Category: Daily Financial Times

Ceylinco Life has announced the appointment of industry veteran Dr. Kelum Senanayake as a Consultant, reinforcing the Company’s strategic focus on capability building, training excellence, product innovation and operational rigour.

In his new role, Dr. Senanayake will primarily oversee the training function of Ceylinco Life, working closely with the Company’s training team to provide direction, guidance and fresh insights aimed at continuously improving the quality, relevance and effectiveness of training across the organisation. He will also support product design and development initiatives as and when required, drawing on his extensive experience across the insurance value chain, the Company said.

With over 40 years of experience in the insurance industry, Dr. Senanayake brings to Ceylinco Life a proven track record of strategic leadership and operational expertise. He holds the unique distinction of being the first and only Chief Executive Officer in the Sri Lankan insurance industry to achieve the coveted Million Dollar Round Table (MDRT) status, which he accomplished in an impressive 133 days.

Dr. Senanayake previously served as Executive Director, Chief Executive Officer and Principal Officer of Arpico Insurance PLC, and also served as a Director on the Boards of Richard Peiris Distributors and Richard Peiris Finance Company. He began his career in 1982 at Mercantile Credit Ltd, the principal agent for the National Insurance Corporation, before moving to Union Assurance PLC, where he rose to the rank of Assistant General Manager during a career spanning more than 27 years. Thereafter, he joined AIA Insurance Lanka as General Manager – Operations and subsequently rose to the position of Director – Operations during a tenure of over a decade.

Over the course of his career, Dr. Senanayake has forged strong working relationships with leading global reinsurers including Munich Re, Hannover Re and Reinsurance Group of America (RGA). He has been actively involved for decades in developing and managing processes governing new business underwriting, policyholder servicing, claims, group life underwriting, product development, reinsurance, contact centres, customer experience and other critical operational areas, giving him a rare depth of both strategic and hands-on operational insight.

An alumnus of Ananda College, Colombo, Dr. Senanayake holds a Diploma in Business Management from the Worldview Institute and an MBA from the University of Western Sydney, Australia. He was conferred with a Doctor of Business Administration by the London University of Peace in recognition of his achievements and contributions to the insurance industry. Having received professional insurance training in the UK, Germany, Japan, Singapore, Hong Kong, Malaysia, Thailand, India and South Africa, he is also a respected trainer who has trained more than 20,000 insurance professionals during his career.

A few weeks ago the Government posted an advertisement calling for opinions and inputs on the review of the Tourism Act No. 38 of 2005.

I responded formally to that call. But beyond my written submission, I have spoken to many people across the tourism industry – fellow hotel owners, destination operators, travel agents, investors and professionals who have built this sector over decades. What follows is not a legal critique. It is a reflection of what the industry is feeling, what it fears, and what it believes is at stake. I was born into this industry, and have lived my entire life in it. Professionally, I have over 40 years of involvement as an operator and investor – both locally and overseas.

This is not a routine amendment exercise. This is a once-in-a-generation moment that will determine how tourism in Sri Lanka is governed, funded and managed for the next decade or more.

Tourism is not a Ministry – it is an industry

Tourism in Sri Lanka is often discussed as if it were simply another department of government. It is not.

In the current context of economic recovery, tourism has been recognised as a key pillar. It can grow faster than many other sectors, and creates jobs and livelihoods quickly because it has one of the largest multiplier effects in the economy. If we get the policy and governance framework right, the upside is not marginal – it is material.

Tourism directly and indirectly employs about 500,000 people today. Using conservative WTTC multipliers, the number of Sri Lankans whose livelihoods depend on tourism is closer to 1.25 million. These are not abstract statistics – they are hotel staff, drivers, guides, artisans, farmers, fishermen, contractors, manufacturers and thousands of small suppliers across the country.

Capital at stake

A back-of-the-envelope calculation, using SLTDA room data and realistic build costs, suggests the total capital invested in Sri Lanka’s tourism accommodation infrastructure alone is in the range of USD 15 billion – equivalent to LKR 4.6 trillion. Even this figure is likely understated. This capital stock supports an industry that earned USD 3.2 billion in revenue in 2025. The City of Dreams project alone represents roughly USD 1 billion of that investment – a useful reminder of the scale of private capital at stake. And that USD 3.2 billion revenue figure could be materially higher if we get this Tourism Act, the policy direction, the master plan and the institutional framework right.

