Business
Hatton National Bank and Nucleus Software collaborate to enhance transaction banking experience with FinnAxia®
HNB PLC, one of Sri Lanka’s leading and most forward-looking financial institutions, has implemented FinnAxia®, the advanced Transaction Banking Suite from Nucleus Software, as part of a strategic initiative to strengthen its leadership in digital banking and meet the growing needs of its corporate and SME clients across Sri Lanka and around the globe.
In a highly competitive market where customer expectations are evolving rapidly, HNB recognized the need for a robust, scalable and integrated platform to deliver world-class, transaction banking services. The rollout of FinnAxia® marks a decisive move to future-proof HNB’s cash management business, deepen client relationships, and enhance revenue streams.
Strategic Business Impact and Objectives
Implementation of FinnAxia® enables HNB to:
Expand its transaction banking offerings through a seamlessly integrated global-standard suite.
Gain competitive edge without prolonged implementation cycles for corporate clients.
Attract and retain high-value clients by delivering personalized digital solutions.
Ensure frictionless onboarding of clients across Corporate, SME, and Institutional segments.
Optimise operational efficiency and minimize manual intervention to focus on strategic relationship management.
“We are reimagining our transaction banking strategy to not only retain our leadership position in the payments and cash management space but to significantly expand our presence in the SME and corporate banking segments,” said Damith Pallewatte, Managing Director & Chief Executive Officer, HNB. “FinnAxia® gives us the technology edge to offer a comprehensive, digital-first experience, enabling our customers to seamlessly manage their global payments, receivables, liquidity, supply chain finance and trade services through a unified platform.”
Since going live, HNB has already experienced a 10X increase in customer onboarding and a 6X jump in transaction volumes.
With this transformation, HNB is offering its corporate clients a sophisticated platform providing real-time dashboards, automated reconciliation, and enhanced cash visibility across global operations – giving treasuries the tools to make informed decisions.
“At Nucleus Software, we believe that the future of transaction banking lies in a modular, intelligent platform—one that is agile, deeply integrated, and purpose-built to scale with dynamic business ecosystems,” said Vishnu R. Dusad, Managing Director & Co-Founder, Nucleus Software. “Our partnership with HNB reflects a shared ambition—to redefine digital transaction banking in Sri Lanka. With FinnAxia®, we are not just delivering technology, but building a competitive advantage.”
FinnAxia®, an advanced, modular transaction banking platform from Nucleus Software, provides a clear value proposition – to enable HNB Bank to operate with precision, create compelling client experiences, increase revenue potential, and control risk proactively.
About HNB
With 254 customer centers, HNB stands as one of Sri Lanka’s largest and most technologically innovative private sector banks. Most recently, the bank was recognized as the Best Retail Bank in Sri Lanka for the 15th year at the Asian Banker Global Excellence in Retail Financial Services Awards 2024.
HNB was also recognized as ‘The Best Bank – Sri Lanka’ at the second Emerging Asia Banking Conclave and Awards, organized by the Indian Chamber of Commerce (ICC). HNB’s accolades in 2024 also include recognition at the Euromoney Awards for Excellence, where it was named Best Bank in Sri Lanka and Best SMEs Bank in Sri Lanka.
HNB was ranked the Number 1 Company in Sri Lanka by Business Today in its Top 40 Businesses ranking for 2023-24. HNB was recognized as one of the Top 25 Corporates at the LMD Awards which was held honouring 25 most awarded Sri Lankan Corporates.
About Nucleus Software
Nucleus Software Exports Ltd. Is a publicly traded (BSE: 531209, NSE: NUCLEUS), software product company that provides lending and transaction banking products to global financial leaders.
Nucleus Software delivers disruptive Fintech Solutions to 200+ Banks and Financial Institutions across 50 countries supporting Retail Lending, Corporate & SME Finance, Islamic Finance, Automotive Finance, Captive Automotive Finance, Cash Management, Mobile & Internet Banking, Transaction Banking and more. Our solutions manage $15+ trillion value of yearly transactions, with over 26 million transactions each day through our globally integrated transaction banking platform. Our lending platform manages $1.2 trillion value of loans globally, while enabling 500,000+ users to log in daily.
Business
GDP data reaffirms persistent asymmetry of Sri Lanka’s provincial economy
Western Province maintains its dominant position, accounting for 42.4% of nominal GDP
The 2024 provincial GDP data reaffirms the profound and enduring structural asymmetry in Sri Lanka’s economic geography. The Western Province continues to function as the nation’s overwhelming economic core, while the second and third runners-up, the North Western and Central Provinces respectively, operate on a markedly different scale and sectoral foundation.
The Western Province maintains its dominant position, accounting for 42.4% of the country’s nominal GDP. This preeminence is rooted in its commanding role across the high-value Services and Industry sectors, where it contributes 44.5% and 47.6% of national output, respectively. Its economy is distinctively modern, with a scant 2.3% reliance on agriculture and over 98% of its output derived from industry and services. This concentration of finance, trade, administration, and manufacturing creates an unmatched gravitational pull for investment and talent.
In stark contrast, the combined economic share of the North Western (11.5%) and Central (10.7%) Provinces is just over half that of the Western Province alone. Their paths to relevance are fundamentally different. The North Western Province has solidified its role as the nation’s agricultural heartland, contributing a full 20.0% of national agricultural activity. It also holds a significant, though secondary, position in industry at 12.0%. Its internal economic composition is more balanced across sectors than the west, with a notable reliance on industry (29.1% of its own GDP) alongside agriculture.
The Central Province, meanwhile, presents a more services-oriented profile among the runners-up, contributing 10.7% to the national services total. It also holds important shares in agriculture (13.9%) and industry (9.6%). Internally, its economy mirrors the national structure most closely among major provinces, with services constituting about 63% of its output. This suggests a diversified regional economy centered on urban hubs like Kandy, but one that lacks the concentrated high-end service power of Colombo.
The comparative analysis reveals a clear hierarchy. The Western Province is the integrated, metropolitan driver of the modern economy. The North Western Province serves as a vital agro