Business

Trust, security and collaboration seen as pillars of growth in digital payments

Published

2 months ago

2026/07/21

Experts at the Visa-led forum

Visa successfully hosted the Visa Sri Lanka Cybersecurity Conclave 2026 on 25 June 2026, convening leaders from the banking sector, Government, regulators and industry bodies to foster dialogue on evolving cyber threat landscape and the collective action needed to strengthen cyber resilience across Sri Lanka’s digital economy.

As digital payments continue to expand, cybersecurity remains critical to sustaining trust, protecting consumers and businesses, and supporting a more inclusive digital economy. The conclave served as a focused platform for industry dialogue on emerging cyber threats, fraud prevention, regulatory readiness and public-private collaboration in safeguarding consumers, businesses and the wider financial ecosystem.

The event featured expert-led sessions by Visa leaders, covering Cyber Threat landscape, AI-driven Cybersecurity, Visa Cyber Solutions and Advisory, Risk landscape and AI-powered Fraud Prevention introducing Featurespace. Discussions underscored the increasing sophistication of cyberattacks and fraud patterns, particularly as AI-enabled threats create new challenges for financial institutions, regulators, and businesses.

A senior-level panel discussion brought together Sirikumara Kudagama, Deputy Governor of the Central Bank of Sri Lanka; Waruna Dhanapala, Secretary to the Ministry of Digital Economy; Brigadier K.V.P. Dhammika, Director of Cyber Command and Information Warfare Centre; Mr. Kapila Hettihamu, Chief Risk Officer of Commercial Bank of Ceylon; and Avanthi Colombage, Country Manager, Sri Lanka and Maldives, Visa. The panel delved on Sri Lanka’s changing cyber risk environment and the need for stronger preparedness across the financial sector, with emphasis on proactive threat intelligence, real-time response capabilities, stronger information sharing, capacity building, robust regulatory frameworks and the adoption of advanced security solutions to help institutions stay ahead of emerging risks.

Waruna Dhanapala, Secretary to the Ministry of Digital Economy, said, “As Sri Lanka advances its digital transformation, cybersecurity is a national priority and a critical enabler of trust in the digital economy. The expansion of digital payments and technology-enabled commerce presents significant opportunities, but also requires coordinated action, strong safeguards and trusted partnerships. Initiatives such as the Visa Sri Lanka Cybersecurity Conclave 2026 are valuable in bringing together government, regulators, financial institutions and industry leaders to exchange insights, address emerging risks and strengthen collective resilience. We value the role that global payments leaders such as Visa continue to play in supporting Sri Lanka’s digital ecosystem through expertise, innovation and collaboration. This conclave was a timely effort to reinforce the shared responsibility needed to build a secure, resilient and inclusive digital economy for the country.”

Commenting on the success of the conclave, Avanthi Colombage, Country Manager, Sri Lanka and Maldives, Visa, said, “As Sri Lanka’s digital economy continues to grow, cybersecurity is fundamental to building trust in digital payments. At Visa, we are committed to working closely with regulators, financial institutions and ecosystem partners to support safer, more resilient digital commerce for consumers and businesses. Strengthening cyber resilience is not the responsibility of one institution alone. It requires collaboration, preparedness and continued investment across the ecosystem. Through initiatives such as the Visa Sri Lanka Cybersecurity Conclave 2026, Visa continues to support Sri Lanka’s financial ecosystem with global expertise, practical insights and security-led solutions that help protect the future of digital commerce in Sri Lanka.”

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Business

ADB approves $100 million loan to boost skills development and jobs for youth in Sri Lanka

Published

4 hours ago

2026/10/2

Thilina Walpola

The Asian Development Bank (ADB) has approved a $100 million results-based loan to help Sri Lanka transform its technical and vocational education and training (TVET) system, equip more young people with industry-relevant skills, and strengthen the country’s competitiveness and inclusive growth.

The Skills Development System Transformation Program will support the Government of Sri Lanka’s efforts in improving the quality and relevance of skills training, strengthening links between training providers and industries, and expanding employment opportunities for youth. The program will increase women’s employment opportunities in nontraditional jobs in fields including automotive technology, engineering, information and communications technology, construction, and renewable energy.

