Category: Daily Financial Times

Global fintech platform, Pine Labs Ltd., has announced its partnership with Bank of Ceylon in Sri Lanka. This banking-fintech partnership will enable the bank to issue and manage prepaid multi-currency travel cards to its customers.

Powered by Pine Labs Ltd.’s Credit+ platform, the card issuance technology for the bank built on modular architecture will offer an integrated issuing stack for the bank for issuance of these cards at scale and adhere to the security requirements. This card is a physical card which is issued under the Mastercard scheme and allows Bank of Ceylon to cater to an overseas traveller’s foreign exchange requirements.

The Credit+ platform offers an API-first software solution for issuers to offer debit cards, credit cards, forex cards, prepaid cards, and manage the life cycle of their customers. The platform takes care of end-to-end issuer processing services including consumer onboarding, card issuance, transaction processing, fraud prevention, and collections.

Pine Labs Ltd., CEO B Amrish Rausaid said: ‘From seamlessly managing chargeback processing to tokenisation safeguards, comprehensive authorisation rules, and more, our card issuance Credit+ technology platform for banks and financial institutions is built to comply with the stringent regulatory requirements across various jurisdictions. We are delighted to partner Bank of Ceylon, Sri Lanka’s largest state-owned commercial bank, and power a robust tech-first card issuance experience, for issuance of prepaid multi-currency travel cards to their customers.’

Bank of Ceylon Assistant General Manager (International) Upul Wijayathunga said: ‘Being a Bank who objectively adds values to its customers’ life, Bank of Ceylon introduced the BOC Multi-Currency Travel Card that offers the convenience and safety of carrying multiple currencies in one digital card, allowing the customer to travel overseas freely and transact with confidence at a lower expense than having to bear currency exchange loss. As at date we have successfully issued more than 20,000 cards and we are truly grateful for the services provided by Pine Labs as the Card Management System vendor to manage and control the card operations. Their unwavering commitment to quality and professionalism has significantly contributed to our success. We look forward to continuing this fruitful relationship to enhance the Travel Card issuance globally.’

Credit+ is an API-first, issuing, acquiring and processing technology infrastructure by Pine Labs Ltd., that serves as an open-loop solution for both issuers and acquirers. Its modern technical architecture allows Pine Labs Ltd., to provide a one-stop solution for issuers and acquirers to manage the complete consumer lifecycle, including effortless onboarding, smooth processing, ongoing operations management and engagement. As of 31December 2024, 28 Issuers in 16 countries (including India, Malaysia, Australia, the Philippines, Saudi Arabia, Egypt) have used this platform to issue 71 million accounts for Credit, Debit and Prepaid.

Acting as a unified issuing platform, Credit+ platform offers processing for credit, debit, prepaid, forex and loyalty, enabling a 360-degree view of the end consumer which supports different use cases, including domestic and international cards, travel cards, corporate cards, open loop gift cards, general purpose cards, co-branded cards, and EMI plans. Credit+ enables Issuers and their partners to integrate financial services within their digital platforms to create a single smooth end-user experience to enable numerous Fintech infrastructure workflows for diverse use cases, such as expense management, credit program management, gig economy, digital wallet, rewards, fuel and fleet management, teen and campus cards, travel cards. These APIs can support the entire journey including instant digital onboarding, underwriting, KYCs, physical and virtual card issuance, transactions, card controls, risk management, rewards and customer support workflow.

Police yesterday disclosed that an underworld figure killed in Middeniya earlier this year had been inside a vehicle that pursued rugby player Wasim Thajudeen shortly before his death in 2012.

Acting Police Media Spokesperson Nihal Thalduwa said the man, identified as Anura Vidanagamage, known as ‘Middeniya Kajja’, was recognised by his widow in relation to the case.

Investigators believe Vidanagamage was among those who followed Thajudeen’s car on the night of his death. Thajudeen, a former national rugby player, was found dead in his vehicle in May 2012. Although initially reported as a car accident, the case was later reclassified as a homicide.

Vidanagamage, alleged to have ties to organised crime, was shot dead in Middeniya earlier this year. Police said his role in the Thajudeen case has now resurfaced during ongoing probes into underworld activity and unresolved high-profile killings.

Further investigations are underway.

The Ceylon Petroleum Corporation (CEYPETCO) yesterday announced a select fuel price revision effective from midnight today (30).

Accordingly, the price of Auto Diesel will be reduced by Rs. 6 to Rs. 277 per litre and Petrol 95 Octane will be reduced by Rs. 6 to Rs. 335 per litre. Kerosene will be reduced by Rs. 5 to Rs. 180 per litre.

However, there will be no change in the prices of Petrol 92 Octane and Super Diesel.

