Business
Enabling SME sector in Sri Lanka to digitize payments can accelerate economic growth – Visa
As Sri Lanka focuses on economic recovery, transforming the digital payment landscape for businesses will be a strategic area to consolidate growth, says Avanthi Colombage, Country Manager for Visa in Sri Lanka and Maldives.
Visa, a global leader in digital payments, believes that unlocking the potential that digitizing payments can offer to the SME (Small and Midsize Enterprise) or small business sector in Sri Lanka has the ability to accelerate the economy and drive growth.
While Sri Lanka’s digital payments ecosystem is estimated to reach $7 billion in 2023, this is a small portion of all consumer spends, otherwise called digital PCE (personal consumption expenditure). While cards have grown to 21.2 million (May ’23), there lies a tremendous opportunity for digital payments to grow and empower communities with their inherent ease of use and transaction safety, says Avanthi.
In the past few years, Visa has enhanced the seamless, cashless transaction experience for consumers everywhere with innovative digital technology like contactless payments and tap to phone.
“Now, empowering the SME sector with the right tools and infrastructure to make and receive digital payments would uplift businesses and help drive the economy in the right direction. At Visa, we continually engage with SMEs, empowering them through our ecosystem partners such as banks and fintech solution providers. For the SME sector in Sri Lanka, enabling comprehensive digital payment acceptance would mean less operational cost, greater efficiency, and a positive customer experience, all improving the potential of business tremendously.” She adds.
Today digital payment acceptance is not restricted to only the entrenched POS and mPOS devices, where one can tap or dip a credit or debit card to pay. In addition to these highly proliferated forms, many emerging payment forms can give small businesses a stimulus towards greater acceptance and engagement with consumers, both domestic and tourists.
Of these, QR code-based payments are a great, asset-light way for merchants (retailers and service providers alike) to take the first step into the digital payments ambit. “Without investing heavily in devices or infrastructure, merchants can use QR codes to accept payments from customers who save their Visa card credentials securely on their smartphones,” said Avanthi. When the QR code is shown to a consumer, they can scan it and use their digitally stored Visa details to pay without any hassle. A few banks in Sri Lanka already offer this facility to their Visa cardholders and this also allows for tourists to use their devices to pay for goods or services.
Tap to phone is another innovative yet simple method that promotes digital inclusivity and reduces the use and need of paper receipts. This allows the merchant to use their own smartphone to accept payments from consumers, enabled by contactless technology. Here, the shopper can pay a merchant by tapping their contactless Visa card on the merchant’s smartphone. There are significant benefits for small businesses with these totally contactless transactions – saving time as there are no cash and change hassles, reducing queues in stores and doing away with printing transaction receipts as the cardholder is intimated through SMS.
As more merchants see the value in ecommerce, they will benefit greatly from giving consumers an array of digital payment options to choose from. Avanthi says that with Sri Lankan consumers increasingly shopping online, some of the top ecommerce categories witnessing growth are telecom/utility bill payments, government and educational services, retail stores, insurance, quick service restaurants, airlines and restaurants. Lodging and professional service providers, ride-hailing services and food delivery are some of the other categories witnessing growth of digital payments across Sri Lankan cardholders and tourists visiting Sri Lanka.
Avanthi also says Visa is working with various partners, both financial institutions and large merchants as well as new age players like fintechs, to harness digital payment opportunities for SMEs. Visa is also making it easy for small businesses and merchants to receive payments through simple integrations like SMS based payment links. Merchants can use this to generate digital invoices and get paid by the customer online and remotely, making for efficient payment collection and reconciliation.
With tourist arrivals increasing in Sri Lanka and the economy looking up, it is only apt that merchants start providing payment options that international travelers are already familiar with, be it tapping a card or phone, scanning a QR code or paying online. With its wide network of partners and clients, Visa is helping uplift businesses through and reinforcing the potential of the SME sector. Visa believes that empowering people and businesses with technology and digital payments can drive the digital economy and create opportunities for the SME sector to grow within and outside Sri Lanka.
Business
Global regulators convene in Colombo for key IOSCO enforcement and cooperation discussions
The Securities and Exchange Commission of Sri Lanka (SEC) successfully hosted a series of high-level meetings of the International Organization of Securities Commissions (IOSCO), bringing together leading securities regulators and enforcement officials from around the world to discuss emerging regulatory challenges, strengthen international cooperation, and enhance collective efforts to combat cross-border securities market misconduct.
The meetings, held at the Hilton Colombo from 13 to 16 October 2026, included sessions of the IOSCO Enforcement and Cooperation Committee and its Screening Group (Committee 4/SG), as well as meetings of the Monitoring Group and the Steering Committee. The event attracted approximately 50 senior representatives from securities regulators and exchanges across several jurisdictions, including Australia, Japan, the United States, the United Kingdom, France, Italy, Canada, New Zealand, India, Germany, Belgium, Singapore, China and Spain, reflecting the global significance of the discussions and the growing importance of international regulatory collaboration.