“A skilled workforce is essential to Sri Lanka’s long-term economic transformation and competitiveness,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This program will help create stronger pathways from education to employment by making training more responsive to industry needs, expanding opportunities for young people and women, and ensuring that graduates have the skills required by a modern and evolving economy.”

Though Sri Lanka’s economy is recovering, it faces skills shortages in priority sectors, high youth unemployment, and low female labor force participation. Many employers report difficulty finding workers with the skills needed in a changing economy.

Aligned with the Government of Sri Lanka’s Technical and Vocational Education and Training Sector Strategic Framework 2026–2035, the nationwide program will be implemented from 2027 to 2031 and is expected to directly benefit more than 100,000 young people through improved access to quality, employment-oriented training.

Business

USD 40.84m pipeline to secure aviation fuel supplies to BIA

Published

4 hours ago

2026/10/2

Thilina Walpola

By Ifham Nizam

The government has cleared a USD 40.84 million and Rs. 8,548.75 million contract to build a dedicated aviation fuel pipeline from Muthurajawela to Bandaranaike International Airport (BIA), alongside a massive new fuel storage facility with a capacity of 92,000 cubic metres.

Energy Minister Anura Karunatilaka said the project represented a major investment in strengthening the infrastructure underpinning Sri Lanka’s aviation fuel supply and ensuring more reliable fuel availability at the country’s main international airport.

‘This project will provide the infrastructure required to strengthen the reliability and continuity of aviation fuel supplies to Bandaranaike International Airport, Karunatilaka said.

The contract has been awarded to China Petroleum Pipeline Engineering Company Limited, following an international competitive procurement process in which three bids were received.

The project will see a new aviation fuel storage tank complex constructed at Muthurajawela, together with the associated infrastructure required for handling and transferring aviation fuel.

Business

CSE activity up, turnover weak at Rs. 1.4 billion

Published

4 hours ago

2026/10/2

Thilina Walpola

By Hiran H Senewiratne

Trading activity on the Colombo Stock Exchange (CSE) gathered pace yesterday as global fuel prices began to show signs of easing, according to market analysts.In this context, both indices moved upwards. All Share Price Index up by 67.97 points while S and P SL20 up by 8.30 points.

Turnover stood at Rs 1.4 billion with seven crossings. Those crossings were reported in Sampath Bank 1.7 million shares crossed to the tune of Rs 238 million and its share price traded at Rs 140, Access Engineering two million shares crossed to the tune of Rs 159 million and its share price traded at Rs 79.50, LOLC one million shares crossed to the tune of Rs 129 million and its share price traded at Rs 129, HNB 100,000 shares crossed to the tune of Rs 38.4 million and its share price traded at Rs 384, JKH 1.9 million shares crossed to the tune of Rs 35 million and its share price traded at Rs 18.60, Hayleys 100,000 shares crossed to the tune of Rs 22.50 million and its share price traded at Rs 225 and Richard Pieris 847,000 shares crossed to the tune of Rs 22 million and its share price traded at Rs 25.50.

In the retail market top seven companies that have mainly contributed to the turnover were Sampath Bank Rs 114 million (813,000 shares traded), JKH Rs 100 million (5.3 million shares traded) LB Finance Rs 49 million (325,000 shares traded), HNB Finance Rs 30 million (27 million shares traded), HNB Rs 27 million (70000 shares traded), NTB Rs 25 million (82000 shares traded ) and Lanka IOC Rs 21 million (666,000 shares traded). During the day 65 million shares volumes changed hands in 10433 transactions.

The Banking and manufacturing sector counters performed well. In the banking sector Sampath Bank let the market while manufacturing sector especially JKH also significantly performed well. With the fuel revision Land IOC also a significant stock at the floor.

Meanwhile, First Capital Treasuries said that Ramesh Schaffter resigned as a Non-Independent Non-Executive Director with effect from October 1, to facilitate the restructuring of the company’s board.

Yesterday the Central Bank announced the US Dollar rate as against rupee. The rupee was quoted flat at Rs 330.65/80 to the US dollar in the spot market , while bond yields dropped, dealers said.