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.

of Mannar. One of the darkest days of this Government has come to pass on the night of 26 September 2025, with the brutal attack by hundreds of police officers of peaceful protestors in Mannar.1 Many protestors have ended up in hospital including women and children.

For years the people of Mannar have been fighting an inspiring battle against sand mining and the wind power project that threatens to destroy their fragile ecosystem. The wind turbines have affected the globally renowned migratory paths of thousands of birds and sandmining is destroying the coastal ecosystem.2The people of Mannar are feeling the social, economic and ecological deterioration caused to the region.3

The Government appears to be carrying through the plans of the previous regime with cosmetic changes. Having stopped the Indian investor, Adani Company from setting up a wind power plant in Mannar, the contract has been handed over to a Sri Lankan company, Hayleys Fenton.4 There are no assurances that the local company will do anything different from the Indian investor in terms of preserving the environment, and not harming the people of Mannar.

November deadline

Similarly, the Mannar wind power project coincides with the Government coming under review by the International Monetary Fund (IMF) of their ‘electricity tariff methodology’ in November 2025. This is a pre-requisite for the Extended Fund Facility. The review is to ensure ‘cost recovery and cost reflectiveness’ and the urgency to deliver a broader and privatised energy sector. The bulldozing through of the Sri Lanka Electricity Act in the past few months,5moving electricity closer to complete privatisation by unbundling the services and forming new entities of Ceylon Electricity Board,6 and the now violent removal of people raising concerns about the Mannar wind power project seem to align with the November deadline.

On the other hand, the Government reminds people that the electricity tariffs have been reduced. Taken in light of the monumental increases between 2022 and 2024, the reduction is not a significant relief. The reality is that paying electricity bills has become another burden pushing ordinary Sri Lankans into an incessant debt cycle. The systems of forcing payment of bills are causing households to struggle without electricity for many months.

The people protesting in Mannar surely had hopes for change. Instead, the continued dancing to the tune of the IMF, the blindness to the irreversible environmental and social impact of a wind power plant and sand mining, and the complete failure to engage people’s views, in this instance, cries, means there is no system change. The people of Mannar speak from their lived experiences of existing wind turbines and the loss they have already suffered.7The situation in Mannar is particularly horrifying as the destruction to the fragile ecosystem and erasing of the culture and livelihood of people who are tied to this ecology are irreversible.8

Act of suppression

The attack on the protest is also an act of suppression of Tamil speaking people of the North of the island. The attack took place in the context of a history of marginalisation of Tamil and Muslim communities, and the continued experience of Sinhala majoritarianism. A Sinhala majoritarianism that continues to dictate the actions of this Government within its party and beyond. Populations severely disenfranchised for generations because of the war, violence and top-down imposed ‘development projects’ by the Sri Lankan state will, justifiably, see this as yet another oppressive act by a Sinhala state. The majoritarian mindset has fuelled conflict and justified violence. It is a violence that is valuable to corporations also interested in capturing markets such as the energy sector.

Bringing ‘green energy’ without real consideration for the environment or human rights is an exercise in green washing which many governments and companies across the world are engaging in. Dismantling the subsidised public energy sector to make way for profit extraction by private parties in the guise of expanding renewable energy projects is another trend we are witnessing world over. To see the National People’s Power Government joining these ranks is troubling. The move is particularly tragic, as Sri Lanka has been known as a country that had achieved 99% electrification through its public energy sector.

Right to energy as a fundamental right

We require a thorough review of the energy infrastructure, costs and inflow through a consultative process that takes as its foundation the right to energy as a fundamental right. Through this lens, it will be possible to restructure tariffs and undertake other measures to balance cost and income from the energy sector without bringing ecological and social destruction. This is imperative as the existing mode of addressing the issue, especially through privatisation, is unsustainable in the long run and will only increase costs to the Government and to the people.

People must have a right to energy, a basic necessity for life today. This right must co-exist with the right to a safe environment. To pit one against another is a vulgar mode of functioning which has become all too common in the world. To watch a supposedly ‘progressive government’ that rose to power through the energy of people’s protest join the bandwagon of this vulgarity is heartbreaking.

The future stars of Sri Lankan rugby will take centre stage when the Under-16 Elite Rugby Sevens 2025 organised by the Sri Lanka Schools Rugby Football Association (SLSRFA), kicks off on 4 October.

The opening day’s matches will be played across two venues – Ananda College ground in Rajagiriya and St. Peter’s College at Bambalapitiya.

The excitement will build toward the knockout rounds, which will be staged exclusively on 5 October at St. Peter’s College, Bambalapitiya.

A total of 32 teams, divided into eight groups, will compete in this year’s edition. The tournament promises a weekend of thrilling rugby as young athletes showcase their skills, stamina and determination.

