Category: Daily Financial Times

The Cabinet of Ministers at their meeting on Monday approved a proposal to implement the incentive allowance for estate workers announced in the 2026 Budget, including the payment mechanism and timeline.

In presenting the 2026 Budget in his capacity as Finance, Planning and Economic Development Minister, the President proposed increasing the daily wage of estate workers to Rs. 1,550, along with a daily attendance allowance of Rs. 200, with the objective of ensuring a fair daily wage commensurate with workers’ service.

To facilitate the implementation of this proposal, an allocation of Rs. 5,000 million has been provided in the 2026 Budget.

‘Accordingly, the Plantations and Community Infrastructure Ministry, in consultation with relevant stakeholders, has planned to pay the proposed incentive allowance for an initial period of six months with effect from 1 January 2026, through the respective plantation companies,’ Cabinet Spokesman and Minister Dr. Nalinda Jayatissa announced the decision at the weekly post-Cabinet meeting media briefing yesterday.

He said thereafter, the allowance will be credited directly to the personal bank accounts of estate workers.

The joint proposal submitted by Labour Minister Dr. Anil Jayantha Fernando and the Plantations and Community Infrastructure Minister Samantha Vidyaratna was approved by the Cabinet of Ministers.

The Bar Association of Sri Lanka yesterday said it was the responsibility of the Government and law enforcement authorities to ensure that there is no unwarranted interference with the powers exercised by the Attorney General.

In a statement responding to recent social media posts directed at the Attorney General, the BASL said the independence of key institutions must be protected to preserve the rule of law, including the Office of the Attorney General.

The BASL said the posts amounted to an attempt to influence the independence of the Attorney General’s Office and stressed that its integrity must be maintained at all times to safeguard justice and constitutional freedoms.

Explaining the role of the Attorney General, the BASL said the office performs a quasi-judicial function in criminal proceedings. It said the Attorney General is required to decide whether to charge or indict a suspect based on material submitted by investigating authorities, after assessing its admissibility in law and whether it discloses a reasonable prospect of conviction.

The BASL also noted that decisions of the Attorney General are subject to judicial oversight, either through writ applications before the Court of Appeal or under the Fundamental Rights jurisdiction of the Supreme Court.

The BASL called on the authorities to ensure that the Office of the Attorney General is able to function independently, without external pressure or influence, in the broader interest of the rule of law.

The statement, dated 20 January 2026, was signed by BASL President Rajeev Amarasuriya and Secretary Chathura Galhena.

Softlogic Life Insurance PLC announced yesterday it has secured a $ 15 million landmark five-year Tier 2 loan facility from Norfund and OP Finnfund Global Impact Fund I, that will be the initial part and set the next phase of growth.

It said the latest step further reinforces Softlogic Life’s position as one of Sri Lanka’s most resilient and future-focused insurers, while signaling strong international investor confidence in the company’s long-term trajectory and the broader insurance sector.

This investment aligns with Softlogic Life’s disciplined approach to capital management and its strategy to strengthen its balance sheet, expand national reach, and accelerate capability development across distribution, digital platforms, and policyholder services further enhancing the company’s long-term business expansion.

It also reflects the company’s strong financial footing and unwavering operational stability, particularly in the protection space, enabling Softlogic Life to confidently scale its growth priorities and elevate its service excellence even in challenging macro-economic conditions. This demonstrates Softlogic Life’s reputation as a well-anchored, progressive insurer committed to advancing protection for Sri Lankans across all segments.

Norfund Regional Director Asia Fay Chetnakarnkul said: ‘Softlogic Life has demonstrated sustained growth, prudent capital management, and a clear commitment to expanding insurance access including microinsurance products in Sri Lanka. Our investment supports an organisation that plays a meaningful role in strengthening financial resilience for households across the country. We see significant long-term potential in Softlogic Life’s strategy and are pleased to partner with them as they enter their next phase of expansion.’

Finnfund Senior Investment Manager Ulla-Maija Rantapuska said: ‘OP Finnfund Global Impact Fund I targets significant positive impacts in addition to financial performance, and Softlogic Life is a strong example of this balance. Their leadership in digital innovation, health protection, and fast claims settlement positions them as an essential contributor to Sri Lanka’s insurance ecosystem. We look forward to supporting their continued growth and their efforts to expand access to high-quality protection solutions nationwide.’