Tourism is not built on public sector balance sheets. It is built on private enterprise.

The private sector is not a subset – it is THE sector

There is now a growing tendency to suggest that because the informal sector is large, tourism is somehow no longer a private-sector-driven industry.

This is a misunderstanding of the most basic kind.

In 2024, the SLTDA had 4,519 registered accommodation establishments providing 55,455 rooms – roughly 111,000 beds assuming two beds per room. Classified hotels contribute 17,182 rooms, with guest houses, bungalows and homestays making up the balance.

Industry estimates and SLTDA sampling suggest that the informal accommodation sector is around 60% of the total market. That implies a further 83,000 rooms or about 166,000 unregistered beds.

But here is the simple truth: those 166,000 informal beds are not owned or operated by the Government. They are owned by private individuals. So are tour guides. So are chauffeurs. So are boatmen, safari jeep operators and adventure activity providers.

Whether registered or not, the entire tourism ecosystem in Sri Lanka is privately owned, privately operated and privately financed.

To argue that tourism is not a private-sector-driven industry is not a policy position – it is simply a factual error.

Pay-to-play: inclusion must be fair

There is agreement that the informal sector must be brought into the system. But inclusion cannot mean distortion.

You cannot give operators a seat at the policy table while allowing them to remain unregistered, untaxed and outside quality and safety frameworks. That is not empowerment. That is unfair competition. Staying informal becomes a competitive advantage.

If the informal sector is to be included, it must be on a pay-to-play basis:

register

meet minimum standards

contribute financially

and then participate

Anything else undermines every operator who has chosen to comply with the system.

Marketing vs infrastructure: stop framing it as either/or

Some in policy circles argue that public spending on infrastructure should come before serious investment in destination marketing.

To be clear, toilets and visitor infrastructure matter. No serious industry operator disputes that.

But a country without a credible destination marketing engine is effectively saying: ‘We will build facilities and hope tourists guess we exist.’ That is not a strategy. It is the reason for our diminishing returns.

The correct approach is not a false choice between marketing and infrastructure. It is discipline: rules-based funding splits, transparent KPIs, and multi-year plans that allow both destination marketing and priority infrastructure to be funded, measured, and held to account.

Sri Lanka has a rare opportunity to reset its tourism governance for the next generation. If this reform is handled openly and in genuine partnership with the industry, we can create a framework that delivers stability, professionalism and investor confidence. As a stakeholder, I hope the Government treats this process as exactly that – a chance to listen, engage meaningfully and build a system the industry can believe in. There is simply too much at stake to get this wrong

Governments come and go – the industry remains

Since the Tourism Act was enacted in November 2005, Sri Lanka has had five Presidents and nine Prime Ministers across multiple administrations and coalitions.

Governments change. Ministers change. Political priorities change.

The tourism industry does not. It is built slowly, damaged easily, and repaired only with patience and trust.

Any new Tourism Act must be written for permanence, not for the politics of the moment.

Remember how the 2005 Act came about

The Tourism Act of 2005 was born at a time when Sri Lanka had no structured funding for destination marketing and no modern framework for tourism governance. I was there, participated in industry consultations, and I remember clearly the thinking that shaped it.

The principle was simple: tourism would be treated as a private-sector-driven industry, not as an arm of the State. The Act embedded that principle through guaranteed industry representation in key institutions.

To fund national promotion, the industry agreed to the Tourism Development Levy. That was not a tax imposed from above – it was a compact. The private sector accepted a financial obligation on one clear condition: in return, it would have a real seat at the decision-making table.

The message in 2005 was unambiguous:

if the industry is asked to contribute, it must also have a say.

Any attempt to rewrite the Act without recognising that history would risk weakening the trust and partnership on which Sri Lanka’s tourism success has been built.

A consultation that feels symbolic

One of the deepest sources of unease in the industry today is not the idea of reform, but the manner in which it has been pursued.

Industry bodies did not request the repeal of the 2005 Act. They were informed after a Cabinet concept paper had already been approved in principle. They submitted joint proposals in March 2025 highlighting serious concerns – including board composition, the rationale for Tourism Development Fund disbursements, and the lack of recognition of formal industry associations.