Group A features S.Thomas’ Mount Lavinia, Science College, Piliyandala Central, and Richmond College. This pool is expected to produce some fast-paced encounters with balanced competition.

In Group B, D.S. Senanayake College, Vidyartha, Prince of Wales and Lalith Athulathmudali will battle for supremacy. These teams are known for producing gritty performances.

Group C includes Isipathana, St. Anthony’s, Mahanama and Sri Piyarathna, while Group D sees Trinity, Kandy Sumangala, St. Benedict’s and St. Aloysius clash in what looks to be one of the most competitive groups.

Traditional heavyweights St. Peter’s and St. Joseph’s headline Group E, joined by Maliyadeva and Nugawela Central. Meanwhile, Group F brings together Wesley, Dharmaraja, Ananda and Panadura Sumangala.

Rounding off the lineup, Group G features Royal, Thurstan, St. Sylvester’s and Sri Rahula, while Group H will witness Kingswood, Zahira, Lumbini and Carey vie for a place in the knockouts.

Sri Lanka’s stalled privatisation of State-owned enterprises, rigid labour laws and restrictions on foreign participation continue to weigh on investment prospects, the US State Department said in its 2025 Investment Climate Statement.

The report noted that 527 State-owned enterprises, including 55 designated as strategic, remain a major burden on public finances.

‘The previous Government initiated a program aimed at comprehensive SOE reform, including potential privatisation of several major entities. However, the current Administration suspended these privatisation efforts upon taking office,’ the report noted.

‘It has instead announced alternative restructuring approaches focused on improving management practices, reducing operational costs, and enhancing efficiency within the existing state ownership structure,’ it added.

‘The stalled privatisation of deficit-ridden State-owned enterprises, notably the Ceylon Electricity Board, hinders development of cost-effective energy supplies crucial for industrial operations. Foreign investors consistently report high transaction costs, unpredictable policies, and opaque procurement procedures’.

At the same time, the report pointed to continuing strengths. Sri Lanka permits 100% foreign ownership in most sectors, with constitutional guarantees for investment protection and unrestricted repatriation of earnings, fees, and capital.

The Colombo Stock Exchange recorded $ 66.5 million in net foreign inflows in 2024 and mobilised $ 568 million in capital. Worker remittances climbed to a record $ 6.58 billion, pushing reserves to $ 6.1 billion by year end.

Export Processing Zones continue to attract investment, while new initiatives such as the pharmaceutical manufacturing zone in Hambantota and the Colombo Port City are expected to expand opportunities.

The Economic Transformation Act, which was intended to abolish the Board of Investment and replace it with five specialised agencies, has not been implemented, leaving approvals fragmented and slow.

‘Other key impediments include unnecessary regulations, legal uncertainty, and poor bureaucratic responsiveness,’ the report noted.

The Government’s decision to impose new taxes on service export firms while granting exemptions for Port City projects has reinforced perceptions of uneven treatment. Corruption in procurement persists despite legislation passed in 2023.

Labour market conditions were also identified as a critical risk. ‘Rigid dismissal rules make restructuring costly, while emigration has intensified shortages in IT, apparel, tourism and engineering,’ the report said.

It added that ‘the garment industry reports turnover rates of 40%’ and that ‘weak social protections and limited coverage for informal workers contribute further to labour market inflexibility.’

Although GDP growth of 5% in 2024 exceeded expectations and the Administration’s commitment to the IMF’s four-year, $ 3 billion program provided reassurance, foreign direct investment remains limited.

Most deals are in the $3-5 million range, concentrated in tourism, ICT, renewable energy, manufacturing, and real estate.

The report noted the Government’s commitment to finalise Sinopec’s $ 3.7 billion oil refinery in Hambantota, the largest FDI project to date if successful, but confidence was dented when Adani Green Energy exited a $ 400 million wind farm after the Government sought to renegotiate an awarded contract.

Restrictions on land and ownership were also flagged. Foreign companies with more than 50% equity are generally barred from purchasing land, with only narrow exceptions.

Caps of 40% apply across sectors such as agriculture, natural resources, shipping and education, while retail under $ 5 million, pawn broking and coastal fishing are entirely prohibited.

The report concluded that Sri Lanka’s outlook for investment rests on its ability to convert stability into reforms that reduce state dominance, simplify approvals and enforce transparency.

‘Without progress in governance, trade facilitation and labour flexibility, the Government’s $ 5 billion FDI target for 2025 will remain difficult to achieve,’ it said.

DFCC Bank PLC yesterday said that its Colombo Stock Exchange-listed Green Bond has also been listed on the India International Exchange.

The bank said that this was the third overseas listing with previous listings on the Luxembourg Stock Exchange and National Stock Exchange International Exchange India. DFCC Bank is the first foreign corporate entity to list a Bond on the India International Exchange.

