Business
BOC & SLIC collaborate to introduce dynamic LANKAQR payments
Expanding the frontiers of National Quick Response (QR) payment scheme, Bank of Ceylon; Bankers to the Nation, introduces QR based Life Insurance premium payments in partnership with Sri Lanka Insurance Corporation, the largest insurance provider to the nation.
Bank of Ceylon, with an unparalleled history of 81 years ever to be more resilient and agile towards futuristic banking, has taken many initiatives to uplift the digital payment landscape of the country. LANKAQR standard was introduced by the Central Bank of Sri Lanka and Lanka Clear (Pvt) Ltd to strengthen and regulate the QR payment solutions which will facilitate users to make payments from their own mobile device simply by scanning the LANKAQR code of the merchant or biller. Introduction of a national standard for QR payments has enabled inter-operability between banks, finance companies and e-money wallets with clear operational guidelines given by Central Bank of Sri Lanka.
Bringing the revolution to next level, BOC has introduced dynamic LANKAQR based utility bill payments to popularize the concept of ‘Scan and Pay’ which is simple and convenient for users. It was initially implemented with Sri Lanka Telecom, and BOC further widens its scope by affiliating with Sri Lanka Insurance to facilitate the national insurer’s valued life insurance policy holders with the ease of paying their insurance premiums via dynamic LANKAQR, thus enabling seamless digital payment experience.
The addition of LANKAQR convenient cashless payment option is another important milestone of SLIC’s digital journey. SLIC has introduced wide array of digital payment options such as mobile wallet, Digital banking and bill settlements through supermarket chains and banks to provide convenient customer experience. The recent introduction of ‘SLIC’ customer mobile app has enabled customers to conveniently interact with SLIC on Life and General insurance policy details, online payment options, Claim Details and the Motor Plus loyalty and partner network benefits. The digital technology partnership between the two industry leaders, BOC and SLIC with introduction of LANKAQR cashless payment option will enable the Sri Lankan Insurance consumer to enjoy the latest cashless digital payment experience.
BOC SmartPay mobile QR payment app was introduced as a simple applet for merchant QR payments has performed beyond expectations and thus far amassed users exceeding 150,000 across the country. The latest version of SmartPay app will be released soon with enhanced features to offer our valuable clients a new user experience.
The tides are changing rapidly with change in mindset of customers embracing digital banking doing away with traditional banking. Bank of Ceylon thrives on developing synergies with other corporate entities to optimize digital inclusivity and contributing to the national vision of “digital economy”, empowering the nation in line with initiatives and directions of the Central Bank of Sri Lanka.
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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