Business
DFCC Bank leads the way in supporting corporates and spurring an economic recovery
With a rich heritage spanning 68 years, and a strong commitment to customer-centric solutions, DFCC Bank is at the forefront of providing tailored support to address the special needs of the corporate sector and support Sri Lanka’s economic recovery. In an exclusive interview, Sohantha Wijesingha – Senior Vice President and Head of Corporate Banking at DFCC Bank PLC, explained further:
What does Sri Lanka’s corporate sector need right now, and how is DFCC Bank helping?
The crises of 2022 and ongoing macroeconomic conditions present significant challenges, such as reduced demand, supply chain disruptions, import restrictions, inflation, and subdued sentiment. Amidst this landscape, DFCC Bank is helping customers overcome these challenges.
We extend concessions and moratoria to corporate clients beyond central-bank mandates, alongside tailored solutions and debt restructuring based on present and future cashflows. This grants companies space to refine strategies. Working capital support, notably for exporters, addresses shifting trading terms amid deteriorating international credit ratings.
Unprecedented interest- and exchange-rate fluctuations pose significant challenges too, though recent easing has offered some respite. Still, we offer fixed interest rates for corporate short-term obligations, and flexible hedging products to mitigate exchange rate risks for up to 12 months, supporting price stability.
What role could DFCC Bank play in Sri Lanka’s economic recovery?
Our proactive focus lies in bolstering export trade, which strengthens Sri Lanka’s fiscal position. However, notably, even amidst the initial severe foreign exchange liquidity crunch this year, we fulfilled obligations for importer clients as well, facilitating essential imports and other external transactions.
It is important to note that, even amidst the severe foreign exchange liquidity crunch faced at the beginning of the year, we have been able to meet all obligations on behalf of our importer clients. DFCC Bank’s steadfast commitment spans its inception, catering to diverse corporate clients – micro, small, medium enterprises (MSMEs), middle market, and large corporations. Our 68-year legacy underscores our pivotal role in supporting numerous corporates, providing long-term funding spanning vanilla CAPEX to equity financing.
Despite prevailing economic challenges leading to operational cutbacks, the onset of monetary easing marks a positive turning point. Anticipating a business resurgence, we are ready to back enterprises of all sizes with top-tier lending, and a range of financial products and services, catalysing economic recovery.
How is DFCC Bank supporting sustainable economic growth?
In 2022, we secured a USD 150Mln (approx. LKR 45Bln) concessional funding line from DFC USA, expressly dedicated to SMEs, middle market enterprises, women entrepreneurs, and sustainable development. This entailed term funding and working capital support for extended contracts, up to 7 years, at favourable fixed rates amidst tight conditions. Disbursement is still ongoing and will conclude by year’s end.
Our new “Green Deposits” also empower customers to earmark deposits exclusively for sustainable project and business financing. Corporate clients with robust sustainability goals can thus access credit aligned with development objectives.
Obtaining Green Climate Fund (GCF) accreditation also propels us as Sri Lanka’s first bank to achieve this distinction. This milestone solidifies our commitment and capacity to provide concessional funding for green and sustainable ventures.
What is the significance of DFCC’s recent victories at the Euromoney Awards?
Amidst fierce competition, domestically and globally, DFCC Bank was recognized for “iConnect”, our renowned top-tier electronic cash management solution and banking platform. Uniquely, this award hinges on a popular vote by customers. Thus, our genuine popularity has won us the titles of Best in Service (2020), Market Leader (2021), and Market Leader and Best in Service (2022), outperforming both domestic and foreign peers.
DFCC iConnect comprehensively covers payments, liquidity, and collections, tailored to individual client needs. Seamlessly delivered with industry-leading security features, integration into customers’ ERP systems via host-to-host connectivity, iConnect meets all corporate cash management needs, while also facilitating end-to-end supply chain financing, incorporating Distributor Financing and Supplier Financing.
Through a major update in Q4 2023, iConnect will enjoy even more added features, bolstering functionality, and optimizing user experiences. This evolution caters to modern corporations navigating an increasingly digital landscape.
Business
ComBank hands over fully refurbished wards at De Soysa Hospital for Women
The Commercial Bank of Ceylon recently handed over Wards No. 03 and 04 of the De Soysa Hospital for Women, after the completion of a comprehensive renovation project launched in March this year to mark International Women’s Day.
Wards 03 and 04 handle a substantial share of the hospital’s patient load, and account for approximately 2,500 to 3,000 deliveries and 4,000 to 5,000 admissions annually. Their refurbishment was designed to significantly enhance patient care, safety and comfort, and directly benefit thousands of mothers and newborns.
Five Trustees of the Commercial Bank’s Corporate Social Responsibility Trust participated in the formal handing over of the refurbished wards to the hospital authorities. They were Sharhan Muhseen, the Bank’s Chairman, Raja Senanayake, Deputy Chairman, Sanath Manatunge, Managing Director/CEO, Hasrath Munasinghe, Chief Operating Officer, and Prasanna Indrajith, Chief Financial Officer.
