Elevating Sri Lankan brands on the global stage

Creativity is a driving force behind business growth and cultural influence. Jonathan Joseph, an AOD graduate, exemplifies how Sri Lankan design talent can shape both local and international markets through strategic, commercially-minded creativity.

A graduate of AOD’s BA (Hons) Graphics and Visual Communication Design program, awarded by Northumbria University UK, Jonathan began his journey with the AOD Foundation program, which provided a solid platform for his creative and entrepreneurial development. Today, he runs his own design studio, specialising in brand identity and packaging, and is evolving his practice into Brandkind, a multidisciplinary agency with ambitions to serve global markets across branding, packaging, 3D, and digital design.

Jonathan’s portfolio includes projects that resonate deeply with Sri Lankan consumers, from FMCG products to leading tea brands. His rebranding of the national energy drink RIDE revitalised its identity, positioning it competitively on the global stage. In the tea sector, Jonathan has transformed packaging for over 11 brands, including Tea Avenue, Hyson Tea, Tea Tang, and Cassandra Organics crafted for Dubai supermarkets with vibrant visuals that merge Sri Lankan heritage with international retail sensibilities.

These projects demonstrate how AOD graduates like Jonathan combine cultural authenticity with global appeal, enabling Sri Lankan products to travel seamlessly across borders.

Jonathan’s work extends beyond local brands to collaborations with global leaders such as Google, Visa, Prudential, and Workday, reflecting the versatility instilled by AOD. He has also represented Sri Lanka at Young Spikes Asia, a platform celebrating the region’s top young creative talent, illustrating how AOD prepares designers to compete on an international scale.

Jonathan’s achievements mirror AOD’s philosophy of blending creativity with entrepreneurship. The program’s combination of hands-on learning, mentorship, and real-world client exposure provided him with the confidence to launch his studio immediately after graduation. As Jonathan reflects:

‘AOD allowed me to embrace independence, creativity, and confidence to build my practice the way I envisioned it. The exposure to real-world projects and mentorship gave me the courage to launch my studio right after graduation.’

This foundation has been pivotal in Jonathan’s evolution from a young graduate to a global-minded entrepreneur.

Jonathan’s journey highlights how AOD nurtures talent into tangible industry success. Graduates are equipped not only with creative expertise but also strategic and entrepreneurial skills that allow them to lead projects, innovate in business contexts, and compete internationally. Through AOD, Jonathan learned to approach design as a strategic tool, creating work that drives both cultural relevance and commercial impact.

Shanakiyan welcomes Sri Lanka’s three-city tourism roadshow in South India

Tamil National Alliance (TNA) MP Shanakiyan Rasamanickam has welcomed the Government’s latest tourism promotion drive in Southern India, while urging authorities to strengthen connectivity through air, sea, and potential land routes to maximise its impact.

Posting on ‘X’ on Saturday, the MP said: ‘We welcome the initiative by Tourism Minister Vijitha Herath and the Sri Lanka Tourism team on launching the 3-city roadshow in Chennai, Coimbatore, and Madurai to promote Sri Lanka in Southern India.’

The three-city roadshow, announced by Sri Lanka Tourism to boost arrivals from one of the island’s fastest-growing source markets, kicked off this week in Chennai, with subsequent events planned in Coimbatore and Madurai.

Rasamanickam, however, stressed that enhanced connectivity would be critical to sustaining the momentum generated by the campaign.

‘To make this initiative even more impactful, improved connectivity is essential-not only through more direct flights and affordable sea links, but also by exploring land connectivity options that could truly transform regional travel,’ he noted.

He added that easier access between the two countries would unlock Sri Lanka’s potential as ‘the most convenient short-haul destination for Indian travellers.’

The full announcement of the roadshow was featured in Voyagers World on Saturday under the title ‘Sri Lanka Embarks on a Three-City Roadshow Series in Southern India.’ (https://voyagersworld.in/2025/10/04/sri-lanka-embarks-on-a-three-city-roadshow-series-in-southern-india/).

ECSL named Electoral Commission of the Year at International Electoral Awards 2025

The Election Commission of Sri Lanka (ECSL) was named the Electoral Commission of the Year at 2025 International Electoral Awards Ceremony held in Gaborone, Botswana on Friday (3). The Award was received by the Commissioner General of Elections Saman Sri Ratnayake.

