July, 19, 2024

Finance Ministry to offer financial support for MSMEs facing hardships

Finance Ministry to offer financial support for MSMEs facing hardships

The Ministry of Finance, in a bid to re-energize the Micro, Small and Medium-scale Enterprises (MSMEs) facing hardships, will offer financial support through a re-energizing package for investment and working capital, the President’s Media Division (PMD) said.

Accordingly, loans are available at affordable rates of 8% for working capital and 7% for investment via 15 participatory financial institutions, including licensed commercial and specialized banks, to support MSMEs that survived the crisis and those in the non-performing loans category, it added.

July, 19, 2024

Financial aid package to revitalise MSME sector

•Investment loans up to Rs. 15 m at a concessionary interest rate of 7%

•Working capital loans up to Rs. 5 m at a concessionary interest rate of 8%

•Rs. 18 b allocated for loan disbursement

•15 banks and financial institutions partner with the Government for this initiative

•To advance national development, it is essential to strengthen small and medium enterprises

•Establishment of a National Development Bank for Small and Medium Enterprises

With the aim of revitalising micro, small, and medium-scale enterprises (MSMEs), a comprehensive package of financial facilities were introduced yesterday under the patronage of President Ranil Wickremesinghe at the Presidential Secretariat. This package includes both investment and working capital facilities for MSMEs.

15 participatory Financial Institutions, including Licensed Commercial Banks and Licensed Specialised Banks, are offering these loans at subsidised interest rates. This initiative is designed to support MSMEs that have maintained operations despite the ongoing crisis.

The loans are provided under two main categories: support for MSMEs and assistance for MSMEs with non-performing loans. The Ministry of Industries will issue recommendation letters to eligible MSMEs that require financial support and have the potential to upgrade their businesses to the next level.

Under the Micro, Small, and Medium Enterprises Strengthening Investment Loan scheme, loans are available at a concessional interest rate of 7% for a period of 10 years, with a maximum limit of Rs. 15 million. A total of Rs. 13 billion has been allocated for this scheme.

For micro, small, and medium-scale enterprises (MSMEs) under the non-performing loans category, a working capital loan of up to Rs. 5 million is provided for a period of five years at an interest rate of 8%. The total allocated amount for this initiative is Rs. 5 billion.

The participating financial institutions include Bank of Ceylon, People’s Bank, Regional Development Bank, State Mortgage and Investment Bank, Hatton National Bank, Seylan Bank, Sampath Bank, Commercial Bank, DFCC Bank, National Development Bank, Nations Trust Bank, Sanasa Development Bank Ltd., Union Bank, Pan Asia Bank, and Cargills Bank.

President Ranil Wickremesinghe, speaking at the event, emphasised that strengthening MSMEs is crucial for the country’s progress. He highlighted that small and medium-scale entrepreneurs were the most affected by the recent economic collapse in Sri Lanka, and the Government is prioritising their recovery. The President also announced the establishment of a National Development Bank to provide necessary capital to MSMEs.

Additionally, Wickremesinghe mentioned efforts to attract foreign investments to support large-scale entrepreneurs and outlined the Government’s programs aimed at uplifting the common people of the country.

This new credit scheme aims to enhance the resilience of micro, small, and medium enterprises (MSMEs) as they recover from the economic crisis and navigate risks stemming from changes in the business environment, including climate change. Special attention is given to sectors such as agriculture, tourism, manufacturing, technical and export-oriented industries, and women-led MSMEs (excluding trading, leasing, and business rental) that require working capital financing.

The scheme also supports the Government’s objective of securing foreign exchange and transforming the economy from an import-dependent model to an export-driven one.

Present at the event were Minister of Health and Industries Dr. Ramesh Pathirana, State Ministers Ranjith Siyambalapitiya, Shehan Semasinghe, Prasanna Ranaweera, Chief of Staff to the President and Senior Advisor to the President on National Security Sagala Ratnayaka, Secretary to the Ministry of Finance Mahinda Siriwardena, and other senior officials from the Ministry of Finance.

June, 25, 2024

CMA Sri Lanka UN MSME Day Development Summit 2024 on Thursday

•Theme – “MSMEs the key driving force for economic growth in Sri Lanka”

The CMA Sri Lanka SME Development Committee will be celebrating the UN MSME Day falling on 27 June by conducting the CMA Sri Lanka UN MSME Development Summit 2024 under the theme of “MSMEs the key driving force for economic growth in Sri Lanka” for the third time, at Ballroom, Hotel Galadari.

The UN Day MSME summit will be inaugurated on 27 June at 8:30 a.m. at Hotel Galadari by the Chief Guest ADB Country Director Takafumi Kadono, in the distinguished presence of representatives from UN, Secretary Ministry of Industries, Deputy General Manager Grameen Trust Bangladesh, General Managers of participating banks and finance companies, MSMEs, industry experts, professionals and committee members.

The program will have an inaugural session, two technical sessions, panel discussion and presentations from SME bank customers on business revival with the support of participating banks.

Some of the key matters applicable to the MSME sector will be highlighted at the Summit. This will include ADB support for the MSME sector, turning unemployment into entrepreneurship, business revival and the role of commercial banks, benefit of the credit guarantee institution and its role in supporting SMEs and entrepreneurship development, cash flow and liquidity management, and costing and pricing, setting up of export houses to promote exports, export financing, need for a MSME Development Act to promote and develop MSMEs.

The committee will be actively working on the implementation of (a) Setting up of Export Houses to promote exports of MSMEs (b) Definition for MSMEs (c) MSME Development Act to promote and safeguard MSMEs (c) Training in accounting, finance, costing and pricing (d) Use of technology and e-commerce.

The CMA Sri Lanka SME Development Committee comprises members from professional bodies, commercial banks and industry experts who have been meeting since April 2020 to find solutions and support the SME sector. They have organised conferences, workshops and UN MSME Day events annually since 2021. The UN General Assembly has declared 27 June Micro-, Small and Medium-sized Enterprises Day, to raise public awareness of their contribution to sustainable development and the global economy.

The MSME sector is the backbone of most economies worldwide including Sri Lanka and plays a key role in developing countries. In Sri Lanka, MSMEs comprise more than 75% of enterprises and account for 52% of GDP, 45% of employment, and a meagre 5% in exports which we have recommended be increased with the setting up of Export Houses.

The CMA Sri Lanka SME Development Committee The CMA Sri Lanka COVID-19SME Development Committee under the leadership of Prof. Lakshman R. Watawala has been active since April 2020 and a significant achievement of the committee was fulfilling the great need to support those entrepreneurs who were unable to provide collateral or security to banks by recommending to the Ministry of Industries in 2020 to submit a Cabinet Paper to reactivate the stalled SME Credit Guarantee Institution which was supported by the ADB and was pending in the approved projects list and to restart this project immediately. This was subsequently approved by the Cabinet on 27 April 2021 and responsibility given to the ERD of the Finance Ministry who has now finalised the setting up of the NCGI which will be launched shortly.

June, 20, 2024

President announces host of proposals to boost industrial sector expansion

•Declares establishment of new development bank, Economic Commission to boost industrial growth at inauguration of ‘International Industry Expo 2024’

•Insists development of country cannot be achieved via constant litigation

•Says Sri Lanka must be driven by a cohesive national policy

President Ranil Wickremesinghe yesterday announced a host of initiatives to empower small and medium entrepreneurs (SMEs) and boost the industry sector.

Speaking at the inauguration of the first ‘International Industry Expo’ organised by the Industrial Development Board (IDB), the President announced the establishment of a new development bank with the opportunity to obtain loans at low interest rates aimed at providing financial support to industrialists in Sri Lanka.

He also revealed plans to set up an Economic Commission to oversee these activities, along with the creation of a new institution called ‘Enterprise Sri Lanka’ to empower small and medium entrepreneurs.

The International Industry Expo 2024, is the first event of its kind with over 1,000 international industrial entrepreneurs from various countries, along with local large-scale and medium-scale industrialists, who are participating in the event running till 23 June at the Sirimavo Bandaranaike International Conference Hall.

The President highlighted the pivotal role of the manufacturing sector in transition and the need for it to evolve into a competitive and digital economy aligned with the goals of zero carbon emissions and fostering a sustainable economic growth.

Wickremesinghe also noted the obstacles posed by frequent legal challenges to development initiatives and emphasised the need for a consistent national policy to foster progress.

“Some individuals have become accustomed to taking every development initiative to Court, which hinders progress. Our country can only be developed through a cohesive national policy,” Wickremesinghe stated.

The President reflected on Sri Lanka’s economic recovery, stating: “We were once a bankrupt nation. However, in the coming weeks, we anticipate shedding this label entirely. Our focus must now shift to debt repayment strategies, as we aim to settle outstanding loans over an extended period, ideally extending until 2042.”

Wickremesinghe also stressed on the importance of transitioning from an import-based economy to an export-oriented one. “Given that we are primarily an import-based economy, we continually need foreign exchange to cover these imports. Without sufficient foreign exchange reserves, we are compelled to resort to taking loans, which can potentially lead to another economic crisis within the next 15-20 years. Hence, our current focus is on transitioning to an export-oriented economy.”

The President also commended Industries Minister Dr. Ramesh Pathirana for his diligent efforts in spearheading the development of the industrial sector in the country. The industry exhibition, being the largest in the country, is a significant initiative under his stewardship.

