Connect with us

Business

Activation in a flash: ComBank innovates with Digital KYC procedure for ‘Flash’ accounts

Published

on

An innovative video call identity verification feature has been introduced by the Commercial Bank of Ceylon to its ground-breaking digital bank account ‘Flash,’ making it possible for an account to be opened, activated and operated without ever visiting a bank branch.

The unique Digital KYC (Know Your Customer) process allows the Bank to remotely complete the customer verification requirements and provide the Flash account holder full access to all the functions of the activated app. Among these is the linking of other bank accounts, enabling the account holder to transfer money from an account in another bank to top-up the Flash account with funds, the Bank said.

Further simplifying the self-registration process, Commercial Bank now requires those opening a Flash Digital Bank Account to simply fill in a few personal details and upload the specified identification documents via their Flash mobile App. The customer will then be contacted by a bank officer via a video call for the verification and activation of the account.

The winner of the award for the ‘Digital Banking Initiative of the Year’ in Sri Lanka at the 2021 Asian Banking and Finance (ABF) awards, Flash is a comprehensive digital banking app that provides financial services required to manage the lifestyle of a customer across aspects such as daily living and utility expenses, budgeting, saving, financing, eCommerce, environmental awareness, and investments. The app is supported by its own dedicated website – www.flashbank.lk

The Flash Digital Bank Account mobile app is available for download via the Apple App Store, Google Play Store or Huawei App Gallery and offers users anytime anywhere access to a complete suite of financial services and wealth management tools in one seamless application.

Besides providing the standard banking services required by account holders, Flash offers several innovative features and functions that go beyond routine banking. These include a ‘Save the Environment’ a feature which promotes an understanding of the social carbon footprint of consumption by assessing each transaction a user carries out via the app; an ‘Advanced Budgeting’ tab which functions as a personal financial management tool that enables tracking of spending with detailed categorisation of expenses; a Quick Response (QR) payment module that enables users to scan a LANKAQR code of any merchant to make payments directly from their accounts to the merchant for purchases, integration with the PickMe app QR; Flash e-Statements with payment and receipts and detailed e-Receipts for Flash transactions with the option to share via email and WhatsApp; ‘JustPay’ which enables customers to add any bank account to top up Flash and make payments, and the ‘My Payees’ and ‘My Billers’ functions in the homepage menu with recent payee and biller templates.

Additionally, Flash is equipped with a ‘Flash Finance SPACE’ function that generates requests for Personal Loans, Home Loans, Leasing facilities and Education Loans. Flash allows its customers to invest their money in Fixed Deposits for a higher return of interest. Further, Flash allows customers to apply for Health Insurance cover through Fairfirst Insurance with many options, providing higher benefits, enabling customers to look into the most suitable choice for them and their families.

Commercial Bank is 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. It is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake, and Myanmar, where it has a microfinance company in Nay Pyi Taw.



Continue Reading
Advertisement
Click to comment

Leave a Reply

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

Business

Fertilizer shortages threaten to wither Sri Lanka’s plantation sector output

Published

on

A tea plantation in Sri Lanka. (File photo)

The Planters’ Association of Ceylon (PA), the apex body of Sri Lanka’s plantation industry, expressed growing concern over rising prices and limited availability of fertilizer amid the escalation of the crisis in the Middle East.

With the closure of the Strait of Hormuz, shipping traffic through the region is reported to have dropped by 90%. Given that an estimated one-third of global trade in raw materials for production of fertilizer flows through the Strait, these interruptions are already disrupting fertilizer supply chains around the world.

After Russia, Egypt and Saudi Arabia, Iran is the fourth-largest global supplier of urea, the most widely used fertilizer ingredient.

Given the dire implications on domestic agricultural production, the PA commended the Government’s primary focus on safeguarding national food security, and welcomed the fertilizer subsidy for additional crops being increased up to Rs. 18,000. Such measures are part of a broader effort to support the agricultural sector during this period of volatility.

However, the PA cautioned that the implications of another fertilizer crisis extend well beyond direct agricultural impact. Importantly, the next two to four months will have a significant impact on the annual crop yields of the industry. The Association warned that these dynamics could significantly affect balance of payments, inflation, and purchasing power for critical resources like fuel.

The current fertilizer crisis echoes the challenges faced during the 2021 ban, which caused a calamity in the plantation sector. Even after the ban was lifted, it took four years to recover, and just as progress was being made, the current fertilizer issue has emerged.