When a subsequent meeting was held in May 2025, it was formally noted that none of those proposals were acknowledged or taken up for discussion.

That is not what genuine consultation feels like. And layered onto this is a wider policy anxiety: if the last four-year tourism plan ended in December 2025 and there is no clearly articulated successor plan, then structural reform without a policy plan risks creating new structures without clear direction.

A National Tourism Commission – reform or recentralisation?

The proposal to establish a National Tourism Commission (NTC) is being framed as a way of injecting tourism-specific expertise into the system.

The concern in the industry is that it may instead become a mechanism for recentralising control inside the machinery of government – solving a State capability gap rather than strengthening sector co-governance.

Tourism does not need more bureaucracy. It needs the best minds in the business – marketers, digital specialists, revenue strategists, destination managers and hoteliers operating in professional structures insulated from political cycles.

Two principles that must not be lost

The 2005 Act was built on two simple understandings.

First, that tourism in Sri Lanka is driven by the private sector.

Second, that the Tourism Development Levy was a voluntary compact – the industry agreed to contribute financially on the clear understanding that it would have a real voice in how those funds are prioritised and spent.

Whatever replaces the 2005 Act must preserve both principles. If a new Act weakens those foundations – by treating the industry as merely one stakeholder among many, or by severing the link between contribution and voice – it does not modernise tourism governance. It breaks the compact that made industry buy-in possible in the first place.

MICE is not leisure

One practical point deserves special attention: MICE.

Meetings, incentives, conferences and exhibitions are a B2B economic development function with long sales cycles, technical bidding processes and entirely different skillsets from leisure marketing.

Combining MICE with leisure promotion leads to marketing dilution. Sri Lanka requires a dedicated Convention Bureau with specialist KPIs, staff and governance – not a merged structure that tries to be all things to all people.

Reform the industry supports

There is no shortage of areas where the industry welcomes reform:

a tourism law enforcement unit

destination management structures developed with regional tourism associations

disaster and crisis response frameworks

education reform and accreditation pathways

modern digital procurement and HR systems

KPI-driven oversight of institutions

sustainability obligations embedded in law

and rolling five-year master plans instead of ten-year fantasy documents

Embed quality over quantity and destination carrying capacity into planning

Require OTAs and Airbnb platforms to collect tourism levies at source so that all operators contribute on a fair, level playing field

These are constructive reforms. They are not contested.

Reform with the industry, not over it

The anxiety in the industry today is not about change. It is about losing voice, representation and legitimacy in a sector it has built with its own capital and risk.

But this moment does not have to end in confrontation. It can become a turning point.

Sri Lanka has a rare opportunity to reset its tourism governance for the next generation. If this reform is handled openly and in genuine partnership with the industry, we can create a framework that delivers stability, professionalism and investor confidence.

As a stakeholder, I hope the Government treats this process as exactly that – a chance to listen, engage meaningfully and build a system the industry can believe in.

There is simply too much at stake to get this wrong.

If we get it right, tourism can become an even stronger engine of national recovery, jobs and investment.

If we get it wrong, we risk politicising a sector that remains one of Sri Lanka’s most reliable economic engines.

This reform should be about partnership, not power.

It should be about performance, not control.

And ultimately, it should be about building a tourism system worthy of Sri Lanka’s potential.

President Anura Kumara Dissanayake yesterday signalled a renewed push towards a cashless economy, positioning digital payments and formalisation of economic activity as central priorities under the Government’s Digital Economy agenda for 2026.

Chairing a review meeting on projects implemented in 2025 and initiatives proposed under the 2026 Budget, the President called for faster progress on cashless transactions, digital public infrastructure (DPI), and the integration of informal economic activity into the formal system, stressing that these reforms are critical for future economic planning and development.

The 2026 Budget has allocated Rs. 25.5 billion towards Sri Lanka’s digital economy, focusing on initiatives to expand cashless transactions, DPI, and formalising economic activity.

The allocation covers the scaling up of digital Government payments through GovPay, upgrades to Government cloud infrastructure, roll-out of the Sri Lanka Unique Digital Identity, expansion of broadband access, and incentives to promote QR-based and electronic payments, including the waiving of service charges on Government e-payments from January 2026.

