Business

ComBank launches LankaPay cards in Sri Lanka

Published

3 years ago

2023/03/31

Dignitaries at the landmark launch of ComBank - LankaPay - JCB credit and debit cards (from left) Koya Sakuma - Executive Vice President of JCB International, Kenneth Zilwa - Chairman LankaPay, Professor Ananda Jayawardane - Chairman Commercial Bank, Sanath Manatunge, the Bank's Managing Director/Chief Executive Officer and Channa de Silva - General Manager/Chief Executive Officer LankaPay.

Sri Lanka’s payment cards domain took a giant leap today when the Commercial Bank of Ceylon in collaboration with LankaPay launched a national credit and debit card with international acceptance.This National Card Scheme is an initiative implemented by LankaPay in partnership JCB International Co. Ltd, the Japan-based international card, with over 150 million cardholders around the world.This is the first launch of LankaPay Credit Cards in Sri Lanka and the first time five variants of LankaPay cards — three credits cards and two debit — cards were launched by a Sri Lankan Bank.

LankaPay Card is an internationally accepted card, which is cost-effective and equipped with the latest technology and highest security features. All domestic transactions via LankaPay cards are routed locally and when the cards are used overseas the transactions are routed via the JCB International network. This initiative will ensure that no foreign exchange outflow takes place for any local card transaction, which could potentially save the country a considerable amount of foreign exchange, the Bank said.

The commencement of the issuance of LankaPay cards by Commercial Bank in Sri Lanka was celebrated at an event in Colombo at which senior representatives of Commercial Bank, LankaPay and JCB, emphasised the value of the additional width of the payment options, value-added services and customer choice the new card will offer ComBank cardholders.

LankaPay cards issued in Sri Lanka by Commercial Bank will feature dual interface functionality, enabling both contact and contactless transactions at point-of-sale terminals connected to the LankaPay payment network. The cards can also be used at all automated teller machines (ATMs) linked to the LankaPay platform and over 42,000 merchant points island-wide. The card will enable Sri Lankans to enjoy JCB’s global merchant network comprising of more than 41 million acceptance locations. The Bank will issue LankaPay branded credit cards in the Platinum, Gold and Classic tiers while the debit cards will be in the Platinum and Classic tiers. The debit card will be the first dual interface card in the country where the user can perform both contactless and contact-enabled transactions at any Point of Sale (POS) device.

Speaking at the launch of the ComBank-LankaPay cards, Commercial Bank Managing Director/Chief Executive Officer Sanath Manatunge said: “We are delighted to offer LankaPay credit and debit cards under National Card Scheme with both local and global acceptance and support a national initiative which is more pertinent now than ever before. Commercial Bank has been associated with JCB for several years and was one of the first banks in Sri Lanka to acquire both LankaPay Cards and JCB cards under the National Card Scheme. JCB cards have also been accepted at our ATMs for the past four years. We believe that this partnership will further strengthen our relationship with JCB while supporting the national economy at a critical time.”

Speaking at this occasion, LankaPay GM/CEO Channa de Silva said: “The launch of ComBank LankaPay cards in Sri Lanka is a giant leap in furtherance of our quest to empower every Sri Lankan with faster, convenient, secure and affordable payment solutions, thereby creating financially inclusivity. LankaPay is committed to bring best-of-breed solutions to Sri Lanka’s national payment infrastructure and has been at the forefront in revolutionizing the country’s banking and financial services sector by keeping the elements ‘innovation’ and ‘convenience’ at its core. We are delighted to have Commercial Bank aboard to issue LankaPay Credit/Debit cards, which will no doubt give a fresh impetus to this initiative of national significance.”

Representing JCB at the event, the company’s Executive Vice President Mr Koya Sakuma said: “JCB has been the leading credit card company in Japan for 50 years and a global payment brand for 30 years. We provide an unparalleled experience for our partners and their customers. Our flexible approach with our partners allows us to exceed expectations, which in turn, helps customers achieve their aspirations. We are excited to have partnered with LankaPay to issue the first ever LankaPay Credit Card under the national card scheme together with Commercial Bank. We are proud to be a partner in this monumental venture.