We live in a world built for those who can see. From reading street signs to checking our phones, vision shapes almost everything we take for granted. It’s easy to forget how much of life relies on it, until it’s gone. Those who navigate the world without sight do so with a combination of skill, patience, and resilience that most of us rarely recognise.

Tuan Rushdi is not a celebrity. He is not a public figure many would know. He is a representative of a community whose strength often goes unnoticed, someone whose life story offers a window into both the challenges and the possibilities of living and working without sight.

A week into his first job, Tuan lost his eyesight. For most people, such a moment would feel like the end of a dream. For Tuan, it became the start of a mission. Rather than retreating, he leaned into the world, learning to navigate it in new ways, refusing to let his vision define his potential. Today, he works as a consultant for engagement and inclusion at BConnected Pvt Ltd., combining his personal experience, academic training as an Australia Awards scholar, and international exposure to create pathways for blind and low vision professionals in Sri Lanka. This blend of academic knowledge, international exposure, grounded work through the BEmpowered initiative, and lived experience navigating the corporate world positioned him uniquely to speak at a global stage.

In September 2025, Tuan stood at the World Blindness Summit in São Paulo, Brazil. It was the first global meeting on visual impairment held in Latin America, bringing together thousands of participants from 190 countries to discuss advances in inclusion, public policies, accessibility, and new assistive technologies. He presented a model for disability employment built on four pillars: sourcing, training, connecting, and supporting. Drawing on his work with the BEmpowered initiative, which creates real pathways to employment for persons with disabilities, he shared insights into how blind and low vision professionals can be prepared for meaningful corporate careers.

‘Technology is powerful, but it is not enough,’ Tuan said. ‘You can have the best AI tools and screen readers in the world, but if people are not trained to use them in real workplaces, opportunities remain out of reach. Our goal is to make professionals confident, skilled, and ready to work alongside anyone else.’

He also addressed a challenge beyond tools or skills. While many countries have formal strategies and toolkits for inclusion, in Sri Lanka, the bigger hurdle remains societal attitudes. People often underestimate what blind and low vision individuals can do. ‘It is not about disability, it is about ability. When given support and opportunity, blind professionals can lead, innovate, and inspire,’ Tuan said.

Tuan’s own journey reflects this principle. He recalls moments early in his career when colleagues doubted what he could accomplish, and moments when small adjustments and training transformed what seemed impossible into everyday achievement. Each experience became part of his mission to make workplaces more inclusive, practical, and fair.

Standing in São Paulo, addressing a global audience, Tuan was not just sharing a model or an initiative. He was giving a voice to those who rarely get heard, showing that inclusion is not theoretical. It is tangible. It requires training, preparation, and belief in the talent that exists beyond what is visible.

Tuan’s story is a reminder that limitations do not define potential. For workplaces, it is a call to recognise untapped skills and create opportunities for everyone. For society, it is a challenge to rethink assumptions about ability. And for individuals, it is proof that resilience, determination, and the right support can turn a life-altering challenge into a mission that inspires change far beyond oneself.

World number one Carlos Alcaraz beat Taylor Fritz 6-4 6-4 at the Japan Open – before pulling out of this week’s Shanghai Masters.

Alcaraz secured his eighth ATP title of the year in Tokyo.

But he then announced that he has withdrawn from the tournament in Shanghai, which starts on Tuesday, writing on Instagram that ‘the best decision is to rest and recover’.

‘Unfortunately, I’ve been struggling with some physical issues and, after discussing with my team, we believe the best decision is to rest and recover,’ he wrote.

The Spaniard twisted his left ankle during his opening-round match in Tokyo last Thursday.

But he showed no signs of an issue during the final, broke for 5-4 and served out for the first set against Fritz.

Fritz twice required treatment to his left thigh before returning for the second and Alcaraz seized the opportunity to pile on the pressure.

The American was broken twice and trailed 4-1 but did offer some resistance in the closing stages, chalking one of those off, but didn’t have enough to stop the six-time Grand Slam champion.

Since losing against Jannik Sinner at Wimbledon in July, Alcaraz has won three successive ATP titles – the Cincinnati Open, US Open and Tokyo Open.

But he will not take part in the tournament in Shanghai, where he reached the quarter-finals last year.

The Japan Open is Alcaraz’s 67th win of the season as he closes in further on Sinner’s tally of 73 wins in 2024.

The Asian Development Bank (ADB) said yesterday that growth in Sri Lanka will be held back in 2026 by new US tariffs on key exports, even as momentum remains intact this year.

‘These developments will likely tamp down the impact on the economy this year from a 20% tariff imposed on Sri Lankan exports to the US, mostly garments and rubber. But the tariffs will be more of a headwind, holding back external sector performance and consumption in 2026 because of possible job losses, both directly and indirectly,’ the ADB said in its latest report released yesterday titled ‘Asian Development Outlook: Growth Slows as New Global Trade Environment Takes Shape’.