When selecting the recipient, the awards committee takes into consideration the effort taken to foster a community of good citizens among election practitioners and the search for best practice, evidence based research and policy in the field of elections of Electoral Commissions worldwide.

Electoral Commissions worldwide are the independent watchdogs of democratic process checking and balancing the use of democratic means by the governing political elite. Their duties are manifold and so are their Electoral challenges. Every Electoral Commission depending on their country’s Electoral system, demographic and geographic constitution has to approach its task in a fundamentally different way. Even the organisational composition and structures of Electoral Commissions differs vastly.

The award for the Electoral Commission of the Year will honour a commission taking into consideration the above described diversity of challenges, duties and organisational structures.

LOLC Finance credit rating upgraded to A+ (Stable)

Lanka Rating Agency (LRA) has awarded LOLC Finance PLC an A+ rating with a Stable Outlook, a significant step up from its previous A (Positive Outlook) rating.

As per LRA, this upgrade highlights LOLC Finance’s firm market leadership, robust fundamentals, and its ability to deliver sustainable growth despite a challenging economic environment.

As per LRA, these exceptional performance indicators translated directly into the upgraded rating. LRA cited LOLC Finance’s commanding share of the non-banking financial institution (NBFI) sector, accounting for over 36% of sector profits, 30% of industry equity, and 20% of sector assets, its resilient capital base, and prudent risk management as key factors underpinning the A+ (Stable) assessment.

As at FY24/25, LOLC Finance’s asset base stood at approximately Rs. 430 billion, representing around 20.5% of the industry’s total assets. Net interest income surged to nearly Rs. 42 billion, up 10.8% from FY24, while the core spread improved to 11.6%, driven by declining interest rates and liability re-pricing. Profit After Tax (PAT) rose sharply by 16.4% to Rs. 25.1 billion, with core income making up 84% of total income.

As per LRA, LOLC Finance continues to maintain high asset quality with gross Non-Performing Loans (NPL) at 7.3% and net NPL at 4.97%, well below industry averages, and a Capital Adequacy Ratio (CAR) of 25.9% in FY24/25, comfortably above the regulatory minimum.

The company consolidated its market presence through a series of strategic mergers in 2022 and 2023, bringing together Commercial Leasing and Finance, LOLC Development Finance, and Sinhaputhra Finance under the LOLC Finance brand. This integration created a unified platform of unmatched scale, expertise, and reach, streamlining operations, unlocking synergies, and enabling the delivery of an expanded portfolio of innovative financial solutions to an ever-growing customer base across Sri Lanka.

LOLC Finance also offers the industry’s most extensive and diversified product portfolio, spanning leasing, loans, gold loans, factoring, credit cards, margin trading, personal finance, operating leases, and alternate financial services (Islamic finance), alongside a comprehensive suite of deposit products including fixed deposits, savings accounts, and the innovative Super Saver range.

In the digital arena, its flagship fintech solution iPay has emerged as Sri Lanka’s leading digital payment platform, with a commanding 60% share of JustPay and domestic transactions, and handling transactions worth Rs. 19 billion, highlighting LOLC Finance’s commitment to technology-driven financial inclusion.

LOFC Finance PLC Chief Executive Officer Krishan Thilakaratne said: ‘This reflects not only our performance and current financial strength, but also our vision and future business plans, together with our Environmental, Social and Governance (ESG) focus and the quality of risk management, which have always been key. LOLC Finance continues to be the role model of the industry and strives to further invest in the digital transformation of Sri Lanka’s banking sector, enhance financial inclusion within the Sri Lankan population, uplift the entrepreneurial spirit, and drive product innovation.’

LOFC Finance PLC Chairman Conrad Dias said: ‘The elevation to an A+ (Stable) rating by LRA is a powerful, independent affirmation of the strategic fortitude and robust financial discipline defining LOLC Finance. This upgrade is not merely a reflection of our industry-leading performance and consolidated market position, but a testament to the disciplined execution of our long-term vision and our unwavering commitment to sustainable, technology-driven financial inclusion across Sri Lanka. It reinforces our resolve to continue setting the benchmark for governance, innovation, and resilience within the financial sector.’