The expo features 1,307 exhibition booths, including a separate green industrial zone for the first time. Additionally, an experimental academic conference on green industrialisation will be held during the exhibition.

Minister Dr. Pathirana commends all industrialists in the country for their perseverance in advancing the industry despite numerous obstacles. “They deserve recognition from the nation for their efforts,” he added.

Dr. Pathirana also appreciated the President’s strong commitment by establishing garment factories and facilitating free trade agreements to promote the industrial sector.

June, 14, 2024

T-Jay Enterprises key advertiser in Latest Rainbow Pages Business Directory

T-Jay Enterprises (Pvt) Ltd., a prominent player in the Local Industrial Equipment, Material Handling Equipment Supplies, Fluid Handling Pumps & Electric Golf Vehicles, have solidified its position as a key advertiser in the upcoming release of Rainbow Pages, the National Business Directory 2024/25, presented by SLT-MOBITEL group. As one of the top 20 clients of the National Business Directory, T-Jay Enterprises has recognized the value and potential of this comprehensive marketing platform.

Scheduled for release by the end of the year, Rainbow Pages, the National Business Directory 2024/25 promises to be the most updated and extensive business directory in Sri Lanka. Under the contract, T-Jay Enterprises will enjoy a range of online and offline advertising options and potential marketing solutions tailored to their needs, including digital marketing strategies, web solutions, e-commerce, shopping cart and content development services.

Managed by Sri Lanka Telecom (Services) Limited (SLT-SERVICES), a subsidiary of the SLT-MOBITEL group, Rainbow Pages, the National Business Directory caters to Micro, Small, and Medium Businesses (MSMBs), offering various advertising formats such as online, eBook, call centre and printed book options. This directory is renowned for its comprehensive coverage, featuring over 10,000 daily online searches and 6000+ business listings across diverse sectors, including government institutions and places of worship.

One of the standout features of the Rainbow Pages Directory is its provision of verified contact details, enhancing the local search experience for users. Additionally, listed businesses benefit from search engine optimization (SEO), enabling them to maximize their online visibility and reach. Furthermore, the directory provides eligibility for government tenders, opening up new opportunities for growth and development.

SLT-SERVICES, with its focus on digital marketing and web development solutions, are poised to deliver exceptional value to its clients. For more information about Rainbow Pages, the National Business Directory and its advertising options, interested parties can visit www.rainbowpages.lk or contact the hotline at 0112399399.

Photo caption: Mr. Themiya Udalagama, Chairman of T-Jay Enterprises and Mr. Upul Manchanayake, Chief Officer-Digital Services of SLT-SERVICES (center) exchanging the agreement, Mr. Buddhika Atukorala, Director – Sales & Marketing (left) along with representatives from the SLT-SERVICES management team, pictured at the contract signing ceremony.

June, 09, 2024

SLTDA aims to formalise boutique hotels to handle tourist influx

• Anticipated growth may lead to room shortages by ’25

• SLTDA seeks quality standards adherence in informal sector

• Informal sector’s impact on country’s image prompts formalisation efforts

The Sri Lanka Tourism Development Authority (SLTDA) aims to transition informal sector luxury boutique hotels into the formal sector to meet the increasing influx of high-end tourists, in addition to seeking to attract local and foreign investors for new hotel projects or expansions to address the growing demand.

Speaking to The Sunday Morning Business, SLTDA Chairman Priantha Fernando stated: “If markets such as China open up, the tourist inflow will be much greater, alongside the tourism promotional campaigns carried out globally. Therefore, the number of high-end tourists coming to Sri Lanka will increase, while the country will run out of accommodation by 2025.”

He noted that they were on track to achieve their target of 2.3 million tourists for 2024, with expectations of reaching around 2.7 million next year if the current trend persisted.

This anticipated growth suggests that the country is likely to experience spillover benefits in the coming years.

Since the current inventory will prove inadequate by the end of 2025, the SLTDA is addressing the shortfall in room capacity through two approaches.

Firstly, it is engaging with the informal sector, comprising 30,000-35,000 unregistered rooms, aiming to formalise operations within the sector.

Fernando explained that the difference between the informal sector and the formal sector was that the latter’s hotels came under the scrutiny of the SLTDA. Further, they have to maintain quality standards and ensure that they conform with criteria that have been laid down under different categories.

According to the SLTDA, there is an overall threat to the image of the country as a result of the informal sector failing to maintain qualities and standards.

The SLTDA is also focusing on both local and foreign investors through global promotional campaigns. Fernando clarified that they were hoping to attract new investors, both local as well as foreign, to come in to meet the demand.

June, 10, 2024

MSMEs call for Govt. action to promote entrepreneurship

• Sri Lanka United Business Alliance Chairperson Tania Abeysundara claims entrepreneurs have become economic victims

• Stresses President Wickremesinghe must promote entrepreneurship than stifling

• Sri Lanka Shippers Council Chairman Sean Van Dort comes hard on corruption at BOI, Customs, SLPA

• Footwear and Leather Industry Association President Buddhika Wimalasiri questions CBSL’s regulatory oversight; banks making hefty profits whilst failing to support struggling industries

Representing the micro, small and medium enterprises (MSMEs), the Sri Lanka United Business Alliance last week called on the Government to develop a comprehensive plan to promote entrepreneurship and tackle the challenges facing businesses in the current economic climate.

Speaking to the media, the small business leaders’ underscored the need for a cohesive strategy to encourage entrepreneurship, improve digital infrastructure and support struggling businesses to ensure sustainable economic growth.

Sri Lanka United Business Alliance Chairperson Tania Abeysundara voiced concerns over the lack of support for entrepreneurs.

“We, the entrepreneurs, have become economic victims. There is no world beyond the International Monetary Fund (IMF) for the Government now. The IMF was essential to prevent the country from going bankrupt, but if it saved the economy, the President must create plans to promote entrepreneurship. Instead, the Government is only making plans that stifle the entrepreneur,” she stated.

Sri Lanka Shippers Council (SLSC) Chairman Sean Van Dort highlighted the difficulties importers and exporters face due to the reluctance to fully embrace digital solutions.

He noted that during the COVID-19 pandemic, operations at Customs, Ports, and Airports were digitised, which allowed for smooth operations. However, post-pandemic, there has been a reversion to manual checks, leading to inefficiencies and corruption.

“We have to bow to these officers who don’t care about the country’s welfare but are more focused on personal gains,” Van Dort claimed.

He also alleged that the Board of Investment (BoI) verification office demands bribes and that Customs and Ports Authority are involved in undervaluation deals that deprive the Government of revenue.

Against this backdrop, Van Dort called on the Government to demonstrate strong political will and commitment to achieving 100% digitalisation, insisting on the need for a paperless environment to boost trade and competitiveness.

Footwear and Leather Industry Association President Buddhika Wimalasiri criticised the lack of support for industries amidst high electricity tariffs.

“Cow dung is a good fertiliser, but no one raises cattle just for dung. The hide of a dead cow can be converted into dollars, but for the past 76 years, our people have failed to capitalise on this. We lack the leather to produce goods domestically and have to import it, which requires dollars earned by sending our women to the Middle East,” he argued.

Wimalasiri also pointed out the thriving banking sector’s failure to support struggling industries, questioning the Central Bank’s regulatory role.

Small and Medium Enterprises Federation former Secretary Janaki Amarasinghe highlighted the plight of enterprises and individuals blacklisted by the Credit Information Bureau (CRIB). “Those blacklisted by the CRIB are trapped in severe financial difficulties and it is truly shameful that none of the organisations are offering any support,” she said.

June, 05, 2024

‘Enterprise Sri Lanka’ to boost SME sector

• Greater onus on EDB, NEDA, IDB and SLECIC via restructuring

The Cabinet of Ministers on Monday approved the establishment of a new entity named ‘Enterprise Sri Lanka’ aimed at supporting small and medium-scale enterprises (SMEs).

The initiative is designed to restructure the institutional and legal frameworks of several existing organisations to provide more effective development and monitoring of SMEs.

The organisations under the restructuring include the Export Development Board (EDB), National Entrepreneurship Development Authority (NEDA), Industrial Development Board (IDB), Sri Lanka Export Credit Insurance Corporation (SLECIC), and the Small Enterprises Development Division of the Ministry of Sports and Youth Affairs.

In addition to creating ‘Enterprise Sri Lanka,’ the Cabinet decided to direct the Legal Draftsman to formulate a draft bill to facilitate the process.

“By streamlining and consolidating various support mechanisms under one entity, ‘Enterprise Sri Lanka’ aims to provide more coordinated and efficient assistance to SMEs across the country,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the weekly post-Cabinet media briefing yesterday. He also noted that the move was made after a comprehensive review by experts, where they considered international best practices, in recognition of the need for a consolidated agency to monitor and develop SMEs more effectively.

May, 22, 2024

SMEs Empowered: A Recap of SLT-MOBITEL's Island-wide Focused Group Awareness.

SLT-MOBITEL recently revolutionized how SMEs in Sri Lanka do business, by conducting several Focused Group Customer Awareness programs covering all major areas in Sri Lanka. This initiative was all about getting up close and personal with potential cloud service users, understanding their needs, and showing them the power of cloud-based solutions.

At the heart of these events were intimate one-on-one discussions where attendees not only learned about SLT-MOBITEL's cloud offerings but also got to share their specific requirements. It was a personalized approach that ensured each business got the tailored insights they needed to thrive.

