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
A sustained wave of Indian assistance to Sri Lanka showcases defining shift in developmental diplomacy
By Sanath Nanayakkare
An evolving approach to regional diplomacy was brought into sharp focus with the recent foundation-laying ceremony for the Moragahakanda Bridge in Matale.
Jointly launched by Indian High Commissioner Santosh Jha and Minister of Transport, Highways and Urban Development Bimal Rathnayake, this 175-metre span is far more than a routine civil engineering project. It serves as the physical manifestation of a broader USD 450 million reconstruction package deployed by India in the wake of Cyclone Ditwah, which severely fractured the island’s transport arteries.
Foreign aid is too often discussed in cold, macroeconomic abstractions. Yet, every so often, a consistent pattern of targeted assistance alters the landscape of bilateral relations, offering a clear window into how regional partnerships evolve out of necessity and goodwill.
Across the country today, a remarkable narrative of multi-layered cooperation is unfolding.
From critical post-disaster infrastructure and maritime routes to grassroots agricultural uplift and institutional capacity-building, India’s developmental footprint is shifting unmistakably toward an organic, people-centric model of shared resilience.
What distinguishes this latest wave of assistance is its deliberate pivot from emergency support to permanent, climate-resilient transformation. When Cyclone Ditwah initially paralysed regional connectivity, India’s immediate response was marked by the rapid deployment of temporary Bailey bridges.
Today, that swift humanitarian intervention has matured into a structural blueprint: the Moragahakanda project stands as the vanguard of 13 permanent bridges being built across Sri Lanka’s provinces by IRCON International Limited, complemented by upcoming railway upgrades and modern signaling systems backed by a USD 250 million Line of Credit.
The true signature of this diplomatic shift lies in its breadth, operating simultaneously across multiple tiers of society:
Institutional Governance: Delegations of Sri Lankan parliamentarians and senior administrative officers regularly travel to India to study public policy frameworks, legislative systems, and administrative practices.
Economic Lifelines: Financial mechanisms, such as viability gap funding for the Nagapattinam-to-Kankesanthurai passenger ferry service, continue to shrink geographical distances, reviving coastal commerce and tourism.
Grassroots Empowerment: Specialised capacity-building programmes tailored for local stakeholders – ranging from state officials to rural dairy farmers -ensure that development reaches deep into the island’s hinterlands.
By aligning immediate disaster relief with long-term infrastructure, institutional capacity, and human capital, India and Sri Lanka are demonstrating how neighbours can build safer, more connected futures together, grounded firmly in mutual respect and tangible progress.
Business
Bring your own bag to book fair, CEA urges
By Ifham Nizam
The Central Environmental Authority (CEA) yesterday urged visitors to the Colombo International Book Fair to bring reusable bags to carry their purchases, as part of a drive to reduce single-use plastic waste at the event.
CEA Director General R. S. P. Kapila Rajapaksha said large quantities of plastic, particularly “sili sili” bags, had been used to carry books at previous book fairs.
“We urge visitors to bring an environmentally friendly, reusable bag when they come to buy books. This simple step can help reduce the use of single-use plastic and protect the environment,” Rajapaksha said.
The book fair opens on September 25, with the CEA and the Sri Lanka Book Publishers’ Association launching an awareness programme targeting book sellers, food vendors and visitors.
The programme will be conducted under the theme “Read Smart, Carry Smart”, focusing on reducing polythene and plastic use throughout the exhibition.
The CEA said the use of plastic bags is also subject to regulations issued under the Consumer Affairs Authority Act. Gazette Extraordinary No. 2456/41, dated October 1, 2025, prohibits the free distribution of handled “sili sili” bags to consumers. Where such bags are sold, the charge must be included in the customer’s bill.
The CEA said food outlets at the book fair would also be required to comply with regulations prohibiting a range of single-use plastic products.
These include plastic straws and stirrers, disposable plastic plates, cups, spoons, forks and knives, as well as polythene-based food wrappers commonly known as lunch sheets.
The CEA said it had discussed the requirements with relevant stakeholders and reached agreement to ensure that prohibited products are not used at food outlets within the exhibition premises.
The authority urged both traders and visitors to cooperate with the initiative and help make this year’s book fair a more environmentally responsible event.
Business
Japanese investor Yoshimichi Watanabe backs Hunas Holdings
Partnership signals renewed foreign investor confidence in Sri Lanka as a destination and in the long-term growth of its hospitality sector
Japanese investor Yoshimichi Watanabe has entered into a partnership with Colombo Stock Exchange-listed Hunas Holdings PLC, in a move that comes as the diversified conglomerate prepares a significant expansion of its hospitality and real estate interests in Sri Lanka.
The partnership brings foreign capital and international market experience into one of Sri Lanka’s fastest-diversifying listed groups at a point when the Group is actively building out its pipeline across both sectors. Hunas Holdings is currently evaluating a series of hospitality and real estate developments in Sri Lanka, with further announcements expected in the coming months.
Hunas Holdings PLC operates across hospitality and leisure, real estate, renewable energy and agriculture, with a hotel portfolio that includes Hunas Falls in Elkaduwa
For Sri Lanka, the significance of the partnership extends beyond the two parties. Inbound investment of this nature, from an investor with direct and sustained experience of the market, is a measure of returning confidence in the country as a destination and in the underlying fundamentals of its hospitality sector, at a time when the industry is repositioning towards higher-value, experience-led travel.
Watanabe brings investment experience across e-commerce, hospitality and real estate in Japan and in international markets including Bali, Indonesia. He has also maintained a relationship with Sri Lanka over many years, having made multiple investments in the country, giving him first-hand insight into its business environment, regulatory landscape and long-term potential.
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