Looking ahead, LOLC Finance said it plans to leverage technology to further strengthen cost efficiency, enhance customer experience, and sustain its leading market position, while maintaining the strong governance and operational standards that underpin its newly upgraded rating.

FitsAir celebrates three years of passenger operations

FitsAir, Sri Lanka’s first privately-owned international airline, celebrated three years of international scheduled passenger operations, marking another defining moment in its journey to transform air travel for Sri Lankans.

The past year has been one of exceptional growth and achievements for the airline.

FitsAir successfully launched Kuala Lumpur as a new destination on its network, expanded frequencies to Malé and Dhaka in response to strong demand, and most recently secured approvals to undertake its own ground handling operations at Colombo’s Bandaranaike International Airport.

FitsAir Director Ammar Kassim said: ‘FitsAir’s growth story is one of resilience, and bold vision. As we celebrate three years of passenger operations, we’re entering a new phase of growth, expanding our network, strengthening our operations, and investing in our people and systems.’

‘Our focus remains the same: to build a modern, efficient, and proudly Sri Lankan airline that makes regional travel simpler and more affordable,’ he added.

To mark this milestone, FitsAir has introduced a limited-time anniversary promotion, offering attractive fares from Colombo to Dubai, Kuala Lumpur, Malé, and Dhaka, with a generous baggage allowance of 20kg checked baggage and 7kg hand baggage.

The special fares are available for a limited period.

In a statement the company said that as the airline enters its fourth year of passenger operations, FitsAir remains focused on expanding its network, enhancing customer experience, and innovating across its operations. Built on a strong foundation of reliability and a deep commitment to affordability, FitsAir said it continues to carry the spirit of Sri Lanka across regional skies as the nation’s proud ‘Friend in the Skies.’

Sinner retires but Djokovic through in Shanghai

Defending champion Jannik Sinner retired injured from the Shanghai Masters but last year’s runner-up Novak Djokovic battled back from a set down to reach the last 16.

Top seed Sinner suffered a leg injury in his third-round match against the Netherlands’ Tallon Griekspoor.

He began to experience issues in the fourth game of the third set, before deciding he could not continue when trailing 7-6 (7-3) 5-7 2-3.

The 24-year-old Italian was the overwhelming favourite to win the ATP 1,000 event for a second time after world number one Carlos Alcaraz announced his decision not to compete due to an injury he picked up in winning the Japan Open.

Sinner took the first set on a tie-break and missed the chance to take a foothold in the match when Griekspoor saved three break points early in the second set.

But it was the Dutchman who eventually gained the upper hand in the 11th game, breaking the world number two with a backhand winner.

As the clock ticked past midnight, Sinner ended the fourth game of the third set crouched over in pain, limping around the court.

He then hit a series of shots into the net to be broken in the fifth game and called it quits after being helped back to his chair.

Griekspoor, the 27th seed, will face French qualifier Valentin Vacherot in the next round after his opponent, 20th seed Tomas Machac, also retired injured.

Sinner was the second big name to bow out on Sunday, with fourth seed Taylor Fritz losing his third-round match 6-4 7-5 to Frenchman Giovanni Mpetshi Perricard.

Djokovic said he showed ‘a lot of guts’ to come back from a set down in humid conditions to beat inspired qualifier Yannik Hanfmann and reach the fourth round.

The 38-year-old Serb looked sluggish in the first set but recovered to win 4-6 7-5 6-3 in two hours and 42 minutes.

Djokovic will face unseeded Spaniard Jaume Munar in the last 16.

M Power Capital delivers over Rs. 53 b in structured finance transactions over five years

M Power Capital Securities Ltd., (MSEC) said it has facilitated over Rs. 53 billion in structured finance transactions over the past five years, reinforcing its position as a premier debt arranger in the country’s financial sector.

Having commenced operations in 2014, the firm has focused on delivering structured finance solutions that address the funding requirements of financial institutions across both short and long-term horizons. The cumulative volume between 2020 and 2025 reflects growing investor appetite, trust for well-structured credit products and an evolving sophistication in Sri Lanka’s debt capital markets.

