Business
Locally developed ‘Scan&Pay’ QR code saves Rs. 1.5 billion
From left – State Minister of Samurdhi, Household Economy, Micro Finance, Self Employment, Business Development and Underutilized State Resources Development Shehan Semasinhe, State Minister of Cooperative Services, Marketing Development and Consumer Protection Lasantha Alagiyawanna, State Minister of Money and Capital Market and State Enterprise Reforms Ajith Nivard Cabraal, Trade Minister Bandula Gunawardena and CBSL Governor Prof. W. D. Lakshman.
by Sanath Nanayakkare
The national ‘Scan and Pay’ digital payment QR code (LankaQR) launched by the Central Bank yesterday has been developed without obtaining consultancy from a foreign firm, which would otherwise have cost about Rs. 1.5 billion for the country, a forum of the Central Bank of Sri Lanka (CBSL) revealed yesterday.
Dharmasri Kumaratunga, Director, Payments and Settlements Department of the CBSL made this revelation at the launch of the National QR Code, LANKAQR.
“Cambodia had paid US$ 8 million for a similar service that it received from Korea. But we were able to develop the National QR code using the technical know-how of our own developers, so it’s tantamount to being able to save about Rs. 1.5 billion which would otherwise have been paid for foreign consultancy,” he said.
Central Bank Governor Prof. W.D. Lakshman pointed out that this facility would encourage digital payments in the economy and reduce the cost of cash management as well as formalise the informal sector.
Ajith Nivard Cabraal, State Minister of Money and Capital Market and State Enterprise Reforms said that the use of credit cards in the country has increased and the Central Bank has moved further ahead to introduce the National QR Code to accelerate the empowerment of the digital economy. “We should enable the inflows into the country to be formalized attracting those who transfer money to the country through alternative methods. For this we must offer low costs for such inward remittances. Also, we must follow tech developments in the world on a daily basis and adopt them in our financial landscape ensuring cyber-security of those payment and settlement innovations. We shouldn’t lag behind other countries, he said.
The code enables quick and secure transactions at a low cost bringing numerous benefits to the public and the economy.
Customers can use the LANKAQR system to transfer funds directly to a merchant’s bank account where a nominal fee is charged from the merchant.
The new payment system is expected to be beneficial to small and medium enterprises, which account for 90 percent of all businesses and contribute 52 percent of gross domestic product (GDP).
Business
Business, economic heavyweights converge in Colombo
Senior business leaders, economists and international development experts, alongside the Prime Minister of Sri Lanka, will headline the Sri Lanka Economic & Investment Summit 2026, organised by The Ceylon Chamber of Commerce on 12 and 13 October at the Shangri-La Colombo.
The Summit will open with a keynote address by T. Krishnakumar, Chief Executive Officer, Reliance Consumer Products Ltd, who brings more than four decades of experience in the consumer brands and FMCG sectors. Having previously served as President of Coca-Cola India and Southwest Asia, with extensive experience in building businesses and driving growth across emerging markets, Krishnakumar, more popularly known as Kk, now leads Reliance Consumer Products as it expands across categories and builds new customer, partnership and market opportunities.
Day 2 will bring together four international perspectives across discussions on economic resilience, regional connectivity, sector growth and digital transformation.
Lilia Aleksanyan, Senior Country Economist for Sri Lanka at the Asian Development Bank, will open the day’s discussions with a focus on Sri Lanka’s economic resilience. Her work covers the country’s macroeconomic outlook, policy advice and macro-fiscal and financial-sector reform. Her international policy experience also includes roles at the French Ministry of Finance and the French Central Bank.
The Summit will then turn to Sri Lanka’s connections with regional markets, with P. D. Singh, Chief Executive Officer, India & South Asia, Standard Chartered Bank, delivering the keynote for the session on trade corridors and value chains. Singh counts close to three decades of experience in banking and finance, with senior leadership roles spanning Standard Chartered, JPMorgan Chase Bank and HSBC.
The Sector Deep Dives will bring international perspectives to discussions on healthcare and energy.
Tushar Shroff, Chief Financial Officer, Zydus Lifesciences Ltd, will deliver the keynote for the healthcare discussion, drawing on more than three decades of experience in corporate finance, strategic investment and financial transformation. His career spans senior finance and leadership roles with ABB, Piramal Healthcare, Intas Pharmaceuticals and Vedanta Group, giving him a broad perspective on the business and investment decisions shaping the healthcare sector.
For the energy-focused deep dive, Edore Onomakpome, Regional Infrastructure Industry Manager for Bangladesh, Sri Lanka and Nepal at the International Finance Corporation, will bring extensive experience in infrastructure investment and project finance across emerging markets. Since joining IFC in 2013, she has held senior roles across Africa and South Asia, including managing IFC’s infrastructure portfolio across 16 countries.