The Budget also earmarked funding to attract investments in data centres, artificial intelligence (AI), and cloud infrastructure, strengthen data protection and digital governance frameworks, and support startups and innovation as part of a broader push to position Sri Lanka as a competitive digital economy.

The President’s Media Division said yesterday’s discussion was held to review the progress and plans for 2026, including a national program to provide high-speed broadband facilities, provision of single-window facilities, the digital identity card project, and the project to digitalise payment of traffic spot fines.

Noting that much of the economic activity of rural communities remains in the informal sector, the President noted the need to formally document these activities and stressed that this is essential when formulating future economic and development plans.

The performance, progress, and future plans of institutions under the Digital Economy Ministry, including the Sri Lanka Computer Emergency Readiness Team (CERT), the Data Protection Authority, and the Telecommunications Regulatory Commission (TRC), were also reviewed.

The current status and new recruitments of the GovTech institution, established to implement the Government’s digitalisation program, were also discussed.

Digital Economy Deputy Minister Eranga Weeraratne, Secretary to the President Dr. Nandika Sanath Kumanayake, Senior Presidential Adviser on Digital Economy Dr. Hans Wijayasuriya, Senior Additional Secretary to the President Roshan Gamage, Digital Economy Ministry Secretary Waruna Sri Dhanapala, and senior officials of the Ministry and its institutions also participated in the discussion.

Casons Taxi has officially rebranded as The Taxi Company, effective 10 January 2026, marking a new phase in the company’s evolution with a refreshed brand identity, new logo, and an enhanced digital presence.

Under the rebrand, customers will gradually see The Taxi Company identity reflected across communications, documentation, and digital platforms as the rollout is completed. The company confirmed that rates, billing processes, and service delivery will remain unchanged throughout the transition.

‘This is purely a brand identity update. Our operations and service delivery remain exactly the same, with no disruption to corporate transport services,’ said CEO Zufer Ahamed.

Casons Taxi commenced operations in October 2011 with a modest fleet of 10 red-and-white Alto vehicles. The company’s foundation was shaped by extensive ground-level research led personally by Ahamed, who travelled in taxis, compared kilometre-based pricing, and benchmarked service standards before launching the business. He was supported by his elder brother Zakir Ahamed, Managing Director, and a serial entrepreneur with deep experience in the transportation sector.

‘That research-first approach laid the foundation for a service culture centred on consistency, responsiveness, and controlled execution. These principles have remained central as the company has grown,’ Ahamed said, adding that the company is also exploring plans for a future listing.

Today, The Taxi Company offers a wide range of mobility solutions that extend beyond passenger transport. Its services include corporate staff transport, hotel and airport transfers, scheduled pick-ups and drop-offs, and baggage transport, both in Colombo and internationally through global partners.

The company also supports logistics and delivery needs within the hospitality sector, including food delivery services for leading hotels in Colombo. In-house capabilities have been developed for office and household relocations, offering manpower support alongside truck rental solutions for larger transport requirements.

Beyond standard passenger vehicles, the company supplies driver-operated pickup trucks and utility vehicles that support operations in telecommunications, solar energy, construction, and Government projects, enabling reliable site-based mobility for technical and supervisory teams.

Responding to institutional and corporate demand, The Taxi Company has also established event transportation and coordination services, managing organised movements where timing, routing, and accountability are critical.

‘Approximately 80% of our operations are focused on corporate mobility, supported by a 24/7 customer care centre serving both corporate and public clients,’ Ahamed noted.

The company’s service-driven model has earned industry recognition, including the Excellence in Collaboration and Service Award at the Huawei South Asia Supplier Convention 2024.

Alongside the rebrand, The Taxi Company is strengthening its digital ecosystem to enhance booking control, service coordination, and customer visibility. Its new website, thetaxi.lk, is now live. A driver app is currently in beta testing, while development is underway on a corporate booking and reporting portal, with plans for a customer-facing mobile application in the pipeline.

HNB PLC has announced its partnership with MarxPay and LankaPay to introduce ‘Pay by Bank Account’ feature via JustPay Web enabling customers to make online payments directly from their bank accounts instead of using credit or debit cards.