A key highlight of M Power Capital’s journey is zero default due to focussed and intelligent due diligence/risk management. This is underscored by meticulous periodic portfolio reviews and performance monitoring with results independently audited by external accounting firms. Additionally, select transactions are subjected to third-party ratings, further validating the risk management rigor that underpins MSEC’s structuring approach.

Over the 5-year period, the company has built a client base of more than 500, with over 50% comprising HNIs across the investor spectrum.

The transactions span a broad credit spectrum. The majority of the transactions fall within the investment-grade category, with a balanced distribution across other risk tiers. Unrated structures were supported by comprehensive internal credit assessments and credit enhancements where appropriate.

Unrated Issuer structures were supported by comprehensive internal credit assessments and credit enhancements where appropriate.

Over the five-year period, MSEC has successfully structured and placed more than 60 securitisation transactions, enabling a diverse mix of non-bank financial institutions and corporates to access funding for a variety of needs, including but not limited to short-term liquidity and longer-term capital requirements. These transactions have contributed significantly to credit intermediation, liquidity management, and financial inclusion.

The firm’s role extends beyond advisory, encompassing transaction structuring, credit evaluation, documentation and placement, ensuring alignment of risk and return for both originators and investors.

Reaching this Rs. 53 billion milestone underscores M Power Capital’s disciplined approach, marked by transparency, robust structuring standards, and investor-centric solutions, which continues to set benchmarks for the industry.

Looking ahead, the firm said it remains committed to deepening partnerships with financial institutions and corporates across the country, helping them unlock new funding channels, diversify capital structures, and drive sustainable economic growth while building a more resilient and inclusive capital market ecosystem.

Xeptagon opens first office at Colombo Port City IT Park

Xeptagon has opened its new office at the Colombo Port City Business Centre, becoming the first company to operationalise within the Port City IT Park and the first in the climate finance technology sector to establish a presence there.

This milestone reflects both Sri Lanka’s emergence as a base for innovation and Xeptagon’s growing reputation as an international leader in delivering trusted climate finance infrastructure.

From this new office, Xeptagon will continue advancing its work across global markets. In recent years, the company has deployed Article 6-aligned national carbon registries, climate finance platforms, and systems that enable countries and corporates to achieve carbon neutrality and meet Paris Agreement requirements, alongside governance solutions. Its engagements span multiple continents, with initiatives involving Fortune 500 companies and Governments in Hong Kong, Hungary, Kenya, Namibia, Norway, Singapore, South Korea, Sri Lanka, the United Kingdom, the United States, Vietnam, and Zimbabwe, among others. These deployments have positioned Xeptagon as a go-to partner for global organisations and intergovernmental programs seeking high-integrity climate technology systems.

Xeptagon’s rapid international growth has been fuelled by strong collaborations with leading corporates and institutions. Its partnership with Schneider Electric integrates advanced emission estimation tools into digital platforms, enabling corporates to measure, reduce, and neutralise emissions with precision. With Hedera, Xeptagon has introduced blockchain-based immutability and transparency into carbon credit infrastructure, supported by Hedera’s global governing council that includes organisations such as LG, Google, and Boeing. In Asia, Xeptagon is the technology partner for a new carbon exchange in Korea, seed-funded by SK Securities, the country’s second-largest securities firm, showcasing its role in enabling advanced carbon trading systems. Partnerships with Big Four advisory firms extend Xeptagon’s influence across the Middle East and North Africa, while collaborations with JICA in Japan and IPD in Germany, an initiative of the Federal Ministry for Economic Cooperation and Development, and strengthen access to key international markets.

The company’s achievements have been validated by some of the world’s most selective international programmes. In 2025, Xeptagon was chosen for the Accenture FinTech Innovation Lab Asia-Pacific, joining a small global cohort to receive direct mentorship from leading banks and investors. This recognition not only affirms Xeptagon’s product-market fit but also provides access to strategic fundraising opportunities and global scaling. In Hong Kong, Xeptagon is incubated at Cyberport, a hub that hosts multiple unicorns and anchors the region’s fintech ecosystem, where it is currently delivering several Green FinTech proof-of-concepts. Further strengthening its credentials, Xeptagon was named a top-10 global finalist in the Digital Public Infrastructure Challenge, recognised for developing an open-source registry module that integrates SDG co-benefits alongside carbon accounting. Organised by JICA and the Boston Consulting Group, the challenge highlights Xeptagon’s ability to broaden the scope of climate finance beyond carbon alone, integrating sustainability impacts across social and environmental dimensions. Xeptagon has also been featured on the Hong Kong Green FinTech Map and was named a finalist in the Hong Kong Green FinTech Competition.