OP Pohjola Asset Management CEO Tuomas Virtala said: ‘OP Finnfund Global Impact Fund I invested in Softlogic Life to help drive digital transformation and ensure sustained growth in insurance services in Sri Lanka and over time in wider region. Making positive social impact is an integral part of our investment strategy – we are looking forward to enabling insurance products accessibility to low- and mid-income population.’

Softlogic Life Managing Director Iftikar Ahamed said: ‘This facility strengthens our Tier 2 capital at a pivotal time in our growth journey. Our sustained financial performance, disciplined balance sheet management, and market-leading position have allowed us to attract long-term global capital even in a tightly constrained external environment. The partnership with Norfund and OP Finnfund Global Impact Fund I reflects deep confidence in the strength of our fundamentals and our ability to scale responsibly. It supports our expansion agenda and enhances our capacity to deliver protection solutions that create long-term value for Sri Lankan families.’

The funding from Norfund and OP Finnfund Global Impact Fund I strengthens Softlogic Life’s capital position and supports its long-term strategy to scale sustainably, enhance operational resilience, and elevate service delivery. As one of Sri Lanka’s fastest-growing insurers, the company remains focused on building a stronger, more inclusive protection landscape that serves the evolving needs of millions of customers in South Asia and South East Asia.

For the nine months ending 30 September 2025, the company delivered Gross Written Premiums of Rs. 28.2 billion, marking a strong 29% year-on-year increase and the highest absolute GWP growth in the industry at Rs. 6.28 billion. Profit Before Tax reached Rs. 3.3 billion, supported by a Total Asset base of Rs. 59 billion and Total Equity of Rs. 11.6 billion. Softlogic Life continues to lead the market in capital resilience, posting a Return on Equity of 24% and maintaining a Capital Adequacy Ratio of 298%, well above the regulatory minimum of 120%.

The company’s operational strength is further underscored by its performance in claims management. During the period, Softlogic Life disbursed Rs. 13.5 billion in claims and benefits, including Rs. 9.5 billion related to health and other protection covers, compared to Rs. 8 billion in the previous year. This reinforces its dominance in the health insurance sector where customer trust and convenience are paramount which the company places as topmost priority with over 98% of claims settled within a single day, Softlogic Life continues to differentiate itself through fast and fair service, protecting the well-being of more than 1.3 million Sri Lankans.

Softlogic Life’s future strategy is anchored in a clear ambition to build one of the region’s most technologically advanced and customer-centric insurance businesses. The company’s roadmap focuses on deploying best-in-class innovations that expand access, elevate service standards, and deepen protection for all customer groups. This includes scaling AI-enabled underwriting, predictive analytics, rapid claims automation, and digital health solutions that enhance responsiveness and deliver measurable improvements in customer outcomes.

On the international stage, Softlogic Life continues to break new ground. The company was awarded ‘AI Initiative of the Year’ at the 29th Asia Insurance Industry Awards (AIIA) 2025, becoming the only Sri Lankan insurer to be recognised at this year’s regional platform. Hosted by Asia Insurance Review, the AIIA is widely regarded as the region’s most prestigious recognition of excellence across insurers, reinsurers, brokers, and service providers. The 2025 edition attracted over 200 entries from top insurers and reinsurers across Asia, including AIA Group, Prudential Vietnam, Allianz Malaysia, Nan Shan Life Taiwan, and New China Life Insurance, competing across 17 categories. All entries were assessed by an esteemed international judging panel of senior leaders and digital transformation experts ensuring that each accolade reflected genuine innovation and leadership shaping the future of insurance in Asia.

This award reflects the company’s pioneering use of artificial intelligence across its value chain, from intelligent underwriting and risk modelling to automated claims processing and hyper-personalised customer experiences. These advancements have set new industry benchmarks and reaffirm Softlogic Life’s vision to redefine how life insurance is designed, delivered, and experienced in Sri Lanka.

As part of its market outreach initiatives focusing on India, the Sri Lanka Tourism Promotion Bureau (SLTPB) in collaboration with the Consulate General of Sri Lanka in Mumbai and with the participation of representatives of the Sri Lanka Association of Inbound Tour Operators (SLAITO), The Hotels Association of Sri Lanka (THASL) and SriLankan Airlines, held a highly successful tourism awareness session in Mumbai on 8 January 2026.

It underscored Sri Lanka’s strong tourism performance and reinforced to the Indian travel trade and media that Sri Lanka is prepared to welcome travellers from that country.

