Business
ComBank and Abans forge landmark partnership with POS and digital payments rollout
The Commercial Bank of Ceylon is to roll out a major point-of-sale (POS) and digital payments solution across the national retail network of Abans PLC – in a partnership that sets a new benchmark for bank–retailer collaborations in the country and underscores the Bank’s capacity to deliver enterprise-grade acquiring infrastructure.
This agreement will make Abans one of the leading digitally enabled retailers in Sri Lanka, with a network of over 400 outlets across the country, equipping its outlets to accept payments across all major international and domestic card schemes as well as QR payments, while seamlessly integrating with the company’s enterprise resource planning (ERP) and supply chain management (SCM) systems at the scale, security, interoperability, and resilience required by modern retail.
Commercial Bank’s merchant acquiring platform for Abans will encompass Visa, Mastercard, UnionPay, JCB, LankaPay, and LankaQR, in addition to supporting international QR schemes such as WeChat Pay, Alipay and UnionPay, Visa QR, and Mastercard QR, all unified under a single framework that also includes the Bank’s Internet Payment Gateway. This omni-channel capability ensures that whether a customer pays in-store, online, or via mobile, transactions are processed through one consolidated system, simplifying reconciliation and enhancing transparency. Not only does the solution support card and QR payments, it is also capable of facilitating Easy Payment Plans (EPP), delivering a complete, future-ready digital payment experience for merchants and customers alike.
The 2,500 POS devices to be deployed are multi-functional, EMV-certified terminals that support contactless, chip, and magnetic stripe cards, as well as dynamic QR acceptance. Each unit is designed for high throughput environments and offers secure API connectivity to Abans’ ERP and SCM platforms. The result is real-time transaction capture, instant inventory updates, automated billing accuracy, and seamless digital recordkeeping across the chain’s retail footprint, the Bank said.
Commercial Bank’s systems are fully compliant with Payment Card Industry Data Security Standards (PCI DSS), incorporating point-to-point encryption, tokenisation, and layered fraud detection mechanisms. Continuous real-time monitoring, risk scoring, and anomaly alerts safeguard against fraud, while a dedicated incident response team ensures rapid resolution in line with defined service-level agreements.
“This partnership is a showcase of technology leadership,” S. Ganeshan, Deputy General Manager – Personal Banking of Commercial Bank said. “By delivering an integrated POS and digital payment solution of this scale, we are enabling Abans to transact with the highest levels of security, interoperability, and operational resilience. It is proof that Commercial Bank can architect complex payment ecosystems that match the needs of modern retail and align with the country’s digital future.”
Dr. S. Dubash, Director of the Abans Group added: “Our priority has always been to combine innovation with customer-centricity. This deployment gives our customers faster, safer, and more flexible payment choices while ensuring our back-end operations run with precision and efficiency. Partnering with Commercial Bank allows us to take a decisive step forward in digital retailing and reinforces our contribution to the national push towards a cashless economy.”
The collaboration also directly supports the government’s national vision of a cashless economy. By enabling millions of secure, traceable digital transactions at one of the country’s largest retail groups, Commercial Bank and Abans are advancing mass-scale adoption of digital payments, financial inclusion, and efficiency in consumer commerce.
By blending enterprise-grade payment technology, nationwide retail presence, and a shared vision of digital transformation, Commercial Bank and Abans have created a blueprint for future collaborations between banks and large corporates. This rollout redefines what is possible in merchant acquiring, marking a pivotal moment in Sri Lanka’s journey towards becoming a digitally empowered economy, the Bank said.
The first Sri Lankan bank with a market capitalisation exceeding US$ 1 billion, Commercial Bank was also the first bank in the country to be listed among the Top 1000 Banks of the World, and has the highest capital base among all Sri Lankan banks. The Bank is the largest private sector lender in Sri Lanka and the largest lender to the country’s SME sector. Commercial Bank is also a leader in digital innovation and is Sri Lanka’s first 100% carbon-neutral bank.
Commercial Bank operates a network of strategically located branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 branches in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, a microfinance company in Myanmar, and a representative office in the Dubai International Financial Centre (DIFC). The Bank’s fully owned subsidiaries, CBC Finance Ltd. and Commercial Insurance Brokers (Pvt) Limited, also deliver a range of financial services via their own branch networks.
Business
SriLankan Airlines Alerts Customers to Social Media Scams
18 March 2026; Colombo – SriLankan Airlines wishes to alert customers to social media scams circulating on Facebook, WhatsApp and other platforms, often sent from both known and unknown contacts, featuring fake offers that misuse the SriLankan Airlines name, logo and brand.