The feature is enabled through the MarxPay Internet Payment Gateway (IPG) and represents an important step in advancing secure, bank-driven digital commerce in the country.

The new function allows customers to complete online transactions instantly by linking their bank accounts and authorising payments with only a few clicks. Tokenisation safeguards all sensitive information, ensuring a secure process while improving convenience for everyday digital purchases. The system also reduces transaction costs for merchants which supports more affordable online payments and strengthens the local digital economy. Through seamless integration with MarxPay, merchants gain a reliable and locally supported payment option that improves customer trust and conversion.

HNB Senior Vice President and Head of Digital Business, Chammika Weerasinghe said the collaboration aligns with the bank’s ongoing efforts to expand safe and reliable digital payment options. ‘HNB continues to invest in solutions that improve convenience and strengthen national payment infrastructure. Account-based payments offer a secure and cost-effective channel for customers and merchants, and this partnership supports wider adoption of locally developed digitally enabled commerce. We remain committed to working with industry partners to deliver practical, scalable and compliant digital innovations that add value to our customers.’

MarxPay CEO Rohitha Perera said the initiative will support a more resilient and inclusive digital payments ecosystem. ‘Pay by Bank Account is designed to provide Sri Lankans with a simple, secure and affordable way to complete online transactions. Our partnership with HNB and LankaPay reflects our commitment to advancing trusted, locally relevant payment solutions. We are pleased to work with institutions that share a common vision for digital progress and ease of access.’

LankaPay CEO Channa de Silva said: ‘On behalf of LankaPay, I warmly welcome HNB and MarxPay to the JustPay Web platform. This partnership marks an important step in enabling inclusive digital commerce by providing merchants-regardless of scale-with an affordable, scalable, and secure online payment option. JustPay Web is designed to remove barriers to entry, with no device costs, no minimum commitments, a considerably low slab-based tariff structure, and simple, intuitive experiences for both merchants and customers. Together, we will strengthen Sri Lanka’s digital payments ecosystem and support sustainable business growth.’

The partnership leverages LankaPay’s national payment infrastructure and HNB’s digital banking capabilities to ensure that all transactions meet required standards of reliability, security and regulatory compliance. The introduction of account-based online payments also reduces dependence on foreign payment systems and retains greater value within the domestic economy.

By promoting bank account-linked payments for eCommerce and service platforms, the initiative contributes to stronger financial inclusion and supports the growth of local businesses participating in Sri Lanka’s digital marketplace. It forms part of a broader effort to accelerate the country’s transition toward efficient, secure and sustainable digital payment solutions.

MarxPay together with LankaPay and HNB, will continue to expand technology-driven solutions that enable customers and merchants to transact with greater confidence and convenience across online channels.

Sri Lanka is expected to sustain both primary fiscal surpluses and current account surpluses over the medium term, supported by strong revenue performance, lower global oil prices, and resilient remittance inflows even as economic growth moderates, according to the World Bank’s Global Economic Outlook 2026.

The World Bank said growth in Sri Lanka is projected to decelerate to 3.5% in 2026 and 3.1% in 2027, reflecting structural impediments to growth, including factor and product market inefficiencies, the scarring effects of the economic crisis, and global economic uncertainty hurting demand for exports.

Despite the slowdown, the forecast is marginally higher than the Bank’s June 2025 outlook, pointing to improved macroeconomic stabilisation, with the 2025 and 2026 projections revised up by 1.1 percentage points and 0.4 percentage points, respectively. However, the growth projections do not factor in the impacts of Ditwah, with assessments ongoing.

The initial damage estimated by the World Bank Group was at $ 4.1 billion, or 4% of the country’s GDP in 2025.

On the fiscal front, the report said strong revenue performance in Sri Lanka is forecast to lead to reductions in fiscal deficits and public debt, reinforcing expectations that the Government will continue to run primary surpluses as part of its consolidation effort.

Externally, Sri Lanka is forecast to record current account surpluses, primarily reflecting lower global oil prices and resilient remittance inflows, particularly from member countries of the Gulf Cooperation Council, where activity is anticipated to remain robust, the World Bank said, providing a cushion against external financing pressures.

