Connect with us

Business

Commercial Bank Bangladesh redefines online banking with omni-channel ‘CBC Digital’

Published

on

Commercial Bank Bangladesh, Commercial Bank of Ceylon’s largest overseas operation, has transformed the online banking experience it offers customers with the launch of ‘CBC Digital’ – the Bank’s single omni-channel online banking platform.

Akin to ‘ComBank Digital’ implemented in Sri Lanka in 2020, ‘CBC Digital’ represents a synergy of the Bank’s web and mobile applications to offer a range of digital banking services from basic account inquiries, payments and transfers, bill payment options for business users, multiple payments options via file uploads, group payments, and other functionalities.

‘CBC Digital’ is operable as a web application and as a mobile application with native apps compatible with iOS, Android, and Huawei mobile devices, and complies with international standards and best practices adopted to provide utmost user security, the Bank said.

The Bank said it will migrate its existing online users to the new platform. Among other advantages, customers can self-register on the app, settle utility bills and Commercial Bank credit card balances, transfer funds between the Bank and other bank accounts and open fixed deposits and redeem them, all without any paperwork, which will also contribute towards a greener environment.

Commenting on the launch of this platform, Commercial Bank Managing Director and Group Chief Executive Officer S Renganathan said: “This is yet another milestone in Commercial Bank’s digital transformation. It enables our customers in Bangladesh to seamlessly access our products and services, in most cases, without the assistance of a bank agent. This user-friendly platform was launched to simplify online banking, improve user convenience and enable customers to manage their finances swiftly and securely, even on the go. With its host of customisable options, we envision that ‘CBC Digital’ will provide a new digital banking experience.”

‘CBC Digital’ will especially improve card-related functions, including cash advances, bill settlement, and bill payments. Users can also request for cash margin loans and overdrafts, download a copy of their account statements in PDF form, personalise and rename accounts, manage functions such as beneficiary registration and template creation, set transaction limits via the platform and benefit from its enhanced alert module by customising login and transaction alerts.

Commercial Bank currently has banking operations in Sri Lanka and Bangladesh and a subsidiary in the Maldives, and said it aims to provide a single digital platform to customers across markets, giving them a unified digital banking experience.

A leader in tech-based products and services, the Commercial Bank of Ceylon was recognised as the Best Digital Bank in Sri Lanka by the Global Economics Magazine of the UK in 2021, won the award for the ‘Best Digital Transformation in Banking’ from the Business Tabloid Magazine of the UK and was presented the ‘Banking and Financial Services’ Category Award by the Sri Lanka Association for Software Services Companies (SLASSCOM) for its case study on robotic process automation (RPA). ‘ComBank Digital’ is also among the top five apps in the iOS rating list.

Commercial Bank entered Bangladesh in July 2003 with the acquisition of the Bangladesh operations of Credit Agricole Indosuez (CAI), its first ever acquisition of a banking operation. The French multi-national bank operated two branches and two booths in Bangladesh at that time. Over the 19 years that followed, the Commercial Bank of Ceylon Bangladesh operation has established itself above other regional banks operating in the country with 11 branches, six SME Centres and two Offshore Banking Units.

Sri Lanka’s first 100% carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 11 years consecutively, Commercial Bank operates a network of 268 branches and 938 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector.



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

ADB intervention offers an oasis for Delft, but basic infrastructure remains a daily struggle

Published

on

A tour reveals the widening gap between Delft’s tourism promise and the realities of island life

By Sanath Nanayakkare

Stepping onto Neduntheevu – better known as Delft Island – can feel like slipping off the edge of the map into one of Sri Lanka’s least-explored frontiers.

For the traveller seeking an escape from the urban grid, this remote island off the Jaffna peninsula offers an alluring picture of a forgotten paradise: wild horses, coral and limestone fences, sun-bleached dwellings and a community accustomed to life at the margins.

But beneath that romantic veneer lies a far harsher reality.

For the people who live and work here, survival remains an everyday balancing act shaped by inadequate infrastructure, acute water scarcity, unreliable transport and growing frustration over what they see as years of neglect.

Some crucial lifelines, however, have begun to reach these distant shores, largely through the intervention of international development partners.

