Business
Asia Asset Finance posts outstanding performance in FY2022/23
Asia Asset Finance PLC, Sri Lanka’s premier gold-focused financial solutions provider with a remarkable 52-year history, has concluded FY2022/23 having delivered outstanding performances across a range of financial KPIs, measured year-over-year (YOY), amidst Sri Lanka’s unprecedented economic crisis. Despite numerous challenges, the company has demonstrated exceptional resilience and delivered outstanding value to its stakeholders.
Total Assets Reached LKR 25 billion (YOY Growth 29%)
Total Profitability increased to LKR 284 million (YOY Growth 139%)
Total Number of Branches Reached 75 (YOY growth 27%)
Total Fixed Deposit Base increased to LKR 13.2 billion (YOY Growth 52%)
Total Number of Customers increased by 10,502
Capital Adequacy Ratio 26.25%
One of the key highlights of Asia Asset Finance PLC’s performance is the impressive growth in Earnings Per Share (EPS), which soared by an incredible 150%. This significant increase reflects the company’s ability to generate substantial returns for its shareholders. Furthermore, the company’s Asset Base has surpassed an impressive milestone of LKR 25 billion, showcasing its robust financial position and steady growth trajectory.
Asia Asset Finance PLC’s Net Profit also witnessed a remarkable growth, increasing by 139% during FY 2022/23. This notable achievement speaks volumes about the company’s effective strategies and positioning in the market. An essential factor contributing to Asia Asset Finance PLC’s success is its expanding Deposit Base, which grew by 50% during the year. This growth not only demonstrates the trust and confidence customers place in Asia Asset Finance PLC, but also reflects the company’s ability to attract and retain a loyal customer base.
Asia Asset Finance PLC also made notable strides regarding expanding its presence. The company’s dedication to serving customers across Sri Lanka was clearly evident as its branch network grew to reach an impressive 75 locations across the Island. This expansion reflects Asia Asset Finance PLC’s commitment to providing accessible financial solutions to all Sri Lankans.
CEO, Rajiv Gunawardena expressed his positive sentiments saying, “This year, we have been able to achieve significant growth and performance that has exceeded investor and market expectations due to our concentrated focus on secured lending focusing on gold-based financial services and effective cost control mechanisms adopted through a digitized operational environment. Gold continues to remain one of the most in demand assets in the market, and thus we have been able to deliver exceptional value to our customers and investors. Our branch expansion in the rural and semi urban areas have allowed to meet our objectives in expanding our reach to much needed communities and transforming AAF service to a more female focused service model. Meeting the objectives of women empowerment and financial inclusion.”
As Asia Asset Finance concludes another successful financial year, Asia Asset Finance PLC reaffirms its dedication to providing innovative financial solutions, expanding its reach, and delivering exceptional value to its customers and stakeholders. The company’s remarkable performance and unwavering focus on customer-centric strategies position it as a leading force in Sri Lanka’s financial landscape, poised for continued growth and success.
Asia Asset Finance PLC is a Non-Banking Financial Institution (NBFI) and a Licensed Finance Company (LFC), registered with the Central Bank of Sri Lanka, having commenced operations in 1970, with a focus on Gold-Based Financial Products and Services, catering to both depositors and borrowers. Asia Asset Finance PLC’s wide array of financial services includes Gold Loans, Fixed Deposits, Leasing, Mortgages and Digital Financial Services via the Asia Asset Finance App (LUCKEWALLET). Asia Asset Finance PLC is majority-owned by India-based Muthoot Finance, a global financial services giant, with over LKR 2.54 trillion worth of assets, with operations reaching across the globe.
Business
Cost-effective clearance of goods across borders to determine worth of Customs Paperless Declaration
By Ifham Nizam
The introduction of the Customs Paperless Declaration from October 1 could mark an important step in Sri Lanka’s efforts to modernise trade, but its real value will depend on whether it reduces the time and cost of moving goods through the country’s borders, Customs House Agents & Traders Association President Mohamed Niyas said.
Niyas warned that digitising Customs declarations alone would not necessarily translate into faster cargo clearance or lower costs for businesses.
‘Expecting a dramatic improvement in clearance speed under the present conditions is like expecting Ferrari performance from a Morris Minor configuration, he said.
For importers and exporters, the issue extends well beyond paperwork. Every additional hour or day that cargo remains in the clearance chain can have wider consequences for businesses, including increased port and storage-related costs, additional working-capital requirements, uncertainty over delivery schedules and disruptions to production and distribution.
Niyas said the competitiveness of Sri Lanka’s trading sector ultimately depended on how efficiently goods could move through the country’s border-clearance system.