Addressing the attendees, Consul General Priyanga Wickramasinghe noted that while welcoming foreign travellers is deeply embedded in the island’s culture and heritage, tourism needs to be understood more broadly and reflectively with more nuanced cultural sensitivity, particularly when it involves neighbouring countries such as Sri Lanka and India.

She recalled the cultural connections that bind Sri Lanka and Mumbai such as Sri Lanka’s most iconic modernist painter George Keyt who lived in Mumbai for a lengthy period of time and had his first solo and international exhibition at the Convocation Hall of the University of Bombay in 1947, Anil de Silva who along with well-known Indian writer Mulk Raj Anand and others founded the Mumbai-based cultural magazine Marg initiated in 1946, the establishment in 1943 of India’s earliest and best-known press for scholarly works Asia Publishing House by Sri Lankan businessman P.S. Jayasinghe, and Mumbaiker Ameen Sayani who was synonymous with Radio Ceylon’s most sought-after program Binaca Geetmala transmitted from Colombo for decades since the 1952. The Consul General noted that in this context travel and tourism can be undertaken not merely for the sake of travel, seeing and capturing memories in digital photographs alone, but also with a historical, spatial and temporal consciousness, which will allow travellers to see more and gain more from tourism making for a richer and fuller experience.

SLTPB Chairman Buddhika Hewawasam provided a detailed account of Sri Lanka’s historic tourism performance in 2025 with a total of 2,362,521 international tourists visiting the country surpassing the 2018 all-time record and marking renewed global confidence in Sri Lanka as a preferred destination. President of SLAITO Nalin Jayasundera, Past President of THASL Anura Lokuhetty, and SriLankan Airlines Regional Manager for India, Bangladesh and Nepal Fawzan Fareid presented perspectives and updates on their respective sub-sectors including Sri Lanka’s destination readiness and flight connectivity. The panel discussion that followed provided a forum for engagement and clarification for Indian travel industry and media representatives.

National Managing Committee Member of Travel Agent’s Association of India (TAAI) Sameer Karnani and Secretary of Travel Agents Federation of India’s (TAFI) Western India Chapter Arun Iyer commended Sri Lanka’s resilience in the face of adversity and expressed unreserved support for the country’s efforts to promote the tourism sector.

India is a key source market for tourism to Sri Lanka, with a recorded figure of outbound travellers numbering 531,511 in 2025, accounting for 22.3% of the total market share.

Karma Fight League Ltd, South Asia’s largest K-1 kickboxing fight promotion, has secured strategic investment as it continues to strengthen its position within the region’s growing combat sports industry.

The investment is led by venture capitalist Raveen Wickramasinghe, who has been appointed Chairman. Raveen brings nearly 15 years of senior leadership experience as CEO of Ruhunu Hospital and President of the Association of Private Hospitals and Nursing Homes (APHNH). A serial entrepreneur and board-level strategist, he has a proven track record in scaling businesses and driving long-term value creation.

‘The three co-founders Ilham Hossen, Kaushika Withanage, and Dayan Samarasekara have done an exceptional job building a strong platform with professionally produced events, international-level competition, and consistent audience growth. My focus now is on strengthening governance, raising strategic capital, scaling operations, and unlocking the full potential of KFL in sports entertainment and regional sports tourism, creating meaningful opportunities for investors and stakeholders alike,’ said Raveen Wickramasinghe.

Among the new investors are Sentered Media Ltd, led by entrepreneur Sharon Waduge, a tech founder exploring investments in emerging, high growth ventures such as Karma Fight League, and Addiscombe Capital Partners Ltd.

The investment brings together the league’s founding team and a group of strategic investors with backgrounds in business, finance, and technology, strengthening both leadership and execution as the organisation grows.

Combat sports have seen steady growth across Asia in recent years, driven by rising viewership, sponsorship interest, and stronger regional fan engagement. Within this context, Karma Fight League has emerged as the leading K-1 platform in South Asia.

Industry observers note that this combination of founder-led execution and structured private investment sets Karma Fight League apart from many fight promotions in the region.

Malinda Pushpakumara, the 38-year-old seasoned left-arm orthodox spinner achieved a rare milestone in his cricket career when he passed 1,000 wickets in first-class cricket during Badureliya SC’s Major Club 3-day league match against Moors SC at the Colts grounds on Monday.

Pushpakumara began with a tally of 998 wickets and playing in his 173rd first-class match achieved the landmark when he bowled Pasindu Sooriyabandara for 46 in the Moors SC first innings. He became the joint quickest among Asian players to achieve the feat alongside Muttiah Muralitharan who also took the same number of matches.