But it didn't stop there. The SME Focused Group Awareness events went beyond presentations; they offered hands-on demonstrations and group discussions, fostering collaboration and innovation among participants. It was all about empowering SMEs with the tools they needed to succeed in the digital landscape.

So, for SMEs looking to level up their business, SLT-MOBITEL's enterprise solutions proved invaluable. They experienced the success of cloud-based business applications and took their businesses to new heights.

May, 21, 2024

Kapruka Holdings first e-commerce site in SL to offer web-based direct bank payments with LankaPay

Kapruka Holdings PLC, has announced its groundbreaking partnership with LankaPay.

This strategic collaboration makes Kapruka the first e-commerce site in Sri Lanka to offer web-based direct bank payments, enhancing the convenience and security of online shopping for its customers.

With this innovative integration of LankaPay’s JustPay Web service, Kapruka customers can now make direct payments from their bank accounts by simply typing in their bank account number. This novel method eliminates the need for bank wallet apps or third-party payment apps, streamlining the payment process and providing a seamless shopping experience.

Kapruka Holdings PLC has consistently been at the forefront of transforming Sri Lanka’s e-commerce landscape. The introduction of web-based direct bank payments is a testament to Kapruka’s commitment to innovation and customer convenience. By leveraging LankaPay’s JustPay Web service, Kapruka ensures a secure, swift, and straightforward payment option for its customers.

Key features of the new payment method: Simplicity: Customers can complete transactions by entering their bank account number directly on the Kapruka website, bypassing the need for third party apps; Security: JustPay Web employs cryptographic encryption and digital certificates, complying with military-grade security standards and operating in a PCI-DSS compliant environment; and Cost-effectiveness: With nearly zero transaction costs, this payment method is highly economical, benefiting both customers and merchants.

Launched by LankaPay earlier this year, JustPay Web extends the functionality of LankaPay’s groundbreaking payment product, JustPay, to browser-based applications. This partnership with Kapruka not only enhances the usability, accessibility, and security of online payments but also aligns perfectly with Kapruka’s mission to provide trustworthy and efficient services to its customers.

This strategic move is set to revolutionise the way customers transact with Kapruka, ensuring a smooth and secure transaction process. It is expected to significantly boost customer satisfaction and further solidify Kapruka’s leading position in Sri Lanka’s e-commerce sector.

May, 18, 2024

Commercial Bank in strategic partnership with Q&E to enhance SME capabilities

Commercial Bank has announced a strategic partnership with Q&E to enhance the capabilities of small and medium enterprises (SMEs) through the Commercial Bank LEAP Global Linker platform.

The Commercial Bank LEAP GlobalLinker is a pioneering initiative in Sri Lanka, spearheaded by the bank itself. It’s a cutting-edge ecosystem designed to foster networking opportunities both domestically and internationally. Developed with the backing of the International Finance Corporation (IFC), this platform is tailored to digitise enterprises and enhance business operations.

Aligned with global standards and leveraging the GlobalLinker platform, Commercial Bank LEAP GlobalLinker empowers SMEs and corporate clients to establish online stores at no cost, facilitating the sale of products and services. Through this platform, businesses can broaden their customer base, connect with potential investors and suppliers worldwide, bolster networking efforts, explore foreign markets, and unlock exclusive perks from partners. Additionally, it serves as a secure space for communication, fostering idea-sharing, collaborations, and knowledge exchange.

Under this collaboration, Q&E will play a crucial role in developing go-to-market strategies for SMEs, creating LEAP profiles and e-Stores, and enriching the LEAP Global Linker platform with specialised content and digital assets.

Commercial Bank Personal Banking/SMEs Assistant General Manager Ganeshan Sivasubramaniam emphasised the bank’s ongoing efforts to support SME growth: ”At Commercial Bank, we continuously strive to provide cutting-edge solutions to our customers. We invite SMEs to use the LEAP Global Linker platform to fuel their business success.”

“Q&E has over a period of three decades served several of the largest Sri Lankan corporate brands. Today, we are excited to expand our role by extending our service to the SME sector,” said Q&E CEO Dharshana Kumarawatte.

Empowering the SME sector is vital to Sri Lanka’s economy. Commercial Bank’s commitment to innovation and growth in the SME sector sets a new benchmark for development and support.

Interested SMEs should contact the Manager at their nearest Commercial Bank branch for more information and assistance, or visit the website directly at commercialbankleap.globallinker.com.

May, 17, 2024

India’s PhonePe unveils UPI payment in partnership with LankaPay

LankaPay – Sri Lanka’s National Payment Network on Wednesday announced its partnership with PhonePe – one of India’s most popular fintech apps – towards accepting UPI payments at LankaQR merchant points.

The launch was graced by Indian High Commissioner Santosh Jha who highlighted the key role played by fintech connectivity in the overall connectivity between India and Sri Lanka. Addressing the gathering, Guest of Honour Central Bank of Sri Lanka Governor Dr. Nandalal Weerasinghe, acknowledged the collaboration’s capacity to unlock new opportunities and enhance competitiveness and the benefits that it would bring to Sri Lankan merchants.

PhonePe International Payments CEO Ritesh Pai said: “We are thrilled to announce our partnership with LankaPay. This collaboration offers unparalleled convenience to Indian tourists who can now use a familiar and secure payment method while traveling and pay across LankaQR merchant points. PhonePe has always been at the forefront of driving innovation in payments. We are incredibly proud to be driving UPI adaptation across India, and our expansion to Sri Lanka is another exciting step forward.”

LankaPay CEO Channa de Silva CEO said: “LankaPay is delighted to collaborate with PhonePe to revolutionise the cross-border payments between Sri Lanka and India. This partnership is bound to provide greater convenience to Indian tourists and business travelers in making seamless UPI payments at all LankaQR merchant points in Sri Lanka via PhonePe app. We are excited about the potential of this collaboration that would enhance payment experience to Indian tourists and business travellers during their stay in Sri Lanka and also provide the merchants with a cost-effective proposition to card payments. I envisage that innovation to be the cornerstone of this alliance and would lead to further strengthening of bilateral relations between the two countries.”

At the launch, de Silva also made an insightful presentation, giving a snapshot of Sri Lanka’s digital payment landscape followed by an insightful panel discussion on ‘The Future of Digital Payments in Sri Lanka: Opportunities for Sri Lankan Businesses,’ which focused on the possibilities and growth avenues for local businesses.

The session featured National Savings Bank GM/CEO Shashi Kandambi, Hatton National Bank PLC COO Sanjay Wijemanne, LOLC Finance PLC Chairman Conrad Dias, and Dialog Finance PLC Chairperson Renuka Fernando, who discussed how businesses can leverage digital payment technologies and tap into a wider market to stay competitive in an evolving economic landscape. The session was moderated by LankaPay CEO de Silva.

Following the panel discussion, PhonePe International Payments CEO Ritesh Pai unveiled insights on leveraging UPI for global markets and the growth prospects it offers for merchants.

The event also saw the presence of several key stakeholders from the Sri Lankan financial landscape, including senior representatives from banking sectors, payment system providers, and representatives from tourism sector and business associations. This alliance is facilitated through LankaPay’s partnership with NPCI International Payments Ltd. (NIPL).

During the event, PhonePe announced that its app users travelling to Sri Lanka can now make payments using UPI across LankaPayQR merchants nationwide. Users can simply scan LankaQR code to make secure and quick payments without carrying cash or calculating currency conversions. Their account will be debited in INR, showing the currency exchange rate. These transactions are facilitated by the Unified Payments Interface (UPI) and LankaPay National Payment Network.

PhonePe Group is India’s leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in Aug 2016. In just seven years, the company has scaled rapidly to become India’s leading consumer payments app with over 520 million registered users and a digital payments acceptance network of 38 million merchants. PhonePe also processes 230+ million daily transactions with an annualised Total Payment Value (TPV) of $ 1.5+ trillion.

On the back of its leadership in digital payments, PhonePe Group has expanded into financial services (Insurance, Lending, Wealth) as well as new consumer tech businesses (Pincode – hyperlocal e-commerce and Indus App Store – India’s first localised App Store). PhonePe Group is an India headquartered technology company with a portfolio of businesses aligned with the company’s vision to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.

May, 16, 2024

IDB and Ceylon Federation of MSMEs sign historic MoU

Marking a significant milestone for Sri Lanka’s entrepreneurial landscape, the Ceylon Federation of MSMEs and the Industrial Development Board (IDB) last week signed a momentous Memorandum of Understanding (MoU).

IDB Chairman Dr. Saranga Alahapperuma and Ceylon Federation of MSMEs President Sashika De Silva were the signatories.

De Silva said the Federation’s journey has been one of immense dedication and achievement, evident in the successful implementation of the Federation for Entrepreneurship.

“This authentic platform has not only benefited entrepreneurs but has also positively impacted the broader community. The MoU with IDB signifies another crucial step towards realising the Federation’s strategic objectives,” she added.

It was noted that the IDB’s unique role in addressing tasks that are essential for entrepreneurs is often overlooked. While many institutions focus on achievable tasks within the country, the Federation recognises the global dimension of entrepreneurship. By connecting with international standards and needs, the Federation aims to elevate Sri Lankan entrepreneurship to a global platform.

