Business

ADB forum spotlights Sri Lanka’s vision to become a ‘Serendib of Trust’ in the digital world

Published

4 months ago

2025/10/17

Event marks the farewell of one leader and ambitious plans of another

At the Asian Development Bank’s Serendipity Knowledge Programme (SKOP) held at Shangri-La, Colombo, on October 15, a powerful narrative for Sri Lanka’s future unfolded, woven from a visionary national strategy and the oncoming poignant farewell of a departing architect of international cooperation.

The day’s discussions on cybersecurity and data protection concluded on a personal note from Takafumi Kadono, the ADB’s departing Country Director for Sri Lanka. In what he noted was his final SKOP workshop, Kadono reflected on the critical nature of the day’s topic. He confessed the forum had been an ‘eye-opener,’ revealing that the challenges of cybersecurity are not merely technological, but represent a whole threat to development and progress and an obstacle to the acceleration of the digital ecosystem. His perspective was shaped by stark international examples shared at the forum, such as Japan’s experience with a ransomware attack that halted Asahi’s beer production and another that crippled the Nagoya Port, alongside insights from Malaysia’s data privacy journey.

This sense of urgency complemented the ambitious blueprint detailed by Dr. Hans Wijayasuriya, the Advisor to the President on Digital Economy. He emphasised that for Sri Lanka, digital transformation is not just an initiative but one of the three core pillars in President Anura Kumara Dissanayake’s strategy to rejuvenate the nation’s economy. The goal he explained, was to leverage this transformation to significantly boost Sri Lanka’s GDP growth rate.

According to him, this commitment is backed by concrete targets: to expand the digital economy’s share of the overall economy from its current 3-4% to over 12% in the next four years. Alongside this, a key outward-reaching objective is to triple digital exports from approximately $1.8 billion to over $5 billion.

To achieve this, Dr. Wijayasuriya said, requires the ‘pervasiveness of the digital’ into all sectors of the economy. He described this as a deliberate ‘invasion’ of digital technology into every sphere, including agriculture, tourism, industry, services, and education. The fundamental ‘digital raw material’ for this transformation, he said, is ‘data’ in its many forms – be it personal, public, or IoT-generated.

With data as the raw material and artificial intelligence as the emerging tool, Dr. Wijayasuriya highlighted that the ‘two fundamental levers of leapfrogging opportunities’ for Sri Lanka are getting data privacy and protection right while maximising the ethical use of AI.

To build this future, he outlined a digital economy blueprint founded on ‘digital public infrastructure’ such as digital identity, data exchanges, and principles of interoperability. Accordingly, the ultimate aim is a resurgence in national efficiency and productivity, leading to a ‘seamless citizen and business experience’ in a transformed Sri Lankan economy.

“In this new landscape, the protection of data through robust cybersecurity and privacy measures becomes the central driver, enabling trust and creating a ‘security by design’ framework,” he explained.

Dr. Wijayasuriya used a powerful analogy to illustrate this point. “I am speaking from here freely without thinking about this stage crashing underneath me because this platform is stable,” he said, pointing to the podium. “It has 100% resilience, and I can trust it 100%. And that is what we need from data protection and the cybersecurity framework. Only with such a trusted foundation, he said, can Sri Lanka be agile and innovative enough to unleash its full digital potential.

“This foundation is also the key to a new competitive advantage,” Dr. Wijayasuriya said. He asserted that competing on the low cost of digital services is a ‘thing of the past’.

“Instead, Sri Lanka can go to the world with a new calling card: ‘agile innovation backed by a world-class privacy and trust framework’. By combining this trust framework with its ‘second to none’ talent, the nation can create a unique competitive edge in the region,” he noted.

Echoing this collaborative sentiment, Takafumi Kadono affirmed the ADB’s commitment goes beyond just financing digital infrastructure. He stressed that the ADB is investing equally or even more in strengthening the institutions, people and regulatory framework, with cybersecurity and data privacy being a key area for future support.

He also highlighted a core goal for the ADB, “We must ensure that this digital transformation is inclusive, closes the digital divide, and benefits all citizens and businesses across the island.”

As Dr. Wijayasuriya was wrapping up his speech amidst the emotional weight of Kadono’s farewell, he left the audience with a resonant vision. Harking back to an iconic, ancient name aptly coined for the island, Dr. Wijayasuriya shared his ‘sincere wish’ for the future: “The country will then be known as Serendib of trust, governance and security in the digital world”.

by Sanath Nanayakkare

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Business

Global Insurance leaders to converge in Colombo for MDRT Sri Lanka Day 2026

Published

10 hours ago

2026/02/1

Thilina Walpola

In a first for Sri Lanka’s insurance industry, the country will host MDRT Sri Lanka Day 2026, also known as International Insurance Day, bringing together global leaders, professionals and organisations from the international financial services and insurance sectors.

The initiative, organised by the Million Dollar Round Table (MDRT), will mark Sri Lanka’s inaugural MDRT Day and is scheduled to be held on 18 May 2026.

MDRT Country Chair – Sri Lanka, Lahiru Maduranga, said the event would provide a significant opportunity to position Sri Lanka on the global insurance and financial services map.