The opening of the Colombo Port City office marks both a national and international milestone. As the first tenant to operationalise within the IT Park, Xeptagon is setting a precedent for Sri Lanka’s role in global innovation. At the same time, its partnerships and achievements across Asia, Africa, Europe, and Latin America demonstrate that the company is not only building systems but shaping the future of climate finance itself. By combining technical expertise, global partnerships, and recognition from some of the most competitive programs worldwide, Xeptagon is well positioned to continue delivering transformative infrastructure for sustainable markets on a global scale.

RIUNIT apartment market analysis: Colombo 5 shines bright

When conducting the latest analysis of real estate data (Q3 2025), one of the most positive observations that can be made is with respect to the recovery of the apartment market prices in Colombo measured in USD. Whilst average apartment prices, measured in LKR continued to witness an upward incline, even during COVID and the economic crises, much of the trend is attributed to the unprecedented currency depreciation that took place in 2022. This rendered the LKR as limited in use as a tool to gauge property market trends, especially for an international investor. However, the recovery in USD and other major currencies is more impressive because it withstood the depreciation and has since compensated for the drop in value of the LKR. Simply put, if you purchased an apartment property in Colombo in 2021 in foreign currency, you experienced some volatility in prices during 2022/23 but by 2024/25, you are in positive capital gains territory.

A second striking observation with reference to the rise of Colombo 5 in terms of new apartment inventory, apartment price gains as well as the increase in land prices. In our comparative analysis of Colombo, the Colombo 05 area stands out as the all-round best performer.

With reference to Tier 2 and 3 luxury apartments, Colombo 5 price trends have continued to remain above the average for Colombo as measured on a per-sq.-feet basis. Whilst the entire market dipped in 2022 (in USD terms), the pace of recovery has been strongest in the Colombo 5 area.

It is also interesting to note that this vibrant part of the Colombo city is increasing its popularity amongst developers who are catering to the top end of the apartment market. This is illustrated by the upcoming supply that is targeting the upper end of the market.

A case in point, Fairway Holdings, who have already transformed the skyline of Rajagiriya, is now set to enter the Colombo 5 market with its upcoming project, Fairway Latitude, scheduled to launch in the coming months. The development will feature 176 units and is located on High Level Road, opposite Stafford Avenue.

Commenting on the market trend, Research Intelligence Unit CEO Roshan Madawela said, ‘The rise in popularity of this part of Colombo can be attributed to several key factors. Firstly, Colombo 5 provides its residents with some of the best social and physical infrastructure in the capital. For instance, the hospitals and international schools in this area makes it extremely attractive for the buy-to-live market, especially parents with kids or retired couples. Secondly, the centrality offered by this location makes it particularly attractive to tourists, extended stay tourists and the diaspora who visit the country regularly. Hence, property investors have invested and are reaping the benefits of improving rental yields.’

He added, ‘Barring any more external shocks, we expect the apartment market in Colombo to gather momentum from several positive factors that include the growth in tourism as well as the rise in incomes that are driven by economic growth.’ According to the latest data from RIUNIT, Colombo 5 is certainly leading the way in this connection.

International Day for Universal Access to Information

Following is the statement endorsed by the participants at the International Day for Universal Access to Information held in Manila, Republic of the Philippines on 29-30 September 2025.

In accordance with the 1948 Universal Declaration of Human Rights,

Recalling key international instruments, including the 1992 Rio Declaration, especially Principle 10, and the 2015 Paris Agreement, in particular its Preamble, which affirms the integration of human rights in climate action, and its Article 12, which promotes cooperation to enhance climate change education, training, public awareness, public participation and public access to information.

Underlining the importance of national and local implementation of the Rio Declaration (1992), we note the beneficial impact of its application in countries that are parties to the Aarhus Convention (1998) and the Escazú (2018) Agreement.