One fundamental aspect is marketing—an indispensable component of entrepreneurship. Additionally, the Federation aims to foster unity and collaboration among various government institutions, streamlining resources and opportunities for entrepreneurs within a structured system.

Transitioning from an import-oriented economy to one centred on sustainable export oriented manufacturing culture is no small feat. It requires a fundamental shift in policies, regulations, and practices, a task that cannot be accomplished by the government alone.

Reflecting on the Federation’s journey so far, de Silva said notable achievements include engagement with international bodies like the International Monetary Fund, constructive dialogues with Government officials, and strategic collaborations with investors and organisations. These milestones underscore the Federation’s commitment to creating a conducive environment for entrepreneurship and economic growth.

She said signing of the MoU with IDB marks a pivotal moment in Sri Lanka’s entrepreneurial evolution, signalling a new era of collaboration, innovation, and prosperity for the nation’s entrepreneurs.

The event saw the participation of the Federation’s Board members, including Vice Presidents S.N. Raghavan and Mahendra Perera, Treasurer Shohan Wijesinghe, Director Yasasiri Rodrigo, National Organiser Ajith Kumara, Secretary Nandalal Lekamge, and Founder Suran Weerarathne. Their presence highlighted the collective commitment towards fostering a vibrant entrepreneurial ecosystem in Sri Lanka. From the IDB, its Director General H.M.S. Samarakoon, and Director Regional Development P.P.P.S. Dikwella, Director Industrial Estates I.M.J. Illangakoon, and the staff were present.

May, 15, 2024

It’s ‘JumJum’ for PickMe in Nepal as Lankan firm takes tech collaboration overseas

• One of the first equity investors IFC endorses Lankan firm’s move to support Nepal’s startup ecosystem

PickMe has crossed digital borders and will take the ride hailing market by storm with the launch of their latest technology partnership, JumJum (Let’s Go) in Nepal, a country where 78% of 3.22 million vehicles registered are motorcycles. Named as the Motorcycle city, Kath-mandu Valley claims to have over a million motorcycles on their busy roads.

PickMe’s CEO Jiffry Zulfer said it made perfect sense to launch their services for Nepal’s motorcycle segment. JumJum will initially launch in the Kathmandu valley, which is said to be home to 40% of the 2.5 million registered motorbikes in Nepal.

The App which is called JumJum to give a more local feel for Nepali users, is a tech collaboration between PickMe and the largest fintech service provider ‘F1Soft’ in Nepal.

“This strategic partnership is the culmination of a long search in South Asia to take our services to another country in the region. We have done it in a manner that adds value to the Nepali economy, by engaging with an acclaimed Nepalese tech company,” added Zulfer.

In 2018, the International Finance Corporation (IFC) made a $2.5 million equity investment in PickMe – the first start-up IFC backed in Sri Lanka – to help the company expand across the island and increase access to affordable, safe, and efficient transportation.

IFC Sri Lanka and Maldives Country Manager Alejandro Alvarez de la Campa said: “Over the years, PickMe excelled in diversifying their products and services by expanding beyond ride-hailing to being a logistics company and also a pioneer in delivering necessities, especially during crises. It also became a platform which helped create jobs and new economic opportunities for many, including for women. At IFC, we are delighted to see PickMe going across borders and venturing into newer markets, supporting the growth of Nepal’s startup ecosystem.”

Speaking on behalf of JumJum, F1Soft Group President and Chairperson Biswas Dhakal said: «In heralding the arrival of JumJum in Nepal, we witness the convergence of two technological powerhouses: PickMe from Sri Lanka and F1Soft from Nepal. This partnership represents a fusion of unparalleled expertise and innovation, poised to redefine the landscape of ride-hailing solutions in Nepal. By leveraging the collective strengths and domain expertise of both entities, JumJum

stands as a testament to the transformative potential that arises when visionary leaders unite. As we embark on this journey together, we are committed to delivering a seamless and unparalleled experience for our users, setting new benchmarks for excellence in the realm of digital mobility.»

PickMe Chairman Ajit Gunewardene, articulating the company›s immense potential, said: «Almost a decade ago, when PickMe was launched, we recognised its capacity to evolve into a prominent entity within Sri Lanka. We also foresaw its potential to transcend borders. The vision was to provide a service that would be of international standards. Over the years, PickMe has diligently forged partnerships across the region, and as we venture into the Kathmandu valley, our aspirations have been realised. While there will undoubtedly be a learning curve, it serves as a vital stepping stone towards propelling PickMe to greater heights with expansion into new markets. I am unwaveringly confident that our adept team possesses the requisite knowledge and expertise to ensure the success of PickMe›s expansion into Nepal.»

On a more macro level, PickMe CEO Zulfer says this is a great lesson for Sri Lanka in understanding the potential to expand digital businesses in the region, through a careful selection of optimum go to market strategies. “It is a shining example for local startups to know that whatever solutions we develop locally can be grown exponentially in other markets and become a vibrant foreign exchange earner for the country.”

As PickMe gears to disrupt the Nepalese digital transportation stratosphere, it will continue to provide more locally nuanced solutions. “With the recent initiatives taken to leverage Generative AI solutions in the product and engineering domain, we are much faster in understanding the terrain and can deliver services fine-tuned to local habits and consumer patterns,” Zulfer added.

May, 13, 2024

Technology Ministry collaborates with Mastercard for DigiEcon Global Investment Summit 2024

• Event will focus on encouraging investment and collaboration within Sri Lanka’s expanding digital ecosystem

The Technology Ministry has collaborated with Mastercard for the DigiEcon Global Investment Summit 2024, which is aimed at catalysing the country’s economic resurgence by encouraging collaborations between global investors, industry leaders, entrepreneurs, and policymakers.

Scheduled to be held on 25 June the summit will focus on connecting domestic and foreign investors with Sri Lanka’s leading tech startups, allowing them to showcase their innovative products and services. It will also facilitate knowledge sharing between the Government and industry, thereby supporting the vision of Sri Lanka becoming a digital-first nation.

The summit will include a host of activities, such as keynote address by subject matter experts, panel discussions involving Government and industry representatives, and one-to-one interactions between investors and startups. The event will delve into subjects, such as emerging technologies, fintech, and the potential of the digital economy.

Mastercard Country Manager – Sri Lanka and Maldives Sandun Hapugoda said: “With immense potential to drive tech advancements across sectors, Sri Lanka is on the verge of a digital transformation that will fuel its economic growth. Mastercard is proud to collaborate with the Ministry of Technology to support DigiEcon Global Investment Summit 2024 as it will promote innovation and collaboration within the country’s tech ecosystem.”

May, 10, 2024

Colonial Engineering Secures Prime Spot in Sri Lanka's Premier Business Directory for 2024/25

Colonial Engineering (Pvt) Ltd., a prominent player in the local steel & hardware industry, has solidified its position as a key advertiser in the upcoming release of Rainbow Pages, the National Business Directory 2024/25, presented by SLT-MOBITEL group. As one of the top 20 clients of the National Business Directory, Colonial Engineering has recognized the value and potential of this comprehensive marketing platform.

Scheduled for release by the end of the year, Rainbow Pages, the National Business Directory 2024/25 promises to be the most updated and extensive business directory in Sri Lanka. Under the contract, Colonial Engineering, a company established in 2005, engaged in import, supply, retail, and wholesale of Pipes, Steel, Engineering, Construction & Plumbing materials, will enjoy a range of online and offline advertising options and potential marketing solutions tailored to their needs, including digital marketing strategies, web solutions, e-commerce, shopping cart and content development services.

Managed by Sri Lanka Telecom (Services) Limited (SLT-SERVICES), a subsidiary of the SLT-MOBITEL group, Rainbow Pages, the National Business Directory caters to Micro, Small, and Medium Businesses (MSMBs), offering various advertising formats such as online, eBook, call centre and printed book options. This directory is renowned for its comprehensive coverage, featuring over 10,000 daily online searches and 6000+ business listings across diverse sectors, including government institutions and places of worship.

One of the standout features of the Rainbow Pages Directory is its provision of verified contact details, enhancing the local search experience for users. Additionally, listed businesses benefit from search engine optimization (SEO), enabling them to maximize their online visibility and reach. Furthermore, the directory provides eligibility for government tenders, opening up new opportunities for growth and development.

SLT-SERVICES, with its focus on digital marketing and web development solutions, are poised to deliver exceptional value to its clients. For more information about Rainbow Pages, the National Business Directory and its advertising options, interested parties can visit www.rainbowpages.lk or contact the hotline at 0112399399.

March, 29, 2024

Rainbow Pages Champions League: Corporate Cricket Tournament Hits a Six with 28 Leading Companies Battling for Victory

A six-a-side soft ball corporate cricket tournament was successfully held at the G H Buddhadasa Ground in Battaramulla recently with the participation of 28 teams representing leading companies in the island. The tournament was organized by the Rainbow Pages Welfare Society. Rainbow Pages is the National Business Directory in Sri Lanka managed by SLT-MOBITEL group.

The teams in the semi-finals were Winners Global, Sonasu Connect, GM Garments, and Salota International. Winners Global won the championship, while GM Garments and Salota International were both named co-runners-up in the Champions League corporate cricket tournament.