The PA also highlighted the stress on Regional Plantation Companies (RPCs) and smallholders in particular, noting that the industry was already under significant pressure as result of rising cost of production.

Moreover, the PA noted that only a limited number of companies are authorized to distribute fertilizer, and the PA calls on the government to mitigate these challenges.

Throughout the COVID-19 pandemic, the plantation sector played a crucial role in generating foreign exchange to support the economy, and it is essential that the industry continues to contribute to macroeconomic stability during this crisis.

In a recent news article senior Professor Buddhi Marambe from the University of Peradeniya noted that with paddy cultivation alone needing approximately 98,800 metric tonnes for the Yala season, current stocks cover only about 60% of the total national requirement.

The PA also emphasized the entire plantation industry’s vital role in upholding the economy, particularly in generating foreign exchange via export revenue, and in supporting rural livelihoods.

According to an analysis published on 15 March 2026 by the FAO Chief Economist’s Office, the Gulf region accounts for roughly 30 to 35% of global urea exports, supply chains that have been severely disrupted since the conflict began.

The study found that the farming systems most exposed are those combining high fertiliser application rates with significant dependence on Gulf supply chains, a profile that applies across South Asia, East Africa and parts of Latin America. The FAO analysis projects global fertiliser prices averaging 15 to 20% higher across the first half of 2026 if the disruptions persist, with yield consequences materialising in harvests later in the year and into 2027.(PA)

Continue Reading

Business

Women workers speak out for fair pay, safety and dignity

Published

on

Women workers with Rev.Sr. Noel Christine Fernando pledge that they will continue their struggle for a decent wage, better working conditions, safety of workers, healthcare facilities and for a limit to extensive working hours, from the government and employers.

Women workers who gathered at the Shramabimani Centre in Seeduwa to mark World Women’s Day on March 29 demanded a living wage that matches the rising cost of living, decent working conditions, safety of workers, better healthcare facilities and limiting the extensive working hours, from the government and employers.

Free Trade Zone (FTZ) workers urged the lawmakers and their employers to understand the silent tears shed amid the sound of machines.

“We face frequent humiliation and insults within and outside work which a woman cannot bear but we go through them to feed our children, parents and other dependents in our homes, said Shriani Fernando, an employee of a garment factory at the Katunayake FTZ.

Many such sad stories were narrated on the appalling living and working conditions of female workers who have left behind their families, kith and kin to keep the wolf from the door.

“There is no privacy in a ten by ten room shared with other workers who have to walk back to their rooms late night through lonely streets, said Indrani Weerasinghe, a mother who has to feed five mouths with the little wage she earns as a factory employee.

Female workers who are compelled to leave the safety of their homes at a very tender age to support the family fall prey to men seeking opportunities to satisfy their carnal desires.

The predator could either be the employer, landlord, a friend, the partner or a sympathizer with ulterior motives.

“While walking back to our rooms men ask us whether they could give us a lift. When we refuse the offer they pass disgusting remarks, a young worker said.

Speech and hearing impaired workers said that they too are capable of doing any work as others.

They said we have eyes, a good brain, hands and feet to work. We need to be treated like all others instead of attracting verbal sympathies.

Many workers who are victims of sexual exploitation and harassment keep silent to safeguard their jobs.

“We know the outcome if we speak against the unfair treatment by our bosses. If we lose our jobs who will feed our children, said Susumali Dissanayake, a mother of four employed at a garment factory in Gampaha.

What is saddening and gruesome is the act of some workers compensating the low wage or income by offering themselves to fulfill the insatiable sexual appetite of certain men.

Women garment workers in FTZs face severe exploitation, including 16-hour workdays, unachievable production targets, sexual harassment, and hazardous conditions. Many endure poverty, wage theft, and lack of basic facilities, often resulting in Urinary Tract Infections (UTIs) due to poor sanitation and limited bathroom access

Landless female workers in the Gampaha District urged the present authorities to bring an end to their homeless state by fulfilling a fundamental right to live in a house of their own in a decent way.

“The manner in which we are treated sometimes by our landlords is similar to being a slave. Shifting houses each year or two is nothing short of being refugees who have no status and dignity, said A.Shridevi from Walana, Katunayaka.

“We have been living like gypsies moving from one house to another without a permanent address for a long time. What we ask from the government is to give us the title deeds to the houses we are in now so that we have some status and respect, said Shandani Fernando, a member of the Association of Homeless Families in Gampaha.

