Business
Grow opens new Sri Lanka office to aid the adoption of blockchain and Web 3.0

Sri Lanka is aligning with innovation and accelerating into a new, digital-centric space, with the government working to create an inviting regulatory environment for blockchain use-cases to flourish, offering the country fresh and entirely new economic verticals.
One such enterprise capitalizing on Sri Lanka’s progressive approach to emerging technology markets such as Metaverse and Web 3.0 , is start-up incubator and 360 service provider, Grow. Recognizing the exciting growth potential that Southern Asia has to offer, the company has set up an operating base in Colombo, a move they hope will inspire others to follow.
The team’s new office, which is situated in One Galle Face Tower, recently welcomed the Sri Lankan Cabinet Minister for Youth and Sports, Namal Rajapaska to its opening. “We are proud and happy to have you guys here as young entrepreneurs in the blockchain technology sector, and taking Sri Lanka, leading Sri Lanka into the new era. As a government, myself, my secretaries here, the central bank, deputy governors, all of us, are excited to be here today and to welcome you all.”
“I’m sure this is going to be the incubator for many, many start-ups on the blockchain technology opportunities that are coming out in Sri Lanka and also in the region. So, congratulations, and our support is there. So, we want to see you working hard. I can assure that we as a government will support you 100pct. There are certain positive changes that we are looking at to facilitate you more in this part of the industry, and we will look at that in a very positive way and work together going forward,” Rajapaska said.
Speaking from the opening celebration, Founder and CEO, Peter Carroll said, “New technological economies are combining with widespread technological infrastructure and forming the building blocks of our economic future. The ways in which they are utilized and regulated will define social mobility for the youth of today. At Grow we firmly believe these times are part of a shift, from the innovation phase of a technology breakout to the early adoption phase of the blockchain based industries of Web 3.0.”
“As the opportunities unfold, we are seeing huge potential in Blockchain Gaming and the Metaverse, we believe with forward thinking leadership Sri Lanka can take a central role as an ecosystem driver for these fresh and exciting verticals.”
Sri Lanka and Port City Colombo, if developed correctly, could become one of the world’s leading hubs for frontier technologies. If the government can facilitate a “sandbox” environment for Web 3.0’s brightest minds, then the seeds of innovation may have fertile soil on which to grow. The opportunity is clearly one that excites Carroll.
“I mean, think about it, what drives an entrepreneur? Building! We build ideas, products, and businesses, so what could be more exciting than being here in Colombo and helping to build the people, economy, and tech infrastructure of a $120bn state-of-the-art Smart City? For us, the answer is simple: nothing! We want to engage with the Blue Chip companies of Web 3.0 like Animoca Brands, Polygon and encourage them to help us drive opportunity, to educate and build traction because we believe Central and Southern Asia can drive real adoption.”
GROW provide Web3 builders with idea curation, marketing support and an advisory network of leading experts in an effort to facilitate real world impact of blockchain technology. Let’s Grow Together. For more information, visit www.thegrowgroup.com.
Business
Stealer malware leaked over 2 million bank cards

Kaspersky Digital Footprint Intelligence estimates that 2.3 million bank cards were leaked on the dark web, based on an analysis of data-stealing malware log files from 2023-2024. On average, every 14th infostealer infection results in stolen credit card information, with nearly 26 million devices compromised by infostealers, including more than 9 million in 2024 alone. Kaspersky released its report on the infostealer threat landscape while the technology world gathers at MWC 2025 in Barcelona.
Kaspersky experts estimate that approximately 2,300,000 bank cards have been leaked on the dark web. This conclusion is based on an analysis of the log files from data-stealing malware, dated 2023-2024, that were leaked on the dark web market. While globally the share of leaked cards is well below one percent, 95% of the observed numbers appear technically valid.
Infostealer malware is not only designed to extract financial information, but also credentials, cookies and other valuable user data, which is compiled into log files and then distributed within the dark web underground community. An infostealer can infect a device if a victim unknowingly downloads and runs a malicious file, for example one disguised as legitimate software, such as a game cheat. It can be spread through phishing links, compromised websites, malicious attachments in emails or messengers and various other methods. It targets both personal and corporate devices.
On average, every 14th infostealer infection results in stolen credit card information. Kaspersky Digital Footprint Intelligence experts found that nearly 26 million devices running Windows were infected with various types of infostealers in the past two years.
“The actual number of infected devices is even higher. Cybercriminals often leak stolen data in the form of log files months or even years after the initial infection, and compromised credentials and other information continue to surface on the dark web over time. Therefore, the more time passes, the more infections from previous years we observe. We forecast the total number of devices infected with infostealer malware in 2024 to be between 20 million and 25 million, while for 2023, the estimate ranges between 18 million and 22 million,” says Sergey Shcherbel, expert at Kaspersky Digital Footprint Intelligence.
In 2024, Redline remained the most widespread infostealer, accounting for 34% of the total number of infections.
The most significant surge in 2024 was in infections caused by Risepro, whose share of total infections increased from 1.4% in 2023 to almost 23% in 2024. “RisePro is a growing threat. It was first discovered two years ago but seems to be gaining momentum. The stealer primarily targets banking card details, passwords and cryptocurrency wallet data, and may be spreading under the guise of key generators, cracks for various software and game mods,” explains Sergey Shcherbel. Another rapidly growing stealer is Stealc, which first appeared in 2023 and increased its share from nearly 3% to 13%.
Business
UTE Delivers Sri Lanka’s Largest Cat D8 Tractor to NEM Construction

Caterpillar equipment dealer UTE has delivered the country’s largest Cat D8 Track-Type Tractor to NEM Construction Pvt. Ltd., marking a significant milestone in heavy machinery. This delivery strengthens the long-standing partnership between UTE and NEM Construction, which spans over 45 years. The Cat D8 is expected to boost operational efficiency in large-scale projects. As the sole authorized dealer for Caterpillar in Sri Lanka, UTE continues to provide top-tier machinery and after-sales support. The handover is particularly notable as Caterpillar celebrates its 100th anniversary. NEM Construction’s Chairman, Raja Nanayakkara, praised the Cat D8’s superior performance and UTE’s unmatched service and parts support, which have been key to the company’s long-term collaboration. This purchase highlights the continued trust in both Caterpillar and UTE’s expertise in supporting Sri Lanka’s construction industry.
Business
ComBank’s 2023 Annual Report tops Banking sector at ACCA Sustainability Reporting Awards

The Commercial Bank of Ceylon’s prowess in comprehensive disclosure of sustainability-related information to stakeholders has won its 2023 Annual Report two top awards at the 2025 Sustainability Reporting Awards presented by the Association of Chartered Certified Accountants (ACCA).
The Bank was adjudged the overall runner-up and the winner in the Banking category at these awards, repeating the achievement of its 2022 Annual Report which was similarly honoured by the ACCA last year.
The ACCA Sustainability Reporting Awards recognise Annual Reports that clearly acknowledge and explain the economic, environmental and social impacts of the business to internal and external stakeholders, demonstrating the organisation’s policies, targets and long-term objectives towards the goal of sustainable development.
Commercial Bank’s 2023 Annual Report also won two Golds, a Silver and a Bronze at CA Sri Lanka’s ‘TAGS’ Awards 2024, excelling in the key aspects recognised by the awards programme which is dedicated to Transparency, Accountability, Governance, and Sustainability – TAGS.
The Bank won the Gold for ‘Corporate Governance Disclosure’ in the Financial Services sector, the Gold for the Best Annual Report among the private sector banks, the Silver for ‘Digitally Transformative Reporting’ across all sectors, and the overall Bronze award for Excellence in Corporate Reporting.
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