‘The real bottleneck is not merely the absence of paper. It is the entire clearance ecosystem—the limitations of the existing ASYCUDA World system, excessive regulatory interventions by Other
Government Agencies, multiple approvals, physical examinations, manual interventions, fragmented processes and institutional constraints, he said.
He cautioned that unless these bottlenecks were addressed, there was a risk that the paperless initiative would merely digitise existing bureaucracy.
‘If these underlying constraints remain unchanged, there is a real risk that the new paperless system could become another “copy-and-paste road show”—where an old, complex clearance process is simply transferred onto a digital screen without fundamentally changing the process itself, Niyas said.
For businesses dependent on imported raw materials, machinery, components and other inputs, clearance efficiency can directly affect the wider supply chain.
Delays at the border can create uncertainty for manufacturers, distributors and retailers, while exporters can face difficulties meeting delivery schedules when imported inputs or export consignments are held up.
Niyas therefore argued that the success of the October 1 initiative should be judged by its impact on trade flows rather than by the number of declarations processed electronically.
‘Paperless does not automatically mean faster, he said. ‘Digitising a slow process does not make the process fast. It only makes the slow process digital.’
He said Sri Lanka needed to move towards what he described as “process-less Customs”—a system in which unnecessary procedures are eliminated rather than simply converted into electronic procedures.
Among the reforms he called for are simplification of Customs declarations and approval workflows, improvements to the functionality of ASYCUDA World, greater use of risk-based inspections and better integration of Other Government Agency approvals.
Niyas also called for the elimination of repetitive document submissions and physical endorsements, greater use of pre-arrival processing, sufficient capacity for digital document uploads and clearly defined service-level timelines for Customs and OGAs.
Business
China backs Sri Lanka’s Non-aligned stance to counter regional pressures
By Sanath Nanayakkare
As global attention has fixed on the high-level diplomatic choreography at the United Nations General Assembly in New York, a subtler, yet profound geopolitical signal was sent from Colombo, yesterday.
In a major address marking the founding anniversary of the People’s Republic of China, newly appointed Chinese Ambassador Wei Huaxiang chose to anchor bilateral relations not just in modern trade or infrastructure, but in a shared respect for Sri Lanka’s legacy of non-aligned independence.
By explicitly invoking Sri Lanka’s foundational role in the 1976 Non-Aligned Summit, Beijing was doing something unexpected in an era defined by fierce great-power rivalry: it was officially validating a small island nation’s right to maintain an independent foreign policy stance.
The Strategic Value of Independence
For decades, nations caught in the crosshairs of major-power competition have faced intense pressure to pick sides. Yet, Ambassador Wei’s embrace of Colombo’s non-aligned tradition signaled a different diplomatic playbook. Instead of demanding alignment, Beijing was framing its partnership as a reliable counterbalance to regional pressures. By honouring Sri Lanka’s diplomatic autonomy, China was effectively reassuring smaller economies that sovereign independence and robust economic cooperation can coexist.
Beyond Ports and Industrial Zones
This diplomatic framing reframed the narrative surrounding major collaborative ventures like the Colombo Port City and Hambantota Port. While foreign analysts often view these projects exclusively through the lens of strategic rivalry, Beijing’s diplomatic messaging tied them back to a historical ethos of solidarity—evoking memories of the 1952 Rubber-Rice Pact.
By marrying economic projects with a stated respect for non-alignment, China is positioning itself as a steadfast stakeholder that respects Sri Lanka’s internal agency during difficult economic and political seasons.
As both nations look toward major milestones in 2027—including the 70th anniversary of diplomatic ties—this nuanced diplomatic move revealed how historic traditions are being leveraged to navigate modern multipolar realities.
For global observers, the takeaway was clear: in the shifting architecture of Asian geopolitics, respecting a nation’s historical neutrality may just be the most effective way to secure a lasting partnership, a diplomatic masterclass that Ambassador Wei Huaxiang executed in style.
Business
Sri Lanka Insurance Life appoints Dr. Sameera Dharmasena Chief Executive Officer
Sri Lanka Insurance Life (SLIC Life), the nation’s largest and strongest Life Insurer, is pleased to announce the appointment of Dr. Sameera Dharmasena as its new Chief Executive Officer, effective 22nd September 2026.
Dr. Dharmasena is a distinguished insurance professional with over 21 years of experience in the Sri Lankan insurance industry, having held senior leadership positions across several leading insurance companies affiliated with some of Sri Lanka’s largest business conglomerates. His extensive career spans both local and multinational insurance environments, bringing together broad industry expertise, strategic leadership and a strong commitment to the advancement of the insurance profession.
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