It said that US tariffs have soared to historic heights amid continued elevated trade policy uncertainty. Though generally lower than announced on 2 April, the additional tariffs that took effect in August are historically high. From 2.4% in 2024, the average effective US tariff rate has surged to 17.4%, the highest since the Great Depression of the 1930s.

Trade policy uncertainty remains at very high levels, despite easing from April’s peak, the ADB said.

‘Uncertainty is fuelled by announcements of several bilateral US trade agreements without finalised terms, the prospect of new US sectoral tariffs on pharmaceuticals and semiconductors, and possible revisions to tariffs already in place’.

For Sri Lanka, ADB said growth in 2025 is forecast to remain unchanged at 3.9%, supported by manufacturing, construction and services, after the economy expanded by 4.8% year on year in the first quarter. It forecasts growth to slow down to about 3.3% in 2026.

Industrial production rose 5.1% in the first half, approaching pre-crisis levels, while private credit grew 19.6% in July, driven by vehicle imports, low interest rates and a favourable business outlook.

Inflation returned in August after months of deflation, though price pressures remain subdued. Headline inflation fell 1.7% year on year in the first eight months of 2025, compared with a 0.5% increase a year earlier, as transport and energy costs declined.

The Central Bank cut its policy rate by 25 basis points in May and held it at 7.75% in July. Average inflation for 2025 has been revised down significantly to O.5% while the 2026 forecast is unchanged at 4.5% on expectations of gradually rising food and energy prices.

The current account surplus grew by 30.2% in the first half of 2025 on the back of strong remittances and steady tourism earnings. Imports rose 12.4% during the period, reflecting a surge in vehicle imports, while exports grew 5.7%.

Workers’ remittances rose 19.3% and tourism earnings increased 8.4%. Gross official reserves stood at $ 6.2 billion at end-August, covering 3.7 months of imports, only slightly higher than December 2024, as debt service payments resumed.

The IMF completed Sri Lanka’s fourth Extended Fund Facility review in July, with disbursements totalling $ 1.74 billion so far. Debt restructuring moved forward with agreements reached with France, India, Hungary, Japan, Saudi Arabia and the United Kingdom in 2025.

The ADB said risks remain elevated. These include a stronger-than-expected impact from the US tariffs, volatility in the Middle East affecting remittances, swings in energy prices, and a potential global slowdown that could weaken tourism and external demand. Domestically, weather-related disruptions could weigh on agriculture and food prices.

In August, economic think tank Institute of Policy (IPS) warned that the 20% reciprocal tariff unilaterally imposed by the Trump administration could lead to export losses of $ 634 million and put nearly 16,000 jobs at risk, mostly female workers in the apparel industry.

With a quarter of Sri Lanka’s total exports facing at least a 20-percentage-point increase in tariffs, the trade-weighted effective tariff rate will be 29.9%, compared to 10.20% in April 2025. Sri Lanka’s main exports to the US, apparel and rubber products, will face effective tariff rates of 36.8% and 20.2%, respectively, it said.

Sri Lanka completed a 5-0 series sweep of the women’s Under-19 T20 series against touring Australia when they won the fifth and final match by six wickets at the Rangiri Dambulla International Cricket Stadium yesterday.

Choosing to bat first Australia managed only 114-6 with the main contributions coming from Emily Powell (33 off 40 balls, 4 fours) and Lucy Finn (35 off 33 balls, 3 fours) who were involved in a 53-run stand for the third wicket. Left-arm spinner Chamodi Praboda was the pick of the Lankan bowlers finishing with 3/16.

Skipper Manudi Nanayakkara played a crucial knock of 34* off 35 balls (5 fours) to steer her team home with 15 balls to spare.

Australia also lost the one-off 50-over match against Sri Lanka and will return home empty handed without a single win on the tour.

Scores: Australia Under-19 Women 114-6 (20) (Emily Powell 33, Lucy Finn 35, Chamodi Praboda 3/16)

Sri Lanka Under-19 Women 115-4 (17.3) (Manudi Nanayakkara 34*, Shashini Gimhani 19*, Shiloh Julien 2/20)

A special ceremony to invoke blessings on the Sri Lanka Army and its regimental flags was held at the historic Kataragama Kiri Vehera and Kataragama Devala premises.

The Inland Revenue Department (IRD) has announced a major overhaul of Sri Lanka’s VAT refund system, replacing the Simplified Value Added Tax (SVAT) scheme with a risk-based refund mechanism effective today.

The IRD stated that the new mechanism aims to facilitate faster and more efficient VAT refunds for eligible exporters and projects while reducing opportunities for fraud and errors.