Unpleasant language

“When we fail to pay the rent by one day we hear so unpleasant language from the landlords and some of us have broken family relations due to misunderstanding while sharing the same house with the siblings, she said.

Rev.Sr Noel Christine Fernando, a prominent rights activist who leads the Sramabimani Kendraya (or Shramabimani Centre) in Seeduwa, a rights group focusing on worker solidarity, particularly within the free trade zones said the battle to secure the rights of workers will go on whichever government is in power.

“It was never a smooth sailing for the Sharmaabimani centre since its start in 1994. However, it waded through high tides, rough waters and stood through thick and thin to be what it is today branching out for every worker to take rest and shelter, Sister Fernando said.

She said it’s these worker’s toil and tears that bring the much needed foreign exchange to the country. We believe this government that came to power through the ballot of the landless people will heed their cry and provide them a permanent house.

Rev. Fr. Sarath Iddamalgoda, core founder and director of Shramaabimani Centre said under whatever condition ‘we musn’t forget the vision and the mission that we are called to ensure justice for the oppressed and the marginalized people’

He said the condition of the landless community in the Gampaha district and in the rest of the country is similar to the estate community who have been living for over 200 years without proper status which reveals the extent of social inequality and discrimination in a nation that is signatory to many UN conventions on right to life and decent living.

“A bottom-top discussion and collaboration with a people-friendly and people-centred administrative mechanism is critical to address the persisting issue of the ‘unknown poor’ in the country whose call for a permanent house has gone unheeded for many decades, he said.

According to the UN an increasing number of people are driven from their homes by crises such as conflict, political instability, climate change, and economic hardship. A record number of people are forcibly displaced and – in an increasingly urbanizing world – displacement is becoming an urban phenomenon.

Meanwhile poverty in Sri Lanka has been rising since the economic crisis in 2022 where many households in the ‘middle income’ bracket have been pushed down to the ‘poor’ segment.

According to the World Bank poverty continued to increase in 2021, and doubled between 2021 and 2022, from 13.1 to 25.0 percent ($3.65 per capita, 2017 PPP) adding 2.5 million people into poverty in 2022.

Eradicating extreme poverty for all people everywhere by 2030 is a pivotal goal of the 2030 Agenda for Sustainable Development.

By Lalin Fernandopulle

Continue Reading

Business

Aitken Spence Travels leads in regenerative tourism

Published

on

Aitken Spence Travels has once again reaffirmed its leadership in Sri Lanka’s tourism sector, being recognised as a Category Winner in the Hospitality & Tourism Services sector at the CPM (Chartered Professional Management) Best Management Practices Company Awards 2026 for the third successive year. Achieving a significant milestone, the company was also listed among Sri Lanka’s Top 40 companies for the first time, underscoring its continued commitment to excellence and innovation.

As Sri Lanka’s leading destination management company, Aitken Spence Travels has consistently demonstrated best in class management practices, earning recognition at the CPM awards, which celebrate organisations that uphold high standards of corporate performance, governance, and sustainability.

This year’s recognition reflects the company’s strategic focus on regenerative tourism, an approach that goes beyond sustainability to actively restore and enhance the environmental, cultural, and socioeconomic landscapes in which it operates. By designing travel experiences that create meaningful value for local communities while preserving natural ecosystems, Aitken Spence Travels continues to redefine the role of tourism in a rapidly evolving global context.

Aitken Spence Travels Managing Director Nalin Jayasundera stated, “At ASTL, sustainability is not a standalone initiative, it is central to our strategic direction and governance framework.” This commitment is driven by the continued leadership and dedication of both the Managing Director and the Aitken Spence Group, with the company’s sustainability initiatives closely aligned with Group level policies that ensure strong governance, accountability, and oversight. Notably, Aitken Spence Travels stands as the only destination management company in Sri Lanka to be certified by Travelife and the Global Sustainable Tourism Council (GSTC), in addition to holding ISO certifications, further reinforcing its leadership in responsible and regenerative tourism.

Commenting on this achievement, Chairperson/Chairman of Aitken Spence PLC, Stasshani Jayawardena added “Aitken Spence Travels reflects the broader Aitken Spence Group ethos, where sustainability is embedded into governance and strategic direction rather than as stand-alone projects. This has been an integral part of how our businesses operate, ensuring accountability, consistency, and responsible growth across all our sectors, including travel and tourism.”

Continue Reading

Trending