However, the outlook remains constrained by structural and demographic challenges. The Bank warned that emigration pressures are projected to remain heightened, especially among the young and highly skilled population, posing risks to medium-term growth potential and productivity.

The report also flagged global trade risks, noting that a further rise in tariffs or other trade restrictions, or heightened uncertainty about global trade policies, could dampen export demand and economic activity in the region. While South Asia’s overall trade openness is limited, the World Bank said the risk is higher for economies with greater exposure to the US, including Sri Lanka, where tariff increases or the removal of exemptions could directly weaken growth.

Sri Lankan Environmental Impact Assessment (EIA) reports show major inconsistencies in how they assess and communicate social impacts, according to a new study by Centre for a Smart Future (CSF).

As Sri Lanka seeks to accelerate investment and infrastructure delivery amid heightened climate and environmental risks, EIAs are expected to function as a core tool to safeguard communities and ecosystems. But CSF’s analysis suggests that the social dimension of EIAs is not provided sufficient attention, despite being a key requirement specified in national guidelines and Terms of Reference (ToRs), undermining EIAs’ use for decision-making, accountability, and public confidence.

The report, titled ‘Assessing the Assessments: An Analysis of Social Impacts Reported in Environmental Impact Assessments (EIAs) in Sri Lanka,’ presents the first systematic review of its kind in Sri Lanka, assessing 250 EIA reports published between 1991 and 2025 against national EIA guidelines and project-specific ToRs to examine how social impact reporting has performed over time. Findings point to systemic issues, including frequent gaps in reporting methods and data sources, inconsistent quality expectations in ToRs, and presentation and language styles that are often inaccessible to the public.

The author of the report, CSF Research Associate Senith Abeyanayake said: ‘EIAs are meant to anticipate and minimise harm to communities, especially those already exposed to environmental and economic vulnerability. But if social impacts are described inconsistently, supported by unclear evidence, and communicated in ways that the public cannot reasonably understand, EIAs cannot perform their intended role in development planning and governance.’

The report argues that improving social impact reporting is essential not only for affected communities but also for Sri Lanka’s broader development credibility. Better EIAs can strengthen investor confidence, reduce conflict and litigation risk, and help ensure development is more resilient in the face of climate-related hazards.

CSF is an interdisciplinary think tank working on research and advocacy to strengthen inclusive and sustainable public policies in Sri Lanka. The think tank emphasised that these recommendations are intended to support regulators, consultants, development partners, and civil society and to open a constructive conversation on how EIAs can better serve Sri Lanka’s long-term development goals.

The full report can be accessed from the CSF Website at www.csf-asia.org/knowledge-insights.

British University Recruitment Consultants Lanka Ltd.,(BURC Lanka), the premier student recruitment consultancy and advisory for British universities in Sri Lanka, is conducting curated, individually designed, and tailored English programs for corporates to build confident, fluent English communicators within Sri Lanka’s corporate sector, by prioritising effective communication. The programme targets corporate employees seeking to improve workplace communication, professional confidence, and English fluency in real business contexts to enhance overall corporate performance.

‘Our aim, with this curated program, is to strengthen a critical workplace skill: effective English communication, which helps to build confidence of the employee in client, stakeholder, and team interactions. Effective communication will, in turn, improve teamwork, productivity, and professional representation. Furthermore, effective communication supports talent development and leadership readiness while promoting a culture of confident communication across the organisation,’ said BURC Lanka Director and Co-Founder Imogen Thomsun.

These programs are especially designed for each company, based on a detailed needs analysis of the organisation and its employees, ensuring relevance and measurable impact. Furthermore, ongoing assessments and structured feedback are integrated to monitor development and ensure continuous improvement. The teaching approach is a balanced blend of practical and theoretical learning delivered through interactive sessions based on real-life business scenarios.

BURC Lanka has successfully delivered this teaching programme to several corporates, including Zimantra, Global Marine Group, and Synex International Ltd.

The program is delivered by BURC Lanka’s highly qualified in-house English teaching team, which comprises Nishani Tissera, who holds a BA (Hons) in English and brings strong academic expertise in language and communication, and Ruvini Weerasekara, who holds a Bachelor of Arts in Teaching English to Speakers of Other Languages, specialising in practical, learner-centred instruction.