The cricket team of Winners Global (Pvt) Ltd bagged the champions trophy that accompanied by a cash prize of Rs. 200,000. The occasion of awarding the trophies to the winners was graced by Mr. Lasantha Amarasinghe MD, The Chance Sports Borella, Mr. Ananda and Mrs. Wasanthi Managing Directors of AD Sports Nugegoda, Mr. Upul Manchanayake CEO, SLT Digital Services (Pvt) Ltd, and Mr. Asela Galappatige CEO, SLT (Services) Limited.

March, 23, 2024

Microsoft a copilot to Education Ministry in integrating AI into national curriculum

The Ministry of Education (MoE) in Sri Lanka and Microsoft have signed a Memorandum of Understanding (MoU) to usher in a new era of education by enabling the integration of Artificial Intelligence (AI) and Machine Learning (ML) into Sri Lanka’s national school curriculum.

This collaborative effort aims to transform the education system in the country, with the pilot testing phase beginning from grade eight and above. The MoU signing also includes the provision of the Microsoft 365 platform which will serve as a secure communication and collaboration hub for both students and teachers.

With a goal to democratise AI access to all, a comprehensive curriculum developed by global Microsoft Education teams and the National Institute of Education (NIE) will initially be rolled out to twenty schools selected by the MOE with at least one school designated from each of the nine provinces. These schools will serve as a benchmark for scalability across the country. Through this pilot program which will follow the ‘train the trainer’ model, the initiative will empower learners and educators alike, ensuring they are well-prepared to navigate in the era of AI.

The MoU signing ceremony, which took place at the Presidential Secretariat on 19 March, was attended by distinguished representatives from the United States Embassy in Sri Lanka, Ministry of Education, Ministry of Technology, and Microsoft including United States Ambassador to Sri Lanka Julie J. Chung, Minister of Education Dr. Susil Premajayantha, State Minister of Technology Kanaka Herath, and Microsoft India and South Asia President Puneet Chandok.

Expressing the MoE’s enthusiasm for embracing future possibilities, Dr. Susil Premajayantha said, “We truly believe that the integration of AI is pivotal to elevating the quality of education and empowering our future leaders with the necessary skills to excel in an ever-changing global environment. Our collaboration with Microsoft represents a significant milestone in this endeavour as we, together, introduce a digital-first national curriculum that embraces the skills of the future, which includes AI.”

This collaboration marks a pivotal point, not only for students but also for educators, educational institutions, and Sri Lanka’s national educational landscape. “Students serve as catalysts for future transformation, and teachers are key in nurturing their progress and development as young individuals of our society,” stated Microsoft Sri Lanka and Maldives Country Manager Harsha Randeny.

“As Sri Lanka embarks on its AI journey, Microsoft is dedicated to serve as a Copilot as the nation progresses and ensures its readiness for the future. The integration of AI into the educational framework represents a proactive approach, empowering the next generation to actively contribute to the country’s AI evolution and be on par with the changing world,” he added.

March, 20, 2024

Sri Lanka SMEs enabled to mortgage movable assets with registry

ECONMYNEXT – A secured transaction registry set up with technical assistance from the International Finance Corporation, will help small and medium enterprises expand access to credit by helping them mortgage moveable assets, the Washington-based agency said.

The STR is supported by Sri Lanka’s Credit Information Bureau and the central bank, the IFC said.

“An effective credit infrastructure is key to strengthening Sri Lanka’s financial sector,” said Alejandro Alvarez de la Campa, IFC Country Manager for Sri Lanka and Maldives said in the statement. “The new law, … incorporated several rounds of consultations and expert input, thus ensuring that small businesses and entrepreneurs with few fixed assets can obtain the financing they need to thrive.”

The new law and consequential amendments to 7 related laws is a step in developing “a fully-fledged secured transaction framework to mortgage moveable assets in Sri Lanka that protects the rights of all types of regulated financial institutions, encouraging them to provide financing secured by moveable collateral,” said Pushpike Jayasundera, Director/General Manager, Credit Information Bureau of Sri Lanka (CRIB).

Globally, businesses are restricted from using movable collateral (such as machinery, inventory, accounts receivables, crops, and equipment) to obtain financing because many countries do not have functioning laws and registries to govern secured transactions. Secured transactions reform is also an avenue that can help encourage women—they are more likely to have movable assets to pledge—to start or expand a business, the statement continued.

SMEs comprise more than 75 percent of enterprises while accounting for 45 percent of employment and 52 percent of the country’s GDP. Yet they cite access to finance as one of the key obstacles, it noted. (Colombo/Mar11/2024)

March, 13, 2024

Cey-Nor Foundation Limited in Partnership with SLT Digital Services for a Dynamic New Website Launch

COLOMBO - Cey-Nor Foundation Limited, Sri Lanka's sole government entity specializing in boat and marine equipment manufacturing, proudly unveils its revamped website, signaling a strategic move towards global outreach and enhanced digital engagement. Entrusting their digital transformation to SLT DIGITAL SERVICES highlights Cey-Nor's progressive vision to adapt and thrive in today's digital age.

Dr. Dulan Hettiarachchi, the Chairman of Cey-Nor Foundation Limited, emphasized the pressing need for Sri Lanka to capitalize on the burgeoning demand for fish products in international markets, notably Europe and Japan. He stated, "For two centuries, we exported traditional products like tea and rubber. Similarly, there's untapped potential in exporting fish to these markets. Cey-Nor, with its extensive boat-building capabilities, stands poised to play a pivotal role by augmenting fiber boat production and leveraging technologies like solar power for sustainable, multi-day vessels."

Highlighting the significance of the fisheries sector, Mr. Hettiarachchi recalled the 2009 rehabilitation initiative in North & Karainagar, emphasizing Cey-Nor's potential to cater not only to the fishing industry but also to the burgeoning tourism sector, particularly in whale-watching.

The newly launched Cey-Nor website is a testament to the company's commitment to transparency, innovation, and customer-centricity. Key features include real-time updates on industry trends, product launches, and company news, ensuring stakeholders remain informed and engaged. Visitors can seamlessly navigate through Cey-Nor's diverse offerings and leverage efficient communication channels for inquiries and support.

"Collaborating with 'Cey-Nor Foundation Limited' to enhance their digital footprint is an exhilarating venture for us," said Mr. Upul Manchanayake, the Chief Executive Officer of SLT Digital Services. "We are committed to utilizing cutting-edge technologies to revolutionize business operations. I'm confident that this partnership will open doors to new international markets."

For a comprehensive view of Cey-Nor's initiatives and to explore their state-of-the-art website, please visit www.ceynor.gov.lk.

About Cey-Nor Foundation Limited:

Cey-Nor Foundation Limited stands as Sri Lanka's premier government-backed entity specializing in boat and marine equipment manufacturing, with a rich legacy spanning decades. Committed to excellence, innovation, and sustainability, Cey-Nor remains steadfast in its mission to serve diverse industries while fostering global partnerships.

About SLT Digital Services:

SLT Digital Services (Pvt) Limited (SLT-DIGITAL) is a fully owned Marketing Services and Digital Engagement Solutions subsidiary of Sri Lanka Telecom PLC (SLT-MOBITEL group). SLT Digital Services, renowned for its expertise in crafting transformative digital solutions, partners with organizations to accelerate growth, enhance customer experiences, and achieve unparalleled digital success.

March, 13, 2024

Surge Global secures multi-million dollar Govt. contract in Qatar

Surge Global, a leading design, technology, and marketing firm of Sri Lankan origin has announced its successful partnership with Gulf Business Machines (GBM) Qatar, one of Qatar’s largest technology companies.

The partnership kicked off with a successful bid in securing a multi-million dollar project for a prominent public sector entity in Qatar. The achievement marks a significant milestone for both companies and reaffirms their commitment to delivering bleeding-edge digital transformation on a national scale.

The collaborative effort between Surge Global and GBM Qatar results from their shared expertise, dedication, and compelling vision to provide best-in-class solutions to meet the evolving needs of the Qatari market. As a dynamic partnership, these organisations have demonstrated their ability to combine design excellence, advanced technology, and marketing prowess to address complex challenges effectively and efficiently.

GBM Qatar Head of Digital Solutions Manu Sivarajan said: “After an extensive evaluation process, it became evident that Surge Global was the best provider to form this partnership across Qatar and Sri Lanka. Their outstanding reputation for innovation, commitment to quality, and ability to tailor solutions to meet the unique requirements of the Qatari market set them apart as the ideal partner.”

The multi-million-dollar State contract in Qatar represents a testament to Surge Global’s and GBM Qatar’s capabilities in delivering high-impact projects that make a tangible difference. Their joint proposal stood out for its comprehensive approach, incorporating innovative design concepts, state-of-the-art technology solutions, and an effective marketing strategy to meet the specific requirements of the Qatari government.

Surge Global CEO Bhanuka Harischandra said: “Sri Lanka has an abundant and thriving technology talent ecosystem and Surge is fortunate to be in the centre of it. I believe this is the first win of many together with GBM Qatar as our partnership continues to mature. The dozens of projects we’re already working on will help contribute to local talent building a stronger and more resilient ecosystem.”

Both Surge Global and GBM Qatar are excited to embark on this transformative journey and look forward to delivering exceptional results that exceed the expectations of the Qatari government. Their commitment to excellence and dedication to innovation will undoubtedly play a pivotal role in shaping the future of technology and design in Qatar.

March, 14, 2024

Construction Expo 2024 by CIOB kicks off tomorrow

Ceylon Institute of Builders (CIOB) organised “Construction Expo 2024”,the most inclusive exhibition will be held from 15 to 17 March at the Sirimavo Bandaranaike Memorial Exhibition Centre in the BMICH.