The Asian Development Bank (ADB) has played an important role in strengthening water security on Delft, through a Sea Water Reverse Osmosis (SWRO) plant designed to provide a critical source of potable water to the island.

The plant was designed with an initial capacity of about 50 cubic metres – or 50,000 litres – of potable water a day, with the potential to expand production to 100 cubic metres. At present, it supplies roughly 40% of Delft’s population.

For residents and local businesses, the plant has provided much-needed relief. Yet operational constraints mean that it currently runs for only about 20 minutes a day, limiting the volume of water available and forcing households and businesses to find additional sources simply to meet their daily needs.

Few understand that struggle better than Vithushan Arul Ranjan, affectionately known as Tommy, a young Energy and Environmental Technology graduate of the University of Sri Jayewardenepura. In 2021, Vithushan launched Delft Village Stay on family land as a community-based tourism venture. It has since grown into an award-winning eco-retreat accommodating up to 25 guests in eco-huts and traditional rooms.

His enterprise has received recognition at both regional and international levels, including the Northern Province Tourism Award 2025 and a recommendation in the 2025 edition of the Lonely Planet Guide.

His business is built around responsible tourism, with an emphasis on bringing economic benefits to the local community. But operating an eco-retreat on one of Sri Lanka’s most isolated islands comes at a considerable cost.

“It is almost impossible to focus on the business when we are constantly in survival mode,” Vithushan says.

Georgie Unsworth, a UK/Belgium visitor turned team member at Delft Village Stay, highlights the stark contrast between Neduntheevu’s magical appeal and the harsh realities locals face regarding basic infrastructure and rights. While tourists want to support sustainable growth and prioritise resident needs – fearing a repeat of southern Sri Lanka’s over-tourism – they are often distressed by severe plastic pollution and a lack of recycling facilities. Ultimately, Unsworth emphasises that visitors prefer authentic, responsible experiences over luxury amenities like AC boats and swimming pools, urging that fundamental local needs be addressed before expanding tourism.

One of his biggest challenges is something most tourism businesses take for granted: drinking water. Because Delft’s groundwater is severely affected by salinity, Delft Village Stay has to transport drinking water from across the Jaffna peninsula. The business spends around Rs. 35,000 a month just to bring in enough water to meet the basic requirements of its guests.

The problem extends well beyond the tourism sector. Residents say Delft’s fragile connection with the mainland remains heavily dependent on a small fleet of vessels – two government ferries and one private boat – that are vulnerable to breakdowns, overcrowding and unpredictable schedules.

The consequences can be severe.

Recently, a month-long interruption to regular boat services effectively isolated the island, disrupting the supply of essentials including cooking gas and drinking water.

The island’s tourism ambitions have also exposed the gap between policy aspirations and ground realities.

Government plans to develop Delft as an eco-tourism destination have encouraged a growing flow of visitors, but residents and tourism operators argue that visitor numbers cannot be increased sustainably without first strengthening the island’s basic infrastructure.

The dangers became starkly apparent when an unofficial private boat carrying tourists capsized with 10 people on board. A potentially fatal tragedy was reportedly averted only after local fishermen and Navy personnel rushed to the rescue.

The incident offered a sobering reminder that tourism development in remote locations requires more than branding a destination as an ecological paradise.

For policymakers and development planners looking towards Sri Lanka’s north, Delft offers a clear lesson. Ambitions for zero-emission, community-based and environmentally sustainable tourism cannot move faster than the basic needs of the people who live there.

Reliable maritime transport, expanded water and wastewater management, proper waste disposal and functioning public amenities are not optional extras. They are the foundations upon which any sustainable tourism economy must be built.

The ADB-supported water infrastructure offers a glimpse of what targeted investment can achieve. But Delft’s experience also shows that a single intervention, however important, cannot resolve a much wider infrastructure deficit.

The island may have wild horses, coral walls, ancient ruins and a growing reputation among international travellers.

But before Delft can truly become the eco-tourism showcase policymakers envision, it must first become a place where its residents can reliably secure something as fundamental as water.

“That is the real test of whether the island’s tourism promise can translate into sustainable development – or whether the Lonely Planet image of Delft will remain little more than a façade over the daily hardships of its people,” says Vithushan Arul Ranjan.

