Connect with us

Business

ComBank wins ‘Best Treasury Team’ at CT Marquee awards for financial institutions

Published

on

Commercial Bank’s Head of Treasury Mr Tivanka Damunupola accepts the award on behalf of the Bank

The Commercial Bank has won the Marquee award for ‘Best Treasury Team’ in the Financial Institutions category at the 2023 CT Awards presented by Corporate Treasurer – the print publication in Asia dedicated to treasury teams and Chief Financial Officers (CFOs), the bank announced in a news release last week.

The CT Awards ceremony was held at the Marriot Tang Plaza Hotel in Singapore on November 21. The event celebrated treasury professionals who operate at the top of their class across three categories – House awards, Marquee awards and Best Treasury & Finance Strategies.

“The Treasury Department’s unwavering commitment to delivering outstanding results across various dimensions is at the heart of the Bank’s exceptional performance,” Commercial Bank’s Deputy General Manager Treasury Mr Asela Wijesiriwardane commented. “This ranges from liquidity management to market risk mitigation. Through strategic initiatives, innovative investments, and an unwavering focus on customer service, the Treasury Department consistently delivers exemplary outcomes that contribute significantly to the Bank’s financial strength and regulatory compliance, while managing the respective treasury units of our Bangladesh operations and Maldives subsidiary.”

The CT Best Treasury Team awards recognizes among others, the success of Commercial Bank’s Treasury Department in liquidity management and addressing the recent foreign currency deficiency in the country, its strategic investment decisions, high level of customer engagement, role in the Bank exceeding profitability goals, enhancing efficiency, innovative deployment of technology for foreign exchange transactions and foreign currency rate risk management, and generating cost efficiencies and cost savings.

Notably, the Treasury Department contributed more than 32% of the Bank’s profits in the period assessed for the award.

Born from FinanceAsia’s dedication to covering treasury news, CT is celebrating its 10thanniversary this year as a standalone publication, and has become the key forum for market intelligence and long-term strategic insights for the community of senior finance professionals across Asia. CT’s core audience comprises over 9,000 CFOs, treasurers and finance directors who want to keep a pulse on the latest trends affecting treasury and banking, including; fintech, forecasting, risk management, regulation, cash management and compliance.



Business

ADB urges SL to accelerate recovery with fiscal discipline and global trade shifts

Published

on

ADB Sri Lanka unveils the Asian Development Outlook April 2025 report, in Colombo on April, 9.

Recommends prudent policy choices and regional collaboration

The Asian Development Bank (ADB) has highlighted Sri Lanka’s economic recovery as exceeding initial expectations in its Asian Development Outlook April 2025 report, but cautioned that the rebound remains fragile, with significant risks posed by global trade tensions, fiscal pressures, and unresolved debt vulnerabilities.

The following are some key highlights from the report:

Sri Lanka’s economy is projected to grow at a moderate pace in 2025–2026, driven by broad-based improvements. However, domestic demand is expected to stay sluggish, reflecting lingering challenges from the country’s recent economic crisis. While fiscal consolidation efforts remain on track bolstered by stronger-than-anticipated revenue. With that said, however, the ADB warned that under-execution of capital spending or a loss of reform momentum could derail progress.

Takafumi Kadono, ADB Country Director for Sri Lanka, brings profound expertise in both macro and microeconomic dynamics, steering transformative development support tailored to Sri Lanka’s evolving needs

After a period of deflation, Sri Lanka’s inflation is forecast to rise in 2025 due to higher electricity tariffs, relaxed import restrictions, wage hikes, and exchange rate depreciation. The government’s commitment to fiscal discipline faces pressure from potential expenditure increases, even as external debt interest payments resume, pushing the current account into deficit.

The ADB’s analysis of new US tariffs, identifies Sri Lanka as vulnerable to trade disruptions. Key risks include:

Sri Lankan exporters, particularly in sectors with thin profit margins, face order cancellations and profit losses.

Competitors like India, Malaysia, and Mexico—benefiting from lower US tariffs—could attract investment away from Sri Lanka.

Full implementation of tariffs could slash GDP growth by depressing exports, manufacturing, and investor confidence, while raising unemployment and fiscal strains.

To mitigate risks, the ADB urges Sri Lanka to diversify export markets and products. Opportunities include expanding into niche EU markets and Asian regional partners, as well as boosting high-value sectors like electronics. Strengthening regional cooperation and accelerating structural reforms could enhance resilience.

Despite progress under its IMF program, Sri Lanka’s debt burden remains “high,” requiring sustained reforms to stabilise public finances. The ADB emphasised that fiscal reversals or delays in restructuring could undermine macroeconomic stability.

While South Asia remains the fastest growing subregion fueled by India’s robust domestic demand, Sri Lanka’s trajectory is distinct, marked by post-crisis recovery challenges. Developing Asia’s overall growth is moderating due to US-China trade tensions and China’s property sector woes, further complicating Sri Lanka’s external environment.