Pushpakumara went on to take seven wickets in the match and carry his tally of wickets to 1005. He played a supporting role to off-spinner Keshara Nuwantha (12/136) in Badureliya SC’s upset win over Moors SC by an innings.

He became the fourth Sri Lankan bowler to achieve the landmark after Muralitharan (1374 wickets), Rangana Herath (1080) and Dinuka Hettiarachchi (1001).

A product of Lumbini College Pushpakumara has been playing first-class cricket for almost two decades having made his debut for Kurunegala YCC against Singha SC. In the little time that play was possible in the rain-affected game Pushpakumara made his mark capturing two of the three wickets to fall for 18 runs in 13.2 overs.

Since then Pushpakumara has plied his trade with nine first-class clubs. The secret of his success has been his consistency which is unparalleled. He has been the leading wicket-taker in the country’s premier club tournament for several years, his shrewd left-arm spin coupled with dangerous variations making him a prized asset for any club.

He would have played in more than the 4 Tests had some of his best years not run parallel to that of Rangana Herath, the most successful left-arm spinner in Test cricket.

Pushpakumara graduated from school to Sri Lanka U19 level and Sri Lanka ‘A’ before breaking into the national side.

Pushpakumara holds the best bowling figures by a Sri Lankan in first-class cricket taking all ten wickets in an innings (10/37) for CCC against Saracens SC in 2018-19. Pramodya Wickramasinghe (the present chief cricket selector) is the only other Sri Lankan to achieve the feat – 10/41 for SSC against Kalutara PCC in 1991-92.

In yesterday’s edition of Daily FT it was inadvertently mentioned that Panadura SC had qualified for the Major Club 3-day League Super 8. In fact, it was Bloomfield and not Panadura SC who had qualified. The error is regretted.

Speaker of the Parliament of Sri Lanka Dr. Jagath Wickramaratne concluded his visit to India from 14-18 January for participation in the 28th Conference of Speakers and Presiding Officers of the Commonwealth (CSPOC) held in New Delhi.

This was his first visit to India after assuming office. He was accompanied by Secretary-General of Parliament Kushani Rohanadeera and Assistant Director – Administration Kanchana Ruchitha Herath. Following the 28th CSPOC from 14-16 January, the Speaker and his delegation visited Jaipur, Rajasthan, as a part of a two-day tour for CSPOC delegates from 17-18 January.

The 28th CSPOC was inaugurated by Prime Minister of India Narendra Modi on 15 January at the Central Hall of Samvidhan Sadan, Parliament House Complex, New Delhi.

Welcoming Parliamentary leaders from across the Commonwealth, the Indian Prime Minister highlighted the success of Indian democracy in providing stability, speed, and scale. He shared India’s efforts at giving voice to the Global South and forging new paths of cooperation to co-develop innovation ecosystems. He underlined the use of Artificial Intelligence (AI) by the Parliament of India to attract youth to understand Parliament. The Prime Minister expressed his confidence in the CSPOC platform for exploring ways to promote knowledge and understanding of parliamentary democracy.

The Conference, held under the theme ‘Effective Delivery of Parliamentary Democracy,’ was chaired by Lok Sabha Speaker Om Birla, convened 44 Speakers and 15 Deputy Speakers from 41 Commonwealth countries, along with representatives of four semi-autonomous Parliaments.

During the Conference, participants addressed the role of Speakers in reinforcing democratic institutions, the integration of AI in Parliamentary functions, the influence of social media on Members, approaches to enhance public engagement with Parliament, and measures to ensure the security, health, and wellbeing of Members and Parliamentary staff.

On the sidelines of the Conference, Dr. Wickramaratne also held a bilateral discussion with Birla. The meeting focused on expanding Parliamentary cooperation through regular exchanges, formation of friendship groups, collaboration in policy and program design and deeper engagement in technology-driven Parliamentary innovation, including AI-enabled systems, real-time multilingual translation, and capacity building through Parliamentary Research and Training Institute for Democracies (PRIDE).

The visit marked a significant milestone in the evolving Parliamentary partnership between India and Sri Lanka. Last year, two Parliamentary delegations visited India for orientation programs in May 2025 and August 2025, respectively. These visits, in line with the intent of the India – Sri Lanka Joint Statement on ‘Fostering Partnerships for a Shared Future,’ further reinforce the strong democratic ethos and enduring friendship shared between the two nations.