Further recalling the 1993 Vienna Declaration’s affirmation of the universality and interdependence of human rights, and its recognition that environmental harm disproportionately affects vulnerable populations.

Highlighting the Windhoek+30 Declaration, reaffirming information as a public good and underlining that its principles were endorsed by UNESCO’s 2021 General Conference.

Welcoming UN Human Rights Council Resolution 48/13 (2021) and UN General Assembly Resolution 76/300 (2022), recognising the right to a clean, healthy, and sustainable environment.

Acknowledging the Global Digital Compact (2024) as a forward-looking global framework that recognises the importance of responsible data governance in the context of environmental sustainability.

Noting the critical link between environmental rights and sustainable development, particularly in advancing SDG target 16.10, which calls for the adoption of statutory guarantees for public access to information.

Recalling the specific recommendations on adopting or strengthening access to information legislation made during the Universal Periodic Review (UPR) processes of the UN Human Rights Council.

Convinced that strengthening access to environmental information will reinforce human rights protections and advance sustainable development globally, including in Southeast Asia.

The participants of the Global Conference IDUAI 2025 hereby reiterate:

1. Access to environmental information is a cornerstone of environmental protection and sustainable development, including in Southeast Asia. In all regions facing accelerating environmental degradation, climate risks, and biodiversity loss, empowering people with timely, reliable, and accessible environmental information is essential to ensure informed decision-making, community resilience, and accountability.

2. Every person has the right to seek, receive, and use environmental information held by public authorities and, where relevant, private entities. This includes data on environmental quality, emissions, ecosystem status, and the potential risks posed by industrial and extractive activities, both on land and in the marine environment. Governments must proactively collect, publish, and disseminate such information through electronic and other accessible means, using culturally appropriate formats and languages, especially for vulnerable and marginalised groups.

3. Environmental information systems must be transparent, well-organised, and easily accessible, including for people with disabilities. Information should be released proactively or made available promptly upon request, with no undue restrictions on reproduction or use. Legal and administrative measures should also be introduced to enable public access to environmental information held by private sector entities, including through requirements for sustainability reporting, due diligence disclosures, and environmental impact assessments. We urge governments to ensure the independence of the oversight mechanisms and remedies to address denial of access, delays, or failures to release information.

We, hereby:

A) Welcome the proactive actions of the Association of Southeast Asian Nations (ASEAN) Intergovernmental Commission on Human Rights (AICHR) and ASEAN Member States towards the development of an ASEAN Declaration on the right to a safe, clean, healthy and sustainable environment, and welcome its upcoming consideration for adoption.

B) Encourage Member States to strengthen access to information, to define environmental information broadly, to establish public environmental information clearinghouses to serve as centralised, publicly accessible data repositories, and to develop clear dissemination frameworks with legally defined timelines and procedures.

C) Urge Governments to enact legislation requiring proactive publication of environmental threats and ensure that the grounds for denying access to environmental information are strictly limited to reasons permitted under international human rights law and subject to proportionality and necessity.

D) Promote access to environmental information for communities potentially affected by transboundary or high-risk activities, in accordance with international principles, including Principle 19 of the Rio Declaration, and in line with the right to free, prior and informed consent of Indigenous Peoples, as recognised in the UN Declaration on the Rights of Indigenous Peoples. This includes advance notice, full disclosure of risks and mandatory public participation of potentially impacted communities in environmental and social impact assessments for major projects, including cross-border consultations.

E) Recommend accelerating efforts to assist Small Island Developing States (SIDS) that do not have ATI legislation in adopting such legislation and developing implementation mechanisms that consider the recommendations provided by the Access to Information Model Law for SIDS.

F) Request to expedite the achievement of Sustainable Development Goal 16.10, ensuring public access to information and the protection of fundamental freedoms, given the urgent need to accelerate the adoption of access to information legislation in the more than 50 countries that still lack such laws. Member States must lead this global effort, ensuring that all people can meaningfully engage in protecting their environment and future. We further call for regular global monitoring of progress, with the UN system reporting annually on advances and gaps in access to environmental information worldwide.

G) Encourage all relevant stakeholders to join the Global Initiative for Information Integrity on Climate Change, co-chaired by the Government of Brazil, UNESCO and the United Nations, underlining the central connection between access to information and information integrity.