The trading and settlement of the Green Bond will continue to be through the CSE and in LKR and will not be traded on the India International Exchange, the bank said.

The Ministry of Health and Mass Media, with financial support from the Asian Development Bank (ADB) and the Health System Enhancement Project (HSEP), received seven double cabs worth Rs. 22 million.

Trinity College beat Royal College 1/0 at the Under 20 Annual Hockey Big Match played at the Astro Turf Colombo 7 recently. This encounter was played for J C Corea Challenge Shield.

Winning goal was scored by Arkam Rifas of Trinity College. Tevin Liyanage of Trinity College won the Best Player award. The Under 16 match was won by Royal 4/1. This encounter was played for Paul Jeyarajah trophy.

Aitken Spence Travels once again demonstrated its industry leadership by winning South Asia’s Best Inbound Travel Agent and Best Cruise Travel Agent for the third consecutive year at the 9th annual South Asian Travel Awards (SATA), held recently at a glittering gala in Colombo, Sri Lanka.

In addition, SATA honoured the late Chairman, Deshamanya D.H.S. (Harry) Jayawardena, with the prestigious ‘Faces of South Asia’ recognition award for his invaluable contribution to Sri Lanka’s tourism and hospitality industry.

Aitken Spence PLC Chairperson Stasshani Jayawardena added, ‘These awards highlight Aitken Spence Travels’ growing influence not just in Sri Lanka but in the region as well. With our continued support and commitment, Travels is well positioned to set new benchmarks, drive innovation, and expand its global footprint while showcasing Sri Lanka as a world class destination. I look forward to seeing its leadership inspire progress not just locally, but across the region.’ Aitken Spence Travels Managing Director Nalin Jayasundera, said, ‘Securing these top awards of Best Inbound Travel Agent and Best Cruise Operator once again reaffirms Aitken Spence Travels’ unparalleled market leader position and now as South Asia’s best. I dedicate these wins to our devoted and committed teams, who constantly go beyond expectations to craft and deliver unforgettable travel experiences to our valued travellers. We will continue to innovate in brining and showcasing the best possible experiences of destination Sri Lanka and raise industry benchmarks as the market leader.’

This year’s awards were endorsed by more than 18 leading tourism organisations and boards, including the Sri Lanka Tourism Promotion Bureau (SLTPB) and the Travel Agents Association of India (TAAI), underscoring SATA’s industry-wide credibility and relevance.

Looking ahead, Aitken Spence Travels remains steadfast in its commitment to shaping the future of Sri Lanka’s tourism with sustainability at its core. By nurturing partnerships, investing in people, and driving innovation, the company is determined to grow responsibly, preserving the island’s rich natural and cultural heritage while creating meaningful opportunities for future generations. As Sri Lanka strengthens its position on the global tourism map, Aitken Spence Travels is proud to lead the way with purpose, resilience, and a vision for a more sustainable tomorrow.

The Bar Association of Sri Lanka (BASL) has written to the Inspector General of Police to clarify the position on lawyers’ car passes, following recent public debate on the issue.

In its letter, the Association said that attempts to invalidate or remove the passes on the basis of a Gazette Notification would be unlawful, since the order does not extend to the use of BASL-issued vehicle passes.

The Association argued that the passes, displayed on windscreens, do not contravene the Motor Traffic Act.

The BASL expressed confidence that the existing system of issuing passes would continue unchanged, emphasising their role in day-to-day legal practice and security arrangements.

It noted that the passes allow attorneys-at-law to be identified when entering courts, tribunals and other institutions linked to the administration of justice, and are also used by law enforcement as verification that a vehicle belongs to a lawyer.

The Association highlighted that it has issued these annual passes since 1997, making it a 28-year practice. In the aftermath of the Easter Sunday attacks in 2019, an additional identification mechanism was introduced for vehicles at the request of security authorities, underscoring the importance of the system as a safeguard.

‘We are surprised to see such reports. You would no doubt appreciate the requirement for a lawyers’ car pass, and we are confident that no steps will be taken to alter the present status quo,’ the Association said in the letter, signed by BASL President Rajeev Amarasuriya and Secretary Chathura Galhena.

One of Sri Lanka’s top amateur golfers, Chanaka Perera won the Gents segment at the 134th Sri Lanka Amateur Golf Championship 2025 when he got the better of Saad Habib Malik of Pakistan after 36 holes at the Roya Colombo Golf Club last weekend.

In the 119th Ladies event 17 years old, Kaya Daluwatte was in supreme class beating Asara Sawhney of 8ndia in the final.

The F.B. de Mel Cup saw Viv Fowler Watt beat Elsie. This event was sponsored by CEAT Europe.