“This is an excellent opportunity for Sri Lanka to host such a prestigious event and to promote the country’s standing globally,” Maduranga said.

He made these remarks at the official sundown launch announcing the event, held on 26 January at 8 Degrees on the Lake, Cinnamon Lakeside, Colombo.

The launch was attended by the Chairman and Director General of the Insurance Regulatory Commission of Sri Lanka, chief executive officers of insurance companies, and regional and zonal chairs of MDRT, at which the official date of MDRT Sri Lanka Day 2026 was unveiled.

Maduranga said the landmark event aims to bring the spirit and experience of the MDRT Annual Meeting to the Sri Lankan MDRT community. The programme will feature the MDRT President, Executive Committee members and internationally renowned speakers, offering world-class insights, inspiration and professional development aligned with MDRT values.

He noted that many Sri Lankan MDRT members face challenges in attending the Annual Meeting overseas due to foreign exchange constraints and visa limitations. Of more than 1,200 MDRT achievers in Sri Lanka, only around 50 were able to attend the Annual Meeting in the United States.

“This initiative marks a significant step forward in strengthening the MDRT culture in Sri Lanka and in elevating professional standards within the local insurance services sector,” Maduranga said.

The MDRT Membership Communication Committee (MCC) serves as the official liaison between MDRT Headquarters in the United States and the Sri Lankan MDRT community, overseeing communication, engagement and coordination with the local financial services sector.

Founded in 1927 in the United States, the Million Dollar Round Table (MDRT) is the world’s most prestigious association of insurance and financial services professionals. MDRT represents the highest standards of professional excellence, ethics and performance in the industry. Its Annual Meeting, traditionally held in the United States, attracts more than 10,000 top-performing members from around the world each year.

By Hiran H Senewiratne

Business

ESOFT UNI Kandy leads the charge in promoting rugby among private universities

Published

10 hours ago

2026/02/1

Thilina Walpola

With the aim of fostering a passion for rugby among students in private universities and higher education institutes across Sri Lanka, ESOFT UNI Kandy has launched a special sports development initiative.

As a part of this program, a series of rugby encounters were recently organized between the ESOFT UNI Kandy rugby team and the SLIIT Kandy Uni rugby team. The matches were held at the Peradeniya University Rugby Grounds.

Two highly competitive matches were played during the event. In the first game, the ESOFT UNI Kandy rugby team secured a victory over SLIIT Kandy Uni with a score of 17-07. They maintained their winning streak in the second match as well, defeating their opponents with a final score of 12-07.

This initiative is seen as a significant step toward building a robust sporting culture within the private higher education sector in the hill capital.

The initiation has been started with Rugby and will soon be extended to Cricket, Football, Martial Arts, Badminton, Hockey, Chess, and other areas of sports as well. ESU believes that the development of soft skills, parallel to higher education, will help shape highly capable, industry-ready, and employable students who can confidently face any personal and professional challenges they encounter during their journey.

Dimuthu Thammitage, General Manager, ESU Central Region said: Today’s job market demands highly employable individuals who possess not only educational qualifications but also strong soft skills, which can be effectively developed through sports. Therefore, we warmly invite other educational institutions to join hands with us in producing highly employable students together through sports.

Lakpriya Weerasinghe, Deputy General Manager, ESU Kandy said: At ESOFT Uni, we believe that sports play a vital role in improving students’ personalities through the development of essential soft skills. Therefore, we encourage our students to actively join our clubs and enhance their soft skills alongside their academic education.

Oshara Chamod Bandara, MIC Rugby Club, ESU Kandy said: Sports are iconic to Kandy. As the MIC of the ESU Kandy Rugby Team, I am truly happy to see the enthusiasm of our students towards sports while actively engaging in their studies. I warmly invite other students to join our clubs and further develop their skills alongside their academic journey.

Text and Pix By S.K. Samaranayake

Business

Altair issues over 100+ title deeds post ownership change

Published

10 hours ago

2026/02/1

Thilina Walpola

Altair Residences have, over the past six months, seen more than 100 individual title deeds being executed by apartment owners, providing owners with a clear, registered, legal title to their apartments in accordance with Sri Lankan property law. This has been a key initiative by the new owners and management of Altair to improve governance and will continue in an orderly manner in the coming months.

With the transition of ownership to Blackstone India, Altair’s Management Council has also been formally constituted, enabling owners to play an active and proactive role in the management of the Altair building. In addition, the management council has appointed Realty Management Services (RMS), a subsidiary of Overseas Realty Ceylon PLC, as the new facility manager of Altair.

Commenting on these milestones, Thilan Wijesinghe, Chairman of TWC Holdings, who, together with a team from TWC, represents Blackstone’s interests in Sri Lanka, said, “The issuance of individual title deeds is a critical step in any professionally developed residential asset. Over the past six months, this process at Altair has moved forward in a structured and transparent manner, alongside the formal establishment of owner-led governance. This, combined with the appointment of experienced facility managers are fundamental building block for long-term value-creation for apartment owners and proper asset stewardship.”

With ongoing improvements to the building being undertaken by Indocean Developers Pvt Ltd (IDPL), the owning company of Altair, the issuance of deeds to owners is expected to accelerate over the coming months.