As a proven platform for the promotion of the Construction Industry in Sri Lanka, “Construction Expo 2024 by CIOB” will showcase the latest technology and development added to the building and construction sector with renowned industry experts, stakeholders and decision makers in attendance.

This will be the ideal event to source new products, networking with new contacts and business opportunities. Trade visitors from Sri Lanka and the neighbouring countries are expected to utilise the event to exhibit their inventive products with new features and visitors will also be looking for the latest, inventive products to improve their building industry projects.

With the support already received from almost all the industry giants with sponsorships and stall bookings, CIOB is confident of holding a highly successful major industry exhibition.

CIOB said it appreciates the enormous support received from Rhino Roofing Products Ltd. and St. Anthony’s Ventures Ltd., as the main sponsor of the Construction Expo 2024.

The invaluable support extended by Tokyo Cement PLC as the Platinum sponsor of the exhibition this year is also appreciated and recorded. Alumex PLC, Confab Steel Ltd., Lexduco Ltd., Nippon Paint Lanka Ltd., and Creative Granite & Marble Ltd., are the other great enthusiasts who have joined hands with CIOB as Gold sponsors to make this event a reality.

CIOB said there has been increased interest from the construction companies to be stallholders at the “Construction Expo 2024 by CIOB” exhibition.

March, 07, 2024

Elephant House Beverages to Hit Indian Shelves Through RCPL Partnership

Reliance Consumer Products Limited (RCPL), a subsidiary of Reliance Retail Ventures Limited (RRVL), has partnered with Elephant House, a Sri Lankan beverage brand owned by Ceylon Cold Stores PLC, to introduce Elephant House beverages in India. This collaboration aims to expand RCPL’s beverage portfolio, which includes renowned brands like Campa, Sosyo, and Raskik, while offering Indian consumers new products and value propositions.

Ketan Mody, COO of RCPL, highlighted Elephant House’s strong market credibility and deep-rooted heritage, expressing excitement about adding its beloved beverages to their FMCG portfolio. The partnership aligns with Reliance’s expertise in expanding global brands in India.

John Keells Group Chairperson Krishan Balendra expressed pride in bringing the Elephant House brand to the Indian market, emphasizing their commitment to delivering high-quality beverages to new consumer segments.

RCPL aims to offer Indian consumers a diverse portfolio of globally recognised brands and products, rapidly expanding its multi-channel operations to reach diverse markets. Their FMCG portfolio also includes iconic brands like Campa and Sosyo Hajoori, a range of confectionery from Lotus Chocolates, snacks like Alan’s Bugles and Masti Oye, Sri Lanka’s leading biscuit brand Maliban, as well as home and personal care products under the Independence brand.

March, 07, 2024

Five tech trends for small businesses in 2024

In the early 2000s, accessing the internet was through a dial-up connection which could take anywhere from 30 seconds to a couple of minutes to establish a connection. In 2023, generative AI tools can generate poems, short stories and complex legal and medical documents in a matter of seconds.

The pace of technological change is accelerating and it’s reshaping just about every aspect of how we live, work, socialise and play. While Xero’s Future Focus research reveals small businesses are more optimistic, and even intrigued, about the potential of emerging technologies than doom and gloom, many wish there was more education and resources to navigate a rapidly changing world.

To help small businesses and their advisors plan ahead, I’ve looked at separating the hype from reality to uncover the top five technology trends that may impact the small business landscape in 2024.

Trend #1: The AI-augmented creativity boom

This year saw generative AI burst into the mainstream in what Axios’ Scott Rosenberg called the “most phenomenally successful act of rebranding in corporate history.” While language models are not new, the interactivity and accessibility of AI through tools like Stable Diffusion and ChatGPT signalled the biggest leap in the technology’s capabilities, helping businesses to create content easier and faster.

We’ve only scratched the surface of this technology and in 2024, while the hype might fade, more practical applications are likely to emerge relating to creative content, generative design and engineering. Currently, ChatGPT and other AI models are great at generating content from millions of examples of past works. But for creators or engineers looking for innovative solutions, you don’t want content that mimics an existing concept.

Next year we could well see a ‘creativity boom’ where AI models go beyond statistical similarity and come up with new designs or products that are far better than the ones that exist today. Continuing in its ability to augment (rather than replace) human intelligence, AI could truly become the co-pilot for creators, enabling them to set up the requirements such as manufacturing processes, loads and constraints, and then filtering a myriad of new ideas and design options.

Prompt engineering and the ability to work effectively with these AI models will continue to grow in importance and as a skill-set across all industries. The drawbacks around misinformation, copyright and bias will also need to be worked through in 2024, as the push for the commercially safe, transparent and ethical use of these AI systems comes to a head in jurisdictions around the world.

Trend #2: The rise of the augmented, conversational UI

When I first started using ChatGPT, what struck me was the change in the interaction mode. The promise of conversational user interface (UI) has been around for a while with Siri and Alexa, but it’s always been functional and instructional, never truly conversational. ChatGPT is not a better search engine — especially when it hallucinates answers — but it is becoming one of the first real, usable and intelligible chatbots.

In 2024, large language model-powered tools like ChatGPT will continue to revolutionise human-computer interaction, through the rise of API-enabled, conversational chatbots that are able to interact with customers. The ability for chatbots to have real-time conversations in any language to customers 24/7 and perform certain tasks at their request will unlock new opportunities for small businesses looking to handle customer inquiries or expand into new markets.

Google and Microsoft will continue to enhance their generative AI-powered capabilities and, if you believe the rumours, Apple could release its generative AI technology on the iPhone and iPad in late 2024. The new features could improve how Siri and the Messages app can field questions and auto-complete sentences, mirroring recent changes to the AI-enhanced overhaul of Amazon’s Alexa.

Trend #3: The metaverse finds a new source of power

The idea of living and working entirely in a virtual world as so often shown in the movies still feels fanciful, even comical. Yet advancements in 2023 in the technologies that underpin the concept of a metaverse, particularly in augmented and virtual reality, and significant investment by large technology companies — including the mixed reality ‘spatial computer’ headset by Apple — have brought some aspects of this ambitious vision closer to reality.

Will it be the breakthrough technology of 2024? It seems unlikely to reach full maturity next year. But I’m reminded of Bill Gates’ sentiments that: “We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten.” So, writing off the entire concept of the metaverse because of its relative immaturity when compared to the promise from science fiction might be premature.

I believe that some incarnation of the metaverse will be the next iteration of the internet, providing immersive, blended and connected experiences for everything from entertainment to education to virtual community building, and that it will introduce new concepts of ownership of digital assets. Many of these concepts will continue to evolve and emerge in 2024, with more small businesses innovating and exploring this space as some have started to do already this year.

Where once internet connectivity was once the main constraining factor for the metaverse, battery technology has quickly become a crucial component for its success, in my opinion. In 2024, we are likely to see significant development in lighter, cheaper and more efficient batteries to power the next generation of smartphones and headsets, and that will be key to also unlocking more immersive, mixed reality experiences in our everyday, on-the-go lives.

Trend #4: Carbon accounting the next frontier for compliance

We’re well into the critical decade of climate action and pressure will begin to mount on governments and industries to reduce their carbon emissions to meet the IPCC’s 2030 deadline. At the same time, the release of the sustainability standards by the International Sustainability Standards Board (ISSB) could see reporting on carbon emissions no longer be optional for businesses.

The ISSB standards could very well bring in a new era of compliance and become the basis of accounting standards in 2024. To avoid being locked out of corporate supply chains or providing inaccurate and misleading information on environmental or sustainability practices, small businesses will need to ensure they are accurately calculating and tracking their carbon emissions each year.

The integration of carbon accounting software into existing accounting platforms will see carbon accounting become an extension of financial accounting and reporting practices for small businesses. Our global partnership with Sumday is helping to democratise carbon accounting and upskill accountants and bookkeepers to provide this service. Xero small business customers can also find apps like Cogo, Ecologi and Greenly in the Xero App Store, allowing them to harness the data in their Xero ledger to measure and report their carbon emissions.

Trend #5: The rise of the super ecosystem, powered by connectivity

Connectivity between new and traditional players within the payments ecosystem is bringing in a new era of digital payment experiences for small businesses. Today, it allows the real-time validation of e-invoices against government regulations and tax requirements, to help small businesses send bills over the internet and get paid faster. It also ensures the seamless transmission of data between banks and third-party providers, to enable instant access to financial information and services.

In 2024, global platforms like Apple, Amazon, Google and Microsoft will continue to make their products work better together. Why? Because people are tired of using lots of different apps for different things. They want everything in one place, working smoothly together. Rather than the rise of the ‘super-app’, we’ll see the power of the ‘super ecosystem’ — the interconnectedness of financial services that make it easier to pay bills, transfer money and manage finances together in one spot.

Digitally distributed technology, like blockchain and web3 platforms, could be building blocks for new payment innovations when coupled with concepts like self-sovereign/decentralised identity to help people share their identity and other data more securely.

Small steps to an exciting future

While some of these tech trends might take years (or even decades) to realise the full scope of their impact on the world, the first steps into that future are being taken now. And next year, it would be a good idea for small businesses and their advisors to continue to keep an eye on developments in these five trends, as they will no doubt play a major role in shaping the future themselves.