Commercial Bank joined the common ATM switch of LankaPay in 2014. In 2019, Commercial Bank on boarded the LankaPay Common POS Switch System and became one of the first banks in Sri Lanka to have its point-of-sale network accept LankaPay cards. Later that year, it upgraded its ATM network to accept JCB cards issued outside Sri Lanka for the withdrawal of cash to service the growing number of tourists and business professionals visiting the country, especially from Asia where JCB has a large number of card members.

A pioneer in the Japanese payment industry, JCB International has been committed to expanding its international presence since 1981. It offers a suite of high-quality products and services that meet the diverse needs of customers worldwide. LankaPay cardholders will also be entitled to enjoy the preferential treatment other JCB customers receive worldwide such as travel discounts and airport lounge services.

As the national payment network that functions under the guidance and supervision of the Central Bank of Sri Lanka (CBSL), LankaPay is considered one of the best Public Private Partnerships (PPP) in the region. The entity is owned by the Central Bank of Sri Lanka along with other licensed public and private commercial banks operating in the country. LankaPay has contributed immensely towards minimising the overall cost structure within the financial sector through a common infrastructure, making digital financial services accessible and affordable to everyone.

Commercial Bank cards are the market leader in Sri Lanka with a market share of over 23%. The Bank offers a variety of credit cards in the Silver, Gold and Platinum tiers and a variety of cards in the premium segment. The cards are equipped with ‘Tap ’n Go’ NFC technology and are backed by a strong NFC Point-of-Sale (POS) network. ComBank Cards offer an exciting array of promotions and offers across all categories and also offer the Max Loyalty Rewards scheme for selected card categories covering both credit and debit cards.

Sri Lanka’s first 100% carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 12 years consecutively, Commercial Bank operates a network of 270 branches and 950 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 20 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.

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Business

‘Sri Lanka’s forests are undervalued economic assets — and markets are paying the price’

Published

20 hours ago

2026/02/3

Sahan Weerasooriya

Professor Friedhelm Goeltenboth

Sri Lanka’s economic strategy continues to focus on exports, productivity and fiscal consolidation.

Yet one of the country’s most valuable assets — its forests and traditional forest-based farming systems — remains largely absent from economic planning. This is no longer an environmental oversight. It is a business risk.

At a recent Dilmah Genesis Thought Leadership Series lecture in Colombo, tropical ecology expert Professor Friedhelm Goeltenboth delivered a clear message: once forests are destroyed, the economic value they provide is lost permanently.

What replaces them — monoculture plantations — may appear efficient, but over time they generate declining yields, rising input costs and growing exposure to climate shocks.

From a financial perspective, this is asset depletion, not development.

Monoculture systems simplify production but externalise costs. Soil erosion, fertiliser dependency, water stress and biodiversity loss eventually hit farmers, banks, insurers and the state.

Sri Lanka is already seeing the consequences through falling productivity and rising agricultural vulnerability.

Forest-integrated farming offers a different model — one that treats land as a multi-income asset.

Spices such as cinnamon, pepper, cardamom and nutmeg can be grown under shade alongside fruit, timber and fibre crops, stabilising income while protecting soil and water. For lenders and insurers, diversified systems reduce risk. For exporters, they support traceability, sustainability certification and premium pricing.

The strongest business opportunity lies in carbon markets. Voluntary carbon markets allow companies to offset emissions by funding verified forest conservation and restoration.

Across Southeast Asia, communities now earn income simply by protecting forests that store carbon.

Sri Lanka has the scientific capacity to enter this space. Farmers can collect data; experts can certify it. What is missing is a coordinated national framework that allows communities and corporates to participate efficiently.

