Business
Forum addresses banks’ role in holding together a fragmented economy
EY Sri Lanka successfully concluded its inaugural Sri Lanka Banking Conference themed “Surfing through the Crisis” on November 14, 2022. The event builds on a series of similarly themed sessions conducted by the firm over the past two years aiming to support the banking sector navigate through these challenging times.
The banking conference hosted the CEOs, CROs, CFOs, the chairperson of the Board Audit Committees, and the chairperson of the Board Integrated Risk Management Committees of Banks in Sri Lanka. Manil Jayesinghe, Country Managing Partner, EY Sri Lanka & Maldives launched the conference addressing the need for banks to be equipped for the difficult task of holding together a fragmented economy. He commented that banks must understand their customers and understand the cashflows of the customers to accurately evaluate their credit quality. Special units with specially trained and skilled officers should evaluate and decide the recoverability of the loans and take a decision post haste because NPL under an economic crisis will not cure as a function of time.
In his session on “Key Considerations for Credit and Liquidity Risk Management for banks”, Rajith Perera, (Partner | EY Sri Lanka, Financial Accounting Advisory Services) further stressed the importance of banks performing multiple scenario analysis on Non-Performing Ratio, the impact to its capital; understanding the level of risk tolerance in terms of credit risk, and working backward the NPA management strategy. The need for such scrutiny comes with the high propensity for NPLs to increase exponentially, even beyond the range of 15%, an all-time high for the country. The retail portfolio and SME portfolio which collectively contribute to more than 40% would be particularly vulnerable to these choppy economic waves.
Saleem Malik (Partner | EY UK, Head of Turnaround, Restructuring and Portfolio Solutions) together with Bogdan Ioan (Director | EY UK, Turnaround, Restructuring and Portfolio Solutions) in their technical session on Impact of the Debt Restructuring Process to the Financial Services Sector, and Non- performing resolution strategy built strong cases for consideration by referring to the Euro Zone debt crises of Greece and Cyprus. In their presentation they drew parallels to the Sri Lankan Crisis and valuable considerations for bank recapitalization, NPL Resolution and management strategies, liquidity support, and the importance of private sector involvement.
The Technical Sessions thus concluded, the stage was set for a lively discussion among the ‘Fire Side Chat’ panelists Bingumal Thewarathanthri (CEO, Standard Chartered Sri Lanka), Jonathan Alles (MD/CEO Hatton National Bank PLC), Dr. Nishan De Mel (Executive Director, Verité Research) and Manil Jayesinghe, moderated by Arjuna Herath (Senior Partner | Head of Consulting EY Sri Lanka). This unconstrained Q&A session discussed the economic revival curve that could be anticipated and the likely effects of inflation and interest rates in reviving the economy, the implications to the financial services sector of the potential budget proposals, the debt restructuring process and the NPL management strategies that banks would have to strategically implement.
In keeping with its vision to consistently evolve and address accelerated business growth needs, Brown & Company PLC recently unveiled its new state-of-the-art manufacturing and warehouse facility in Katunayake. Strategically located within minutes of the Bandaranaike International Airport and the nation’s rapidly evolving highway network, the space is positioned to significantly enhance Browns’ logistical capabilities. The hub will enable seamless access to key markets across the island, further solidifying the Company’s principal role in a cross-section of industries.
The inaugural event of the Browns Group Industrial Park was attended by Ishara Nanayakkara, Chairman, Brown & Company PLC and Deputy Chairman, LOLC Holdings PLC and Kapila Jayawardene, Group Managing Director/CEO, LOLC Holdings PLC along with key officials from the Browns and LOLC Group.
Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, has successfully launched the highly anticipated vivo V50 smartphone, marking a significant milestone in its commitment to bringing 5G technology and pro-level mobile experiences to Sri Lankan customers, with the first customer handover taking place on 27th March 2025.
The vivo V50, designed in collaboration with ZEISS, combines advanced features such as a 50MP ZEISS OIS Main Camera, a powerful Snapdragon® 7 Gen 3 processor, and a stunning 6,000mAh battery, all housed in a sleek, ultra-slim design. Available at an attractive price, the vivo V50 delivers unmatched mobile performance for work, play, and creativity, offering features such as AI-enhanced photography, 4K video recording, and lightning-fast 90W FlashCharge technology. The vivo V50 also boasts a 41° golden curvature for a comfortable grip and a premium, cinematic mobile experience.
Dialog’s partnership with vivo underscores its commitment to bringing the latest in 5G innovation to Sri Lanka, providing customers with access to next-generation mobile experiences and empowering them to capture, create, and connect like never before. The vivo V50 is now available for purchase at Dialog’s Experience Centers and via https://www.dialog.lk/phones/vivo-v50-5g-12gb.
In a bold move set to redefine the consumer tech landscape in Sri Lanka, Sala Enterprises has unveiled the country’s first AI-powered hardware device—the Emark AI Mouse.
This cutting-edge product represents a strategic shift for Sala from being a tech distributor to becoming a pioneering innovator in AI-integrated hardware.
With over three decades of experience in the IT space, Sala Enterprises has long played a foundational role in Sri Lanka’s digital evolution. But the Emark AI Mouse signals more than technological progression—it represents a calculated business maneuver to capture the rapidly expanding productivity-tech market in South Asia.
Equipped with voice typing, multilingual translation, presentation creation, OCR, and even image design capabilities, the Emark AI Mouse is more than a peripheral—it’s a productivity suite in your palm. It caters to underserved segments such as educators, content creators, and multilingual professionals who often lack affordable, AI-embedded tools.
“Our goal with the Emark AI Mouse was simple—empower Sri Lankans with world-class technology at their fingertips, Chinthaka Wijewickrama, Managing Director of Sala Enterprises told The Island Financial Review.
He added: “This isn’t just a device—it’s a tool to boost productivity, bridge language gaps, and spark creativity in every corner of the country.”
Waruna Sri Dhanapala, Secretary to the Ministry of Technology and Digital Economy, praised the innovation, stating: “This kind of homegrown technological advancement is exactly what Sri Lanka needs to strengthen its digital infrastructure. The Emark AI Mouse is proof that we can lead in AI innovation, not just consume it.”
By Ifham Nizam
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