National Savings Bank (NSB) has successfully launched Tap and Pay contactless payment functionality on the NSBPay mobile application, becoming the first bank in Sri Lanka to introduce in-app contactless payments. This landmark initiative represents a major milestone in the country’s digital banking evolution and strongly reinforces NSB’s long-term Digital Drive, aligned with Sri Lanka’s vision for a modern, cashless, and digitally inclusive economy.

With this launch, NSBPay users can now make fast, seamless, and secure payments by simply tapping their smartphones at contactless-enabled payment terminals across the island. The solution eliminates the need for physical cards or cash, delivering greater convenience while enhancing payment efficiency for consumers and merchants alike.

The Tap and Pay feature is powered by Mastercard Digital Enablement Services (MDES), utilising advanced tokenisation technology to protect customer payment information. Tokenisation replaces sensitive card details with secure digital tokens stored on the mobile device, ensuring that actual account information is never exposed during transactions. This global-standard security framework enhances consumer confidence and supports the safe expansion of digital payments nationwide.

To successfully enable this capability, NSB collaborated with leading technology partners Entrust and Data Management System Ltd., for tokenisation services, while the Bank’s fintech partner PayMedia carried out the necessary enhancements to the NSBPay application to ensure a robust and seamless customer experience.

The introduction of in-app contactless payments holds significant importance for Sri Lanka, particularly as the country accelerates its transition toward a digital-first economy. By reducing dependence on cash, improving transaction speed, and promoting secure electronic payments, this initiative directly supports national efforts to improve financial efficiency, transparency, and inclusion. It also benefits small and medium-scale merchants by enabling faster checkout experiences and greater acceptance of digital payments.

As the country’s premier savings bank with a legacy spanning nearly two centuries, NSB plays a critical role in driving financial inclusion across all segments of society. The launch of Tap and Pay on NSBPay demonstrates the Bank’s commitment to leveraging next-generation technologies to serve customers across urban and rural communities, ensuring that the benefits of digital banking are accessible to all.

This innovation further strengthens NSB’s Digital Drive, positioning the Bank as a catalyst in shaping Sri Lanka’s digital future. Through strategic partnerships with global payment networks such as Mastercard and the adoption of advanced technologies like tokenisation, NSB continues to build a secure, trusted, and future-ready digital banking ecosystem that supports national development goals.

The Tap and Pay contactless payment functionality is now available to eligible NSBPay users, marking another significant step in NSB’s journey toward transforming everyday banking .

Hemas Holdings PLC yesterday announced a significant transformation drive; Project Fusion aimed at accelerating the Group’s growth through faster decision making, greater agility, and stronger data driven capabilities.

This strategic initiative will unify core processes, digitise operational systems, and enable real time insight across the organisation, strengthening Hemas’ competitiveness in an increasingly dynamic market. Project Fusion represents a significant investment in the Group’s ability to deliver enhanced value to consumers, business partners, and the communities it serves.

As Hemas continues to grow across consumer, healthcare, and mobility sectors, the organisation has prioritised building a unified operating backbone that can support its expanding scale and the increasingly dynamic needs of the Sri Lankan and regional markets.

A cornerstone of the transformation is the introduction of a unified operating framework that will enable Hemas to deliver faster, more consistent and insight led performance across its businesses. By standardising key processes and strengthening the digital backbone of the organisation, Project Fusion will foster innovation, improve responsiveness, and unlock greater operational efficiency. The initiative also advances Hemas’ people agenda, equipping teams with data-driven capabilities and future ready skills essential for sustaining industry leadership.

Hemas has appointed KPMG as the implementation partner for Project Fusion, with EY providing independent governance oversight to ensure disciplined execution and transparent progress monitoring.

Group CEO Ashish Chandra said: ‘Project Fusion aims to bring Hemas closer together and strengthen how we work as one Group. It will help us respond to market needs faster and collaborate more seamlessly with our partners across the value chain. Importantly, this program establishes a strong digital core for Hemas-one that enables us to build future digital platforms, scale innovation, and continuously improve how we serve our customers and stakeholders. This is a long-term investment by the Group in the capabilities that matter most.’

Project Fusion underscores Hemas’ continued commitment to investing in the technology, processes, and people needed to accelerate growth and deliver sustainable performance.