Carbon revenue will not replace agriculture, but it can stabilise it — providing income during crop maturation and creating a new form of export: environmental services.

Ignoring this opportunity carries downside risk.

Biodiversity loss, pollinator decline and climate volatility threaten long-term agricultural productivity. Forests are not sentimental assets; they are economic infrastructure.

Sri Lanka’s recovery cannot be built on short-term extraction. If the country wants resilient growth, it must start recognising the real value of what is still standing, he added.

By Ifham Nizam

Business

Pavan Rathnayake earns plaudits of batting coach

Published

20 hours ago

2026/02/3

Sahan Weerasooriya

Sri Lanka batting coach Vikram Rathour has hailed middle-order batter Pavan Rathnayake as one of the finest players of spin in the modern game, saying the youngster’s nimble footwork and velvet touch were a “breath of fresh air” for a side long troubled by the turning ball.

Drafted in for the second T20I after Sri Lanka’s familiar struggles against spin, Rathnayake looked anything but overawed by England’s seasoned tweakers, skipping down the track with sure feet and working the ball into gaps with soft hands.

“He is one of the better players when it comes to using the feet,” Rathour told reporters. “I haven’t seen too many in this generation do it as well as he does. That is really impressive and a good sign for Sri Lankan cricket.”

Sri Lanka went down in a last-over nail-biter but there were silver linings despite the hosts being a bowler short. Eshan Malinga was forced out after dislocating his left shoulder and has been ruled out for at least four weeks, a blow that ends his World Cup hopes. Dilshan Madushanka, Pramod Madushan and Nuwan Thushara have been placed on standby.

Power hitting remains Sri Lanka’s Achilles’ heel and Rathour, who carries an impressive CV from India’s T20 World Cup triumph two years ago, pointed to a few grey areas in the batting blueprint.

“There are two components to T20 batting,” he said. “One is power hitting, but the surfaces here, especially in Colombo, are not that conducive to clearing the ropes. The wickets are slow and the ball doesn’t come on to the bat. The other component, just as important, is range as a batting unit.”

Even when Sri Lanka lifted the T20 World Cup in 2014 they were not blessed with a dressing room full of big hitters, relying instead on sharp running, clever placement and a mastery of spin. Rathour preached a similar mantra.

“If you are not a team that hits a lot of sixes, you can still find plenty of fours by utilising the whole ground,” he said. “Most of them sweep well, reverse sweep and use their feet. That is encouraging. If you don’t have the brute power, you can make up for it by using angles and scoring square of the wicket.

“These wickets perhaps suit that style more. They are not the easiest surfaces to hit sixes, and I’m okay with that. If they can use their feet and the angles well, that is as good.”

Rex Clementine
at Pallekele

Business

Unlocking Sri Lanka’s dairy potential

Published

20 hours ago

2026/02/3

Sahan Weerasooriya

Sri Lanka’s dairy and livestock sector is central to food security, rural livelihoods, and national nutrition, yet continues to face challenges related to productivity, climate vulnerability, market access, and financing.

In this context, Connect to Care and DevPro have entered into a formal partnership through a Memorandum of Understanding (MoU) to support Sri Lanka’s journey towards dairy self-sufficiency.

A core objective of DevPro is to strengthen inclusive and resilient dairy value chains by empowering smallholder farmers through technical assistance, capacity building, climate-resilient practices, and market-oriented approaches, building on its extensive field presence across Sri Lanka.

A core objective of Connect to Care is to support the achievement of dairy self-sufficiency by 2033, as outlined in the national development manifesto, with an interim target of 75% self-sufficiency by 2029.

By strengthening local dairy production and value chains, this effort will also help reduce Sri Lanka’s dependence on imported dairy products, while improving farmer incomes and domestic supply resilience.

The partnership will focus on climate-smart dairy development, multi-stakeholder coordination, and exploring blended finance and PPP models—providing a structured platform for development partners and the private sector to engage in scalable action.