Under the new system, refunds will generally be issued within 45 days of submitting a proper VAT return, depending on the taxpayer’s risk rating. Eligible VAT registrants will be assessed using a statistically robust risk-based methodology and classified into three categories: low, medium, and high risk. Low and medium risk taxpayers can expect refunds without prior verification, while high risk taxpayers will undergo pre-verification before refunds are processed.

According to the IRD, eligible recipients include exporters with direct exports exceeding 50% of their total supply in the preceding year, approved projects under Section 22(7) of the VAT Act, and suppliers to designated Special Projects (SP) and Strategic Development Projects (SDP), where such supplies constitute over 50% of their total supply.

The IRD noted that any non-compliance or errors detected in submitted schedules will pause the 45-day refund timeline until rectification, ensuring accountability in the process.

The SVAT scheme, introduced in 2011, has been a cornerstone of the country’s taxation framework, particularly supporting exporters and strategic projects. However, the move to replace SVAT comes amid growing concerns over VAT compliance and past instances of large-scale fraud.

Notably, Sri Lanka experienced the largest VAT fraud in South Asia in the early 2000s, resulting in a loss of around Rs. 357 million due to unlawful refunds to non-existent companies.

The Government and IRD face a critical challenge in ensuring that the new refund mechanism is robust, transparent and resistant to corruption. With past VAT and income tax refund systems proving vulnerable, policymakers will need to balance efficiency with stringent verification to safeguard public funds.

On 26 September, leading export associations voiced deep concerns and warned of a looming cash flow crisis that could choke the country’s $ 19 billion export target for 2025. At a joint press briefing, representatives from a range of key export industries stressed that while the move is framed as aligning with International Monetary Fund (IMF)-backed reforms, the absence of a tested and functioning VAT refund mechanism threatens to withhold nearly 8% of export earnings or about $ 80 million each month from the sector (https://www.ft.lk/front-page/Exporters-fear—80-m-monthly-cash-crunch-if-SVAT-removed-and-no-refund-system/44-782189).

The Colombo stock exchange closed up yesterday extending a rally into its 11th session with buying interest in capital goods and Blue-chip counters.

The benchmark ASPI closed Tuesday up 0.47%, gaining 102.30 points to 21,778.60. The active S and P SL20 gained 7.32 points to close up 0.12% at 6,126.53.

Turnover was Rs. 6.27 billion on more than 154.7 million shares traded.

Foreigners were net sellers with a net outflow of Rs. 362.2 million, up from an outflow of Rs. 15.6 million the previous day.

First Capital Research said riding the wave of Monday’s bullish surge, the Colombo Bourse yesterday charged ahead once more, fuelled by a powerful rally in Capital Goods and Blue-chip counters.

In the early hours of trading, the market experienced a volatile session marked by notable selling pressure. But the market refused to back down. In a steady and determined climb, it fought its way back, turning red into green.

By the closing bell, the index stood at 21,779, a resounding gain of 102 points, sealing another victorious chapter in its upward march. Participation from HNW investors remained relatively low with moderate participation from retail investors.

Additionally, top positive contributors to the index included, DIMO, BUKI, CCS, MELS and WATA. Turnover for the day stood at Rs. 6.3 billion, reflecting a decrease of 12% compared to the monthly average that stands at around Rs. 7.1 billion.

Food, Beverage, and Tobacco sector took the lead in terms of sector wise contributions to turnover, with a share of 20%, followed by the Consumer services and the Capital Goods sectors which produced a combined contribution of 28%. Foreign investors remained net sellers, recording a net outflow of Rs. 362.2 million.

NDB Securities said high net worth and institutional investor participation was noted in Ceylon Hotels Corporation, Diesel and Motor Engineering, and Central Industries. Mixed interest was observed in Digital Mobility Solutions Lanka, Hatton National Bank and Ceylon Cold Stores whilst retail interest was noted in Kotagala Plantations, Lanka Credit and Business Finance and Browns Investments.

The Food, Beverage, and Tobacco sector was the top contributor to the market turnover (due to Sunshine Holdings) whilst the sector index gained 1.83%. The share price of Sunshine Holdings appreciated by 90 cents to Rs. 32.50.

The Capital Goods sector was the second highest contributor to the market turnover whilst the sector index edged up by 0.02%.

Ceylon Hotels Corporation, Diesel and Motor Engineering, Digital Mobility Solutions Lanka and Hatton National Bank nonvoting were also included amongst the top turnover contributors. The share price of Ceylon Hotels Corporation increased by Rs. 5.40 to Rs. 48.70. The share price of Diesel and Motor Engineering gained Rs. 335.75 to Rs. 2,070.75. The share price of Digital Mobility Solutions Lanka moved up by one Rupee to Rs. 146. The share price of Hatton National Bank nonvoting closed flat at Rs. 297.00.