Established in 1879, the De Soysa Hospital for Women is the first maternity hospital in Sri Lanka and the second oldest in Asia and is credited with, among others, performing the country’s first caesarean section in 1905 and establishing one of its earliest organised operating theatres in 1907.
The Commercial Bank’s Corporate Social Responsibility Trust, through which this project was implemented, has via its healthcare-related interventions supported more than 100 government hospitals with essential equipment and infrastructure, contributed to emergency medical services through the ‘Adopt an Ambulance’ initiative, and implemented targeted community health interventions such as water storage solutions for families affected by kidney disease.
Business
IIHS expands global nursing pathways
The International Institute of Health Sciences (IIHS) Multiversity is expanding its international education programmes with the aim of creating overseas employment opportunities for Sri Lankan nurses and allied health professionals while contributing to foreign exchange earnings.
Speaking to the media during a conference at IIHS Multiversity in Kerawalapitiya, Dr. Kithsiri Edirisinghe, CEO, Co-Founder and Dean of IIHS aid that the institute has established academic partnerships with overseas universities and higher education institutions, including the University of Surrey in the UK, Deakin University in Australia, Metropolia University of Applied Sciences in Finland, Asia e University in Malaysia and SUNY Canton in the United States.
Under its ‘Study in Sri Lanka, Graduate to the World’ model, students can complete foundational and diploma-level qualifications locally before progressing to international top-up degrees or overseas employment.
Dr Edirisinghe said the model could substantially reduce the cost of obtaining internationally recognised qualifications. It estimates that completing a four-year bachelor’s degree at the University of Surrey in the UK would cost about USD 145,700, including tuition and living expenses, compared with about USD 27,750 through the IIHS pathway in Sri Lanka.
Dr Edirisinghe said the institute’s focus on overseas deployment addressed both Sri Lanka’s economic needs and the growing global demand for healthcare workers.
“Our winning model is producing job-ready, registration-ready healthcare professionals who can seamlessly enter foreign healthcare systems,” he said.
IIHS, which began operations in 2002 as the American College of Health Sciences, established its institutional base in Welisara in 2008 and launched its purpose-built greenfield multiversity campus in 2023.
The institute said it has upgraded the qualifications of more than 5,000 government nurses, supported over 2,500 youth on international employment pathways and trained more than 1,000 allied health professionals. It has also carried out over 250 community health projects.
The institute has identified Germany and Japan among its target markets, with pathways planned for 2,000 nurses for Germany and a one-year preparation programme linked to around 4,000 healthcare positions in Japan.
Dr. Renuka Jayatissa, Vice-Chancellor and a specialist medical doctor, said demographic changes and the growing burden of non-communicable diseases were changing healthcare requirements in Sri Lanka.
Business
Sampath Bank launches Sri Lanka’s first community-powered book discovery platform at Colombo International Book Fair
Sampath GPay customers can enjoy 25% cash back on Book Fair purchases
Sampath Bank PLC has launched Sampath Book Finder, Sri Lanka’s first community-powered book discovery platform, giving visitors to the Colombo International Book Fair a faster and more seamless way to find the books they are looking for across the fair’s 150+ stalls, while also opening up new opportunities to discover titles recommended by fellow readers.
Introduced on the opening day of the Colombo International Book Fair on 25 September, Sampath Book Finder brings together digital innovation and the collective knowledge of readers to address a familiar challenge at one of Sri Lanka’s largest literary gatherings, where the scale of the fair can make locating a particular title a time-consuming exercise. When a book proves difficult to locate, visitors can access bookfairtracker.com or scan the designated QR code and submit a request to the community, allowing readers who have already spotted the title to share its location and help others find it without having to search stall after stall.
Commenting on the initiative, Milinda Weerasinghe, Chief Marketing Officer, Sampath Bank PLC, said, “At Sampath Bank, we believe meaningful innovation begins by identifying everyday challenges and creating solutions that make a real difference. Sampath Book Finder brings this thinking to the Colombo International Book Fair by turning the collective knowledge of readers into a real-time digital solution, empowering them to find what they are looking for, discover something new and help others do the same, while making the overall experience more convenient and connected.”
The platform also turns book discovery into a shared experience, allowing visitors to recommend books they encounter by sharing the title, publisher, hall and stall number, which enables fellow readers to discover sought-after titles and recommendations while making it easier to locate them within the fair.
Sampath Bank’s longstanding association with the Colombo International Book Fair also continues in 2026, marking more than 20 years of partnership, with the Bank serving as the Official Banking Partner for this year’s fair. As part of its presence at the event, SampathCards offer 25% cashback for Sampath GPay customers on their purchases and 3 months 0% instalment plans for book purchases via Sampath credit cards, while visitors can also access banking services through the Bank’s physical presence at the fair. Customers registering to open selected Fixed Deposits at the premises will receive an additional 0.25%, adding further value and convenience for visitors.
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