February , 27, 2024

Rs 20 billion credit scheme for small & medium businesses

Cabinet approval has been granted for the implementation of a Rs. 20 billion credit scheme to revive the micro, small and medium enterprise sector in Sri Lanka.

According to the government, the proposed Rs 20 billion will be spent on the entire project which has two components.

Out of this, Rs. 15 billion will be used to strengthen existing and new enterprises and the remaining amount of Rs. 05 billion will be used to support enterprises under the non-performing loan category.

The government states a significant number of small and medium-scale entrepreneurs involved in manufacturing, import, export, tourism, apparel and various other commercial operations have found it very difficult to continue running their enterprises as a result of the economic downturn and the impact of external factors beyond their control.

The Asian Development Bank (ADB) has agreed to provide working capital support for the small and medium enterprise sector as a relief.

The proposed program is intended to provide credit facilities to existing micro, small and medium-scale enterprises for further expansion and recovery of their businesses through licensed commercial banks and licensed specialized banks at concessional interest rates.

Accordingly, the Cabinet has approved the proposal presented by the President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to implement the said project. (NewsWire)

February , 27, 2024

MSMEs get lifeline as Cabinet approves freeze of parate action till 15 December

The struggling Micro, Small and Medium Enterprises (MSMEs) and individuals are to get a lifeline with the Cabinet of Ministers yesterday at its meeting agreeing to temporarily suspend highly contentious parate action till 15 December, 2024.

The Cabinet meeting chaired by President Ranil Wickremesinghe approved a proposal to this effect submitted by Justice Minister Dr. Wijeyadasa Rajapakshe PC along with Industries and Health Minister Dr. Ramesh Pathirana. The duo first listened to aggrieved MSMEs at an anti-parate lobby forum at the BMICH in December last year.

The Daily FT last week quoted analysts as saying that the temporary suspension will be till the end of this year. (See https://www.ft.lk/top-story/Parate-action-to-be-partially-suspended/26-758771)MSMEs for months have been agitating for proper debt relief after the Central Bank in 2023 lifted a four-year suspension of parate action due to multiple crises starting from the Easter Sunday attacks, COVID-19 followed by political and economic crisis.

At a Daily FT co-hosted webinar (https://www.ft.lk/top-story/Debate-over-parate-action-heats-up/26-758646), MSME activists demanded breathing space via immediate suspension of parate action temporarily and offer relief via debt restructuring, reduction in interest, write offs, longer repayment period.

The Cabinet decision to temporarily halt parate action also comes despite warning by the Central Bank Governor Dr. Nandalal Weerasinghe that such a move will not help MSMEs and would be at the cost of banking system stability.

However the Cabinet move follows widespread demand for urgent “breathing space” for MSMEs and several political leaders backing the same.

Daily FT learns that the Government opted for temporary relief whilst the Asian Development Bank and other multilateral donor agencies are working to establish a credit guarantee fund.

To qualify for the temporary parate suspension, the MSMEs must show a proper restructuring plan for debt and operations. Such a restructuring plan must show cash generation 20% over all expenses and debt servicing; an internal rate of return 15 to 25% and a feasibility of the restructuring plan must be documented and verified by an independent finance professional. A market study is also essential to viability.

At the FT-webinar, CBSL Governor said MSMEs had been supported extensively since 2019. He revealed that the value of loans which got relief/restructured was Rs. 5.8 trillion. He said in 2023 the number of actions were only 557 involving loans worth Rs. 38 billion which was 0.4% of total credit and 2.7% of impaired loans.

With banks asked to set up business revival units, he said over 2,500 enterprises with Rs. 85 billion in debt had been supported via this initiative.

Anti-parate activists who have now formed into a grouping called MSME Chamber of Sri Lanka claim that the number of parate actions was much higher and thousands of MSMEs have collapsed leading to job losses.

“Parate is used only as a last resort to deal with wilful defaulters and unviable borrowers. Parate is the legal means for banks to recover overdue loans and prevent mismanagement of bank financing and diversion of business funds to other purposes loan repayment,” charged Dr. Weerasinghe.

He also went to the extent that the existing old parate law must be strengthened further to reduce time to take over assets pledged and divest same or enterprises to a new owner to ensure business continuity and minimise job losses. “Borrowers can go bankrupt but not the enterprises,” the CBSL Governor opined.

February , 26, 2024

SLT-MOBITEL unveils ‘The Directory’ 2023/24 as refreshed and advanced national business directory

• Website (online)

• Interactive eBook (searchable soft copy)

• Printed Book (offline)

As a one-stop-shop for all marketing and advertising solutions for Micro, Small and Medium Businesses (MSMBs), SLT Digital Services (Pvt) Limited (SLT-DIGITAL), a fully owned subsidiary of SLT-MOBITEL, the National ICT Solutions Provider, unveiled ‘The Directory’ 2023/24 (The Rainbow Pages), the refreshed and advanced version of its national business directory.

‘The Directory’ 2023/24 is the latest version of the National Business Directory and a new tool for doing business in the country. The user-friendly guide offers enhanced features under a refreshed brand name produced with the main objective of creating additional value to existing and prospective customers, and registered vendors. In addition, ‘The Directory’ offers its business directory services through multiple mediums including as an online directory - rainbowpages.lk, a printed book, an eBook as well as a 24-hr Call Centre service (SLT 1212, Mobile 444), Call Centre.

‘The Directory’ holds the unique position of being Sri Lanka’s only National Business Directory featuring over 10,000 daily online searches, 6000+ business organizational listings, 170,000+ classified and unclassified verified listings and service categories representing all economic sectors including government institutions and places of worship.

The copy of the latest version of the National Business Directory, ‘The Directory’ 2023/24 (The Rainbow Pages) being presented to Former Group Chairman of SLT-MOBITEL, Reyaz Mihular by CEO of SLT-DIGITAL Upul Manchanayake recently with the presence of CEO-SLT, Janaka Abeysinghe and representatives of SLT-DIGITAL management team.

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The enhanced National Business Directory 2023/24 contains verified contact details for citizens seeking a truly local search mechanism especially for industry verticals such as hardware, construction, electrical, electronics, etc. Listing in the Business Directory 2023/24 enables vendors particularly Business to Business (B2B) and MSMBs entities to have access to Search Engine Optimization (SEO). The directory has been optimised for global internet search engines to ensure featured companies appear high in Google searches. Additionally, superior listing and advertising space empower businesses to acquire more customers.

Another enriched feature for listed and registered businesses are eligibility as suppliers for Government Sector Tenders. The government treasury circular approving registered merchants has already been issued creating progressive opportunities for vendors.

Upul Manchanayake, Chief Executive Officer, SLT Digital Services (Pvt) Ltd, stated, “The last Business Directory was printed and distributed in 2022 as the company continued to move its main focus to digital and online applications. Around 80% of print advertisers continued to advertise in the latest 2023/24 “The Directory” and its online directory. Continuously creating values to our stakeholders is one of our key strategic priorities. Keeping that in mind, today we are offering a range of Digital Marketing Solutions, web solutions, content development for our valued customers to amplify their brand messages. In the near future more new products and services will be introduced including platform based solutions.”

SLT-DIGITAL specializes in Digital Marketing, Business Directory Advertising, Digital Directory Solutions, Web Development Solutions, Event Management, Activation & Branding Services and ICT & Communications solutions in order to become the most preferred ICT and Marketing solutions provider for the Micro, Small and Medium Business (MSMBs) community in the country.

For more information visit www.rainbowpages.lk, contact the Call center service via 1212 or on the hotline 0112 399 399

February , 25, 2024

New web site launched for Gangarama temple

Gangaramaya, one of the oldest and most revered Buddhist temples in Colombo, proudly announces the launch of its newly built website. The website serves as a digital platform to showcase the temple’s rich heritage, activities, and offerings, including online ticketing services for visitors.

Nestled in the heart of Colombo, Gangaramaya Temple stands as a beacon of spiritual enlightenment and cultural heritage. With the launch of its new website, the temple aims to provide a seamless and immersive online experience for devotees and visitors alike.

In addition to serving as an informational hub, the website features convenient online ticketing services, allowing visitors to book tickets for temple tours, events, and ceremonies with ease and convenience.

As the temple prepared to celebrate the 45th colorful Navam Maha Perahera, a cherished annual tradition, Gangaramaya Temple’s digital presence takes center stage.

In a testament to the temple’s forward-thinking approach, Gangaramaya has entrusted its digital presence to SLT Digital Services. This partnership underscores the temple’s commitment to embracing technology and adapting to the evolving needs of its community in today’s digital age.

February , 22, 2024

Spa Ceylon wins coveted ‘Global Best Beauty Product’ at World Spa Awards 2023

Spa Ceylon, the iconic Ayurveda Wellness brand, has won three international accolades at the World Luxury Spa Awards 2023, including the prestigious Global Award for Best Beauty Product, alongside Awards for Best Luxury Ayurveda Spa Global and Best Spa Group Global.

“These awards come at an important and exciting time for us, as we accelerate our European expansion with a heightened focus in the United Kingdom. The award for Beauty Products of the Year in particular speaks volumes for the innovation in the fusion of ages old Ayurveda wisdom and modern skin science in creating high functioning beauty products that can stand alongside the best products in the world. We believe our unique offering and would be the foundation for our global expansion,” said Co-founder/Managing Director Shiwantha Dias.