DFCC Bank’s Badminton team delivered a strong performance at the 41st Mercantile Inter-Firm Team Badminton Championships, organised by the Mercantile Badminton Association of Sri Lanka. Held in late 2025, the tournament brought together more than 250 teams from across the country, making it one of the most competitive inter-firm sporting events in Sri Lanka.

Competing against a large and diverse field, DFCC Bank achieved notable success in both the Mixed and Women’s categories. The Bank emerged as Champions in the Mixed Category, led by Captain Nimasha Perera (Credit Services), together with Suranjan Ratwatte (Corporate Department), Manoja De Silva (Southern Region Office – SM OPS), Lakshan Gawarammana (Ratnapura Branch), and Vikum Lokumudali (Weligama Branch).

In the Women’s Category, DFCC Bank secured Second Runner-Up, represented by Captain Nimasha Perera (Credit Services) and Manoja De Silva (Southern Region Office – SM OPS), reflecting the team’s consistency and competitive strength across categories.

Adding to the achievement, Team Captain Nimasha Perera was recognised as Best Player of the Category, in acknowledgement of her skill, focus, and leadership throughout the tournament.

These results reflect DFCC Bank’s emphasis on teamwork, discipline, and a high-performance mindset beyond the workplace. By encouraging employee participation in sport, the bank continues to foster a culture that values balance, resilience, and collective excellence. DFCC Bank congratulates the entire team on a commendable performance that brought pride to the organisation.

Prime Minister Dr. Harini Amarasuriya presenting the SAARC Woman Entrepreneur of the Year 2025 award to Worldlink Shipping Colombo Founder and Managing Director Vera Wickramasinghe, who was also recognised as Woman Entrepreneur of the Year 2025, in the presence of DFCC Bank Director and Chief Executive Officer Thimal Perera, Deputy Chief Executive Officer Shamindra Marcelline, and officials of the Women’s Chamber of Industry and Commerce

DFCC Bank, through its women-focused proposition DFCC Aloka, continued its long-standing support for women-led entrepreneurship by partnering with the Women’s Chamber of Industry and Commerce (WCIC) as Diamond Sponsor and Official Banking Partner of the Prathibhabhisheka – Women Entrepreneur Awards 2025, held at the Hilton Colombo.

This marks the fourth consecutive year that DFCC Aloka has supported the Prathibhabhisheka Awards, a flagship platform that recognises women entrepreneurs whose businesses are contributing to innovation, employment, and inclusive economic growth across Sri Lanka and the wider SAARC region.

Organised by WCIC, the awards honour women-led enterprises that demonstrate resilience, leadership, and measurable business impact. By highlighting these achievements, the initiative plays an important role in encouraging more women to enter entrepreneurship and in strengthening the country’s broader enterprise ecosystem.

As Official Banking Partner, DFCC Bank reinforced its commitment to women’s economic participation through DFCC Aloka, a dedicated banking proposition designed around the realities of women entrepreneurs. DFCC Aloka combines tailored financial solutions with accessibility, advisory support, and long-term partnership, enabling women-led businesses to start, sustain, and scale with confidence.

DFCC Bank Director and Chief Executive Officer Thimal Perera said, ‘DFCC Aloka was created with a clear purpose – to remove barriers and create practical pathways for women entrepreneurs to grow sustainable businesses. Our continued partnership with WCIC and the Prathibhabhisheka Awards reflects our commitment to supporting women whose enterprises contribute meaningfully to economic progress through leadership, innovation, and resilience.’

Women’s Chamber of Industry and Commerce Chairperson Gayani De Alwis said, ‘The Prathibhabhisheka Awards recognise women who build impactful businesses while navigating structural and social challenges. Our partnership with DFCC Aloka strengthens this platform by ensuring that recognition is matched with access to financial solutions that reflect the ambitions and realities of women entrepreneurs.’

Through DFCC Aloka, DFCC Bank continues to extend targeted financial support and value-added services to women-led enterprises, reinforcing its role in building an enabling environment for inclusive growth. The partnership with WCIC reflects a shared focus on strengthening women’s participation in enterprise by combining recognition with sustained financial access and support.

The Prathibhabhisheka – Women Entrepreneur Awards 2025 once again underscored the vital role women entrepreneurs play in shaping Sri Lanka’s economic future, while reaffirming DFCC Aloka’s position as a committed banking partner dedicated to advancing women’s entrepreneurship through practical, inclusive financial solutions.