“Sri Lanka’s recovery is commendable but incomplete,” the report states. “Accelerating reforms, safeguarding fiscal discipline, and diversifying trade partnerships are critical to navigating global headwinds and ensuring long-term stability.”

As Sri Lanka balances optimism with fragility, the ADB’s outlook underscores the urgency of maintaining reform momentum while preparing for escalating external risks. The path to sustained recovery, concludes, hinges on prudent policy choices and regional collaboration.

By Sanath Nanayakkare

Continue Reading

Business

HOPPR Unveiled: PayMaster’s latest innovation that transforms ride-hailing and digital credit access

Published

on

PayMaster, the leading, award-winning digital payments app in Sri Lanka, has announced its launch of HOPPR, a cutting-edge ride-hailing feature that will transform the market by providing all stakeholders from drivers and customers with financial independence through digital payments and credit access. More than just a ride-hailing service, HOPPR is a tool for financial empowerment that works in unison with PayMaster to allow users to schedule rides without using cash and to open up long-term revenue streams.

A sustainable revenue strategy is established by its unique referral system, which allows drivers to receive lifetime earnings for each user referred, emphasizing that both passengers and drivers are not just participants but valued stakeholders of the platform. Additionally, CREDDY, an AI-powered credit system that acknowledges informal income streams, is connected with HOPPR where drivers can obtain revolving credit of up to Rs.50,000 at 0% interest through CREDDY for everyday expenses, fuel, and vehicle repairs, assisting in closing gaps in their finances and fostering financial stability.

Ransika De Silva, Director/CEO of PayMaster, stated, “With HOPPR, we have built a driver-centric system where each ride is an opportunity to earn, save, and grow financially rather than just a journey. We are changing the financial landscape for gig workers and informal earners, starting with ride-hailing, digital payments, credit access and future expansion into areas for informal income.”

PayMaster is a one-stop app for payments that makes transactions in Sri Lanka easy. From local money transfers, receiving money from around the globe to a local account within two seconds, paying bills, and topping up mobile accounts, users can now also use ride-hailing services thanks to HOPPR. PayMaster, a fully owned subsidiary of Singapore-based FinTech FirstPay (Pte) Ltd, guarantees the highest international security standards by following the criteria for mobile apps from the Central Bank of Sri Lanka (CBSL) and submitting to frequent security assessments conducted by a globally reputed auditing firm.

Continue Reading

Business

CSE launches in bullish vein, energized by US President’s ‘90-day pause’

Published

on

The CSE opened yesterday in a bullish manner after US President Donald Trump announced a 90-day pause on enforcing increased tariffs on exports.

President Trump said he is ordering a pause on ‘reciprocal’ tariffs slammed on Sri Lanka and other countries after 75 countries offered to negotiate, amid a collapse of stock markets, but a 10 percent tax would remain. Many stock markets around the world were back in the green.

The All Share Price Index was trading up on 693 points within the first half hour of opening and the more liquid S&P SL20 was up 6.42%, or 286 points, at 4,632.00.

Turnover was Rs 6.1 billion with ten crossings. Those crossings were reported in JKH which crossed 30.7 million shares to the tune of Rs 607 million and its shares traded at Rs 20.10, Sampath Bank 3.7 million shares crossed for Rs 419 million; its shares traded at Rs 150, Commercial Bank 2.2 million shares crossed for Rs 151 million; its shares traded at Rs 125.

Singer (Sri Lanka) 1.5 million shares crossed for Rs 52.5 million; its shares traded at Rs 35, Vidul Lanka 3.7 million shares crossed for Rs 49.4 million; its shares traded at Rs 13.50, People’ Leasing 2 million shares crossed to the tune of Rs 35 million; its shares sold at Rs 2.70, HNB 100,000 shares crossed to the tune of Rs 30.5 million, Hemas Holdings 210,000 shares crossed for Rs 23.4 million; its shares traded at Rs 117, LMF 500,000 shares crossed to the tune of Rs 21.4 million; its shares fetched Rs 42.70 and DFCC 200,000 shares crossed to the tune of Rs 20 million; its shares traded at Rs 100.

In the retail market top six companies that have mainly contributed to the turnover were; Sampath Bank Rs 709 million (6.2 million shares traded), Commercial Bank Rs 626 million (4.4 million shares traded), HNB Rs 619 million (two million shares traded), JKH Rs 346 million (three million shares traded), RIL Properties Rs 164 million (10.3 million shares traded) and Brown’s Investments Rs 161 million (22.1 million shares traded).During the day 212 million shares volumes changed hands in 23287 transactions.

Yesterday, US dollar buying rate was Rs 297.50, while the selling rate was Rs 298.60.

By Hiran H Senewiratne

Continue Reading

Trending