SriLankan Airlines will never request payments, OTPs, credit card details, bank information or any other financial details via social media channels.
Customers are advised to always verify that any promotional offer is linked to the airline’s official website, www.srilankan.com, or shared through the verified social media accounts of SriLankan Airlines, as scammers often use fake links with unusual characters or spellings, or impersonate the airline through fake social media accounts.
Business
JSL & Fentons Joint Venture to Construct Double Circuit Transmission Line from Mannar Grid Substation to Mullikulam Collection Grid Substation
Approval has been granted at the Cabinet meeting held on 03-02-2025 to implement the formal procurement procedure to select a contractor for the construction of a 28 km long double circuit transmission line with the capacity of 220 kW, from Mannar Grid Substation to Mullikulam Collection Grid Substation under the Lot B of the Mullikulam Wind Power Transmission Project.
Bids have been invited following the International Competitive Procurement Procedure and five (5) bids have been received.
Accordingly, based on the recommendations submitted by the High-Level Standing Procurement Committee after evaluating the aforementioned bids, the Cabinet of Ministers has approved the resolution furnished by the Minister of Power and Energy to award the contract to the JSL & Fentons Joint Venture – Intend (Jyoti Structure Limited, India and Hayleys Fentons
Limited, Sri Lanka), substantially responsive minimum bidder, for an equal amount of Sri Lankan Rs. 2,269.18 million (without VAT).
Business
Fuel crunch forces midweek shutdown; courts told to show leniency
Economic pressure likely to push already-strained businesses into a liquidity crunch
By Sanath Nanayakkare
Sri Lanka is slowing to a midweek halt as a deepening fuel shortage has compelled the government to suspend most public sector operations every Wednesday, while courts have been advised to take a lenient view of attendance requirements amid transportation difficulties caused by fuel rationing.
The directive, issued by the Commissioner General of Essential Services, suspends most state functions one day a week until further notice in an attempt to conserve scarce fuel reserves. Authorities have also urged the private sector to adopt a similar arrangement.
Officials say the measure is aimed at reducing commuter traffic into major cities, particularly Colombo, where thousands of public servants travel daily from suburban areas.
Explaining the decision to select Wednesday, officials said declaring Friday a holiday could have effectively denied the public access to government services for three consecutive days when combined with the weekend.
However, the development underscores the fragility of Sri Lanka’s economic recovery as households continue to grapple with rising prices of essential goods.
The impact is already visible on the streets. Long queues have formed outside fuel stations while public buses have been seen overcrowded, with passengers clinging to footboards. Many commuters were also seen attempting to secure rides through the ride-hailing platforms Uber and PickMe, where drivers were demanding higher fares as demand surged.
Recognising these difficulties, the Judicial Service Commission (JSC) has issued a circular instructing judges to take transportation constraints caused by fuel rationing into consideration when making legal determinations.
Judges have been advised to consider the possibility that lawyers, litigants, witnesses and even suspects may be unable to attend court due to limited fuel availability.
While court proceedings are expected to continue, judicial officers have been asked to assess such situations on a case-by-case basis.
The JSC has also directed courts to make greater use of virtual platforms whenever possible. This is expected to apply particularly to proceedings such as extending remand orders, thereby avoiding the need to transport prisoners physically to court.
Authorities believe that conducting such hearings online could significantly reduce fuel consumption associated with prison transport. The temporary measures will remain in effect until further notice.
Meanwhile, officials say special fuel allocations may be considered for critical sectors including tourism, the Colombo Port, agriculture, health services, the plantation industry and public transportation in order to sustain essential services and economic activity.
However, the broader economic outlook remains uncertain. Business leaders warn that companies already burdened with higher taxes, rising operational costs and thin margins could face severe liquidity pressures if global oil prices remain elevated.
Industry observers say some firms may be compelled to seek loan moratoria if the disruption linked to the conflict involving Iran continues for another month.
Public concern has also been heightened by recent comments from Iranian officials indicating that Tehran has not sought a ceasefire in the ongoing conflict.
For President Anura Kumara Dissanayake, the unfolding fuel shortage is emerging as one of the most serious challenges facing his administration. Although the government has been holding internal consultations, critics say an all-party conference has yet to be convened to formulate a unified national response to the crisis.
Within business circles and sections of the public, questions are increasingly being raised about whether the government possesses the institutional capacity and experience required to manage a prolonged energy shock.
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