Welcoming delegates to Sri Lanka, Senior Professor D.B.P.H. Dissabandara, Chairman of the SEC, emphasized the critical role of international cooperation in safeguarding market integrity and investor confidence in an increasingly interconnected financial landscape.
“No regulator can effectively address cross-border misconduct in isolation. The speed with which information, transactions and illicit activities can move across borders requires an equally coordinated and timely regulatory response. Strong international cooperation, effective information sharing and mutual trust among regulators are essential to maintaining fair, transparent and resilient capital markets,” he stated.
The discussions focused on a range of enforcement and cooperation matters, including mechanisms for enhancing cross-border information exchange, strengthening investigative collaboration among regulators, addressing increasingly sophisticated forms of securities fraud and market abuse, and promoting the effective implementation of international standards and best practices. Participants also exchanged experiences and insights on emerging enforcement challenges arising from technological developments, digitalization of financial services, and increasingly interconnected global markets.
IOSCO is recognized as the leading international body that brings together the world’s securities regulators and serves as the global standard setter for securities regulation. Through its policy work and cooperative initiatives, IOSCO plays a central role in promoting investor protection, ensuring that markets are fair, efficient and transparent, reducing systemic risk, and strengthening confidence in capital markets worldwide.
Sri Lanka has maintained a strong and active relationship with IOSCO for more than three decades. The SEC became an Ordinary Member of IOSCO in 1993 and has been a signatory to the IOSCO Multilateral Memorandum of Understanding (MMoU) since 2004. The MMoU is the internationally recognised benchmark for cooperation and information sharing among securities regulators and serves as a critical tool in facilitating cross-border investigations and enforcement actions.
Business
Pan Asia Bank partners Ideal Motors to offer leasing solutions
Pan Asia Bank recently entered into a one-year Memorandum of Understanding (MOU) with Ideal Motors (Pvt) Ltd, creating a new financing avenue for customers purchasing vehicles from the authorised Mahindra dealer. The strategic partnership will enable customers of Ideal Motors to access leasing facilities from Pan Asia Bank, making vehicle financing more convenient while supporting their mobility and business requirements. The agreement also provides an opportunity for the Bank to expand its leasing portfolio and strengthen its presence in Sri Lanka’s vehicle financing market.
Ideal Motors is the authorised dealer for the Mahindra vehicle range in Sri Lanka, including the Mahindra Bolero CPU Truck and Scorpio Jeep/Pickup. The vehicles cater to a range of requirements, from commercial and business applications to personal mobility, making accessible financing an important part of the purchasing decision.
The Bank’s vehicle leasing facilities are designed to simplify the financing process, with convenient repayment options and professional support to help customers select a solution suited to their requirements. For customers, the arrangement brings vehicle selection and financing closer together, reducing the need to navigate the two processes separately.
“Our partnership with Ideal Motors enables us to bring financing closer to customers at the point of vehicle purchase. We remain focused on providing convenient and flexible leasing solutions that support both personal mobility and the needs of businesses,” said Naleen Edirisinghe, Director/CEO of Pan Asia Bank.
Pan Asia Bank and Ideal Motors will work closely during the one-year partnership to maximise business opportunities and deliver a seamless financing experience to customers. The collaboration is expected to strengthen both organisations’ ability to respond to demand for commercial and personal vehicles while creating greater value for customers.
Yohan Ebell, Head of Retail Credit, Pan Asia Bank, said: “Through this partnership, we aim to make vehicle financing simpler and more accessible, with leasing solutions designed to meet the varied requirements of Ideal Motors’ customers.”
The collaboration also reflects Pan Asia Bank’s commitment to building partnerships that make financial services more accessible and responsive to the needs of individuals and businesses.
Pan Asia Bank has established a growing presence in vehicle financing, offering leasing solutions designed around customer convenience and flexibility. Its leasing proposition is supported by a nationwide branch network and a customer-focused approach, enabling customers to obtain guidance on financing options while completing their vehicle purchase.
Business
Heritance Hotels and Resorts secures four wins at World Travel Awards 2026
Heritance Hotels and Resorts has secured four distinguished titles at the World Travel Awards 2026, with three national awards recognising its Sri Lankan properties and an international title for Heritance Aarah in the Maldives.
The three Sri Lankan titles recognise Heritance Tea Factory as Sri Lanka’s Leading Heritage Hotel 2026, Heritance Ahungalla as Sri Lanka’s Leading Luxury Hotel 2026, and Heritance Kandalama as Sri Lanka’s Leading Wedding Hotel 2026. Heritance Aarah was named the Indian Ocean’s Leading All-Inclusive Resort 2026.
Internationally recognised within the global travel and tourism industry, the World Travel Awards celebrate excellence across hotels, resorts, and destinations. Recognition at this level affirms the quality, distinctiveness, and consistency of the experiences delivered by Heritance Hotels and Resorts.
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