Continue Reading

Business

Systemic questions linger over NDB fraud inquiry

Published

on

By Sanath Nanayakkare

The unfolding developments surrounding the massive internal financial irregularity at the National Development Bank PLC (NDB), valued at approximately LKR 13.2 billion, continue to demand rigorous public scrutiny.

As months have passed since the initial disclosure of the fraud in early 2026, questions regarding institutional accountability, regulatory oversight, and corporate governance remain central to discussions concerning the stability and transparency of Sri Lanka’s financial sector.

First coming to light through corporate disclosures and subsequent regulatory reviews, the LKR 13.2 billion incident represents one of the largest internal fraud cases recorded within a major commercial institution in recent times. Because NDB is a systemically important institution – with major state-backed shareholding through entities such as the Employees’ Provident Fund (EPF), the Employees’ Trust Fund (ETF), Sri Lanka Insurance Corporation (SLIC), and the Bank of Ceylon (BOC) – the implications extend far beyond normal corporate missteps.

Public interest advocates and financial analysts have repeatedly emphasised that any major lapse in a bank of this magnitude warrants total transparency to maintain public confidence. Although the Central Bank of Sri Lanka (CBSL) and bank management have publicly assured stakeholders that customer deposits remain secure and day-to-day operations unaffected, the broader governance questions regarding how such significant vulnerabilities went undetected remain a subject of intense public debate.

A focal point of concern among financial analysts and governance watchdogs is the framework surrounding the independent forensic audit commissioned to investigate the transactions.

Entrusted to international expertise via Deloitte Touche Tohmatsu India LLP, the audit’s mandate includes examining the circumstances of the fraudulent operations as well as evaluating historical lapses in internal controls, oversight, and compliance.

However, critics, including public interest figures, have raised questions regarding the timeline for the finalisation and release of these findings.

Parliamentary oversight bodies, such as the Committee on Public Finance (CoPF), have previously engaged with regulatory authorities to review the matter.

Observers point out that timely public access to comprehensive audit findings – without compromising ongoing criminal investigations by entities like the Criminal Investigation Department (CID) – is vital to ensuring that systemic gaps are permanently closed.

The NDB case has also cast a sharp spotlight on broader corporate governance norms in Sri Lanka, bringing elements such as board oversight, the role of external auditors, and potential conflict-of-interest perceptions into sharper focus.

Critics argue that maintaining public trust requires strict adherence to ethical standards at every level of corporate leadership, from commercial bank directors to regulatory supervisors.

“As the country seeks to attract sustainable foreign direct investment, establishing an uncompromised standard of accountability is paramount. For the memory of this financial fraud to serve a constructive purpose, institutional watchdogs, lawmakers, and regulators must ensure that investigations are brought to a transparent, logical, and publicly accountable conclusion, ensuring that public resources and systemic financial integrity are robustly safeguarded,” keen observers of this massive brank fraud say.

Continue Reading

Business

‘ASEAN must leverage trust and governance alongside cost competitiveness’

Published

on

Dato’ Sri Vijay Eswaran

Trust and regulatory clarity are fast becoming ASEAN’s next major competitive advantages, according to Dato’ Sri Vijay Eswaran, Executive Chairman of the QI Group of Companies.

Writing in The Business Times Insights: ASEAN Intelligence 2026, Eswaran noted that while cost competitiveness remains central to the region’s economic appeal, geopolitical uncertainty, shifting supply chains, and rapid technological advancements mean cost is no longer the sole deciding factor for investors. Global companies are increasingly prioritizing stability, predictable policies, and reliable institutions.

Eswaran emphasized that sustainable growth depends on pairing the region’s traditional strengths—such as strategic manufacturing, a growing talent pool, and regional connectivity—with strong institutional governance. Pointing to the OECD’s Asia Capital Markets Report 2026, he highlighted that transparency and institutional maturity are key drivers of investor confidence.

Addressing the rapid integration of artificial intelligence, Eswaran argued that clear guardrails are essential to prevent business hesitation. He commended regional initiatives balancing innovation with oversight, including Malaysia’s AI infrastructure developments, Singapore’s AI Verify framework, Indonesia’s formalization of its National Artificial Intelligence Strategy, the Philippines’ National AI Strategy Roadmap 2.0, and Vietnam’s new risk-based legal framework.

Continue Reading

Trending