“The awards are testament to the hard work and dedication of our teams and the concept we keep innovative and focusing on customer experience. We are constantly striving to put Sri Lanka on the map in the global wellness and beauty sector, which we understand, the abundance of knowledge and resources that is native to our island through ayurveda and our culture and know that it can enhance the lives of our global consumer,” added Co-founder Shalin Balasuriya.

With the brand expanding globally and now having over 133 banded locations, the Spa Ceylon chain is now in more than 27 countries across 5 continents, and continues to grow internationally, firmly establishing itself as the world’s largest Luxury Ayurveda chain and open their milestone 150th store in 2024. New international stores are scheduled to open at Indian Ocean tourism hubs Male in Maldives and Port Louise in Mauritius. Followed by Athens, Greece and Almaty, Kazakazthan, Muscat, Oman in the Middle East and several more key locations in Sri Lanka. Their first foray into South America will also see store openings in El Salvadore this year.

Spa Ceylon is strongly positioned in today’s wellness-oriented market, to encourage international consumers to let ‘Good Living Reign’ within their lives as they live amidst an era of self-care and wellness. With their range of more than 350 tested, proven and certified natural Ayurveda formulae in Mind and Body Wellness, Skin and Hair Care, Teas and Infusions, Essential Oils and Wellness Supplements, the brand provides everything modern day consumers need to create wellness in their lives, including a wide range of Ceylon inspired perfumery, colour cosmetics, home aromas and luxurious home wares.

Spa Ceylon products are carefully formulated in keeping with Ayurveda principles, using ethically sourced authentic Ayurveda actives, and are ethically manufactured, adhering to modern demand for Clean and Green products. The products are made in Sri Lanka at the company’s own ultra-modern production facility in Panadura, adhering to EU, Japan and USA quality standards, under multiple international quality certifications including ISO 9001, ISO 22716 European Union GMP, ISO 14000, Sri Lankan Government Department of Ayurveda and Ministry of Health NMRA GMP certifications.

Spa Ceylon’s triumph at the World Luxury Spa Awards 2023, marks a pivotal moment in its global expansion as Spa Ceylon’s success is a testament to its dedication to innovation, customer experience, and the rich heritage of Sri Lanka’s Ayurveda. With a wide range of natural Ayurveda products and a commitment to ethical practices and environmental sustainability, Spa Ceylon invites the world to embrace ‘Good Living’ through the harmonious blend of Ayurveda beauty and wellness formulas.

Spa Ceylon plans to open its milestone 150th store in 2024, continuing their rapid global expansion. New international stores are scheduled to open in Indian Ocean tourism hubs Male in Maldives and Port Louise in Mauritius. Followed by Athens, Greece and Almaty, Kazakazthan, Muscat, Oman and several more key locations in Sri Lanka. Their first foray into South America will also see store opening in El Salvadore this year.

February , 16, 2024

FITIS says UPI payments in SL powerful driver for SME digital transformation

The Federation of Information Technology Industry Sri Lanka (FITIS) yesterday expressed its strong support for LankaPay’s launch of the Unified Payments Interface (UPI) acceptance in the country, an initiative taken in partnership with the National Payment Corporation of India’s international arm NIPL.

FITIS Chairman Indika De Zoysa hailed LankaPay’s integration with NIPL to enable UPI payments at LankaQR merchants as a ‘significant step forward’ in fostering the nation’s small medium and micro business sectors’ digital transformation.

“This move clearly aligns with the objectives of the DigiGo.lk initiative of FITIS, aimed at revolutionising Sri Lanka’s business landscape by equipping over one million SMEs with vital digital capabilities, tools and resources, thereby positioning them competitively in the digital era,” added De Zoysa.

The UPI, a product of India’s payment innovation, stands as a real-time payment system facilitating instant electronic fund transfers directly between bank accounts through mobile applications. Its amalgamation with LankaPay’s national payment network extends many conveniences to Indian tourists and business travellers in Sri Lanka, empowering them to conduct seamless and cost-effective transactions at nearly 400,000 LankaQR merchants nationwide, utilising their Indian bank accounts.

The convergence of UPI with LankaQR signifies the fruition of an announcement made by India’s Prime Minister Narendra Modi in October last year at the inauguration of ferry services between Nagapattinam in India and Kankesanthurai in Sri Lanka, where he emphasised, ”This will not only boost bilateral trade and tourism but also contribute to strengthening our economic ties.”

FITIS Vice President and LankaPay CEO Channa de Silva revealed that the integration with UPI is only the initial stage in enabling seamless cross-border transactions with India.

”Via this integration with UPI, we are enabling inward QR payments utilising the existing national infrastructure, allowing Indian visitors and business travellers to scan and pay at LankaQR merchants. We plan to roll out the outward QR payments with India and RuPay card acceptance within Sri Lanka in the future, further enhancing cross-border transactions,” he added.

Indian tourists represent the second largest source market for Sri Lanka, accounting for 16.5% of total arrivals in January 2024, according to the Sri Lanka Tourism Development Authority. Eliminating currency exchange hassles and offering familiar payment methods like UPI can act as a powerful incentive to attract more Indian tourists and encourage them for longer stays and higher spending. The micro and small businesses associated with the tourism industry, be it souvenir shops and restaurants or transportation services and homestays, will benefit from this integration by being able to tap into a broader customer base, boost sales, and ultimately contribute to local economic growth.

“The NIPL and LankaPay integration will greatly contribute to the growth of Sri Lanka’s digital economy and we believe it will significantly contribute towards our goal of reaching a $ 15 billion digital economy contribution by 2030,” FITIS Chief De Zoysa said.

he integration of UPI with LankaQR marks a significant step towards a more interconnected, financially inclusive and digital Sri Lanka, ready to embrace the opportunities of the global digital economy and unlock numerous benefits for both consumers and businesses. Beyond convenience and cost savings through familiar UPI-enabled apps for Indian visitors and competitive rates for merchants, the UPI integration promises broader benefits. It will likely fuel tourism and trade and strengthen economic ties between the two nations. By enabling cashless transactions, this landmark initiative provides SME and micro businesses in Sri Lanka access to a wider Indian customer base and the formal financial system, which are vital for obtaining bank loans and credit facilities.

Most importantly, by facilitating transactions through the formal banking system, this integration combats informal and illegal money exchange channels such as ‘Undial’ and ‘Hawala’ while promoting transparency and ensuring financial stability, mitigating security and regulatory concerns. It will also help to attract much anticipated foreign exchange into Sri Lanka via formal banking channels, which is a direct benefit of enabling a digital economy.

February , 21, 2024

Phoenix Industries launches new collection 2024

Phoenix Industries, a top Sri Lankan household product brand, unveiled its innovative new product line for 2024 at their Battaramulla Showroom on 1 February. The range sets a new standard in quality, style, and every day-use product design.

The Collection 2024 includes 10 meticulously crafted products across seating, storage, household and other essentials for modern living as follows. Duo Chair, experience endless personalities with a feature of one seating with interchangeable legs in wood, steel and swivel options and customisable with cushioned seats. Breeze Chair, turn on your vacation mode and relax in laidback seating. Hola Chair, modern casual seating perfect for urban souls. POP Stool, a multi-purpose indoor/outdoor stool to suit your whim. OLI Kids Chair, a vibrant kaleidoscope of colourful seating for children with a joyful spirit. WAVE Drawers, a foldable modular drawers in 3 sizes with or without wheels. New 40L and 100L Storage Boxes, a contemporary design to keep your valuable things safe in which nothing is hidden thanks to the removable trays. Button L, new laundry basket with increased capacity and airflow. COCO Basket, a cool basket for cool things. Little Monsoon, compact 5L watering can for small garden wonders.

Phoenix combines intelligent functionality and aesthetic forms for easier living. The full collection is available online and at Phoenix showrooms in Welisara, Panadura and Battaramulla. With outstanding quality and thoughtful everyday design, the new range promises to set new standards for Sri Lankan homes. Discover the collection at shop.phoenix.lk or their showrooms.

February , 20, 2024

Digital campaign to promote SL as premier wellness destination in France, Germany

Interface Tourism, a leading marketing and communications agency in the tourism has announced the launch of a ground-breaking wellness campaign to promote Sri Lanka, targeted at the French and German markets.

This initiative, commissioned by the European Union Delegation with the support of Sri Lanka Tourism Promotion Bureau, is a part of Sri Lanka’s strategic effort to position itself as a premier wellness destination in Asia.

Interface Tourism is launching a 2-month digital campaign to promote Sri Lanka as the premier wellness destination in Asia, tapping into the burgeoning global wellness tourism market. This initiative underscores Sri Lanka’s unparalleled wellness offerings, such as authentic Ayurveda, Yoga, meditation, Pancha Karma, and Hela Wedakama, against the backdrop of the country’s abundant biodiversity.

At the heart of the campaign are thirty influencers from France and Germany, embarking on journeys through Sri Lanka to share the country’s wellness experiences on their social media platforms, bringing to life the authentic and captivating aspects of their travels.

Supplementing these influencer stories is a well-crafted digital media strategy, featuring captivating video content, a lively social media footprint, and targeted display advertising. A multilingual microsite further enriches the campaign, acting as a comprehensive source of information and experiences related to Sri Lanka’s wellness offerings.

The campaign commenced on 15 February with the introduction of six Germ