The Summit will conclude its keynote programme with Prime Minister Dr. Harini Amarasuriya, who will deliver the keynote for “Nation Building in the Digital Age.” The Prime Minister also oversees the Ministry of Education, Higher Education and Vocational Education, bringing a direct policy perspective to discussions on digital transformation, innovation, education and the skills needed for a changing economy.
Together, these perspectives will bring regional, international and policy insight to SLEIS 2026 as Sri Lanka considers how to strengthen economic resilience, attract investment, deepen regional connections and develop new sources of growth.
Held under the theme “Positioning Sri Lanka in a Changing Global Economy: Resilience, Reform, and the Future of Economic Policy,” SLEIS 2026 will take place on 12 and 13 October 2026 at the Shangri-La Colombo.
The Sri Lanka Economic & Investment Summit 2026 is supported by its valued sponsors and partners. Platinum Sponsor – Standard Chartered Bank Sri Lanka, Gold Sponsor – VISA Worldwide (Pvt) Ltd., Bronze Sponsor – South Asia Gateway Terminals (Pvt) Ltd., Strategic Development Partner – Asian Development Bank, Telecommunication Partner – Dialog Telecommunication, Television Partner – Dialog Television, Session Sponsors – David Pieris Motor Company (Pvt) Ltd., Hemas Holdings PLC, Sunshine Holdings PLC, International Construction Consortium (Pvt) Ltd., Microsoft Sri Lanka (Pvt) Limited, Official Logistics Partner – Hayleys Advantis Limited, Official Airline – SriLankan Airlines Ltd., Official Hospitality Partner – Shangri-La Colombo, Airline Partner – China Eastern Air Holding Co. Ltd.
Registrations for SLEIS 2026 are now closed. The Ceylon Chamber looks forward to welcoming participants to the discussions on Sri Lanka’s future trajectory on 12 and 13 October.
Business
Commercial Bank launches ‘Prestige’ banking for HNW clients
Commercial Bank of Ceylon has launched ‘Prestige’, a three-tier banking proposition aimed at high-net-worth (HNW) clients, combining wealth management, advisory services and lifestyle benefits.
The initiative replaces the bank’s existing ‘Elite’ private banking brand with Ruby, Sapphire and Diamond tiers, designed to cater to customers according to their wealth profiles and banking relationships.
The bank said Prestige would provide dedicated relationship managers, priority branch services, preferential rates on loans and deposits, enhanced card privileges, family banking programmes and offshore account solutions.
Its wealth and investment management services include access to capital-protected income solutions, dual-currency investments, institutional deals and estate and portfolio governance.
Clients will also have access to specialist financial and corporate advisory services, including assistance with international relocation, overseas property and capital repatriation.
The programme includes lifestyle benefits such as VIP airport lounge access, travel concierge services, property management and medical coordination, as well as access to selected art and culinary events.
The bank said its flagship Prestige banking residence at R.G. Senanayake Mawatha, Colombo 07, had been refurbished, with the service to be extended to other economically important cities.
Commercial Bank Managing Director/CEO Sanath Manatunge said Prestige was intended to support customers in managing their wealth, business interests, family needs and long-term legacy.
Existing Elite clients are being transitioned to the new programme, the bank said.
Business
Ceylinco Life rewards 80 sales achievers with overseas tours
Ceylinco Life has rewarded 80 members of its sales force with overseas tours to Vietnam and China for their outstanding performance in the company’s 2025 sales competitions.
The group comprised 62 sales achievers who travelled to Vietnam and 18 who visited China.
The Vietnam tour included visits to Hanoi’s Ho Chi Minh Complex, One Pillar Pagoda, Tran Quoc Pagoda and Hoan Kiem Lake. The group also travelled to Ha Long Bay, where they went on an Aurora Cruise and explored attractions including Sung Sot Cave, Luun Cave and Titop Island.
The tour also featured a sunset party aboard the cruise, with music and refreshments.
The 18 achievers who travelled to China visited several of Beijing’s major historical and cultural attractions, including Tiananmen Square, the Forbidden City and the Summer Palace. They also took a boat ride on Kunming Lake.
A highlight of the China tour was a visit to the Mutianyu section of the Great Wall, including a round-trip cable car ride. The group also attended an acrobatic show at Chaoyang Theatre and visited the Panda Garden at Beijing Zoo.
The company said the tours were organised to recognise and reward sales personnel for their performance and achievements.
-
News6 days agoGeneva takes up Sallay’s case and govt. ignores opportunity to answer accusations
-
Features5 days agoPreventing grievances from becoming communal
-
Features3 days agoThe Sri Lankan who made Scottish history
-
Sports3 days agoNissanka absence opens door for Sri Lanka’s young guns
-
News4 days agoGnansara Thera to be assigned to prison printing section: Officials
-
Features6 days agoSri Lanka Cricket Bill: Governance reform is not yet a cricket strategy
-
News2 days agoNDB fraud Rs 60mn more than reported
-
Features3 days agoFuture of Sri Lanka’s state university system: Should it be shut down and reopened?
