally competitive economy.

The NDB Wealth Growth Fund said it has once again showcased its ability to deliver consistent and market-leading performance, posting an impressive year-to-date (YTD) return of 37.11% as of 30 September 2025. This follows exceptional returns of 44.96% in 2024 and 37.47% in 2023, marking three consecutive years of outstanding growth.

Since the beginning of 2023, the Fund has generated a cumulative return of over 170%, significantly outpacing the ASPI return of 156.53%. This remarkable track record is a testament to the Fund management team’s disciplined approach in identifying high-conviction growth opportunities and maintaining agile capital allocation strategies.

NDB Wealth said that the results reaffirm the Growth Fund’s position at the forefront of market innovation, delivering substantial value to its investors. With macroeconomic headwinds easing and secular growth trends gaining momentum, the Fund remains committed to capturing long-term value creation opportunities.

As Sri Lanka’s domestic economy continues its recovery and interest rates decline to single-digit levels, investors are increasingly exploring equity-based solutions to achieve stronger, tax-efficient returns. The NDB Wealth Growth Fund provides such an opportunity through a professionally managed, diversified equity portfolio, designed to deliver sustainable capital growth over the medium to long term.

With a minimum investment of just Rs. 5,000, the Fund offers an accessible gateway for investors to participate in the growth of established companies with strong fundamentals and proven track records.

For investors seeking to capitalise on the country’s evolving growth story, the NDB Wealth Growth Fund said it stands out as a reliable partner, delivering consistent returns while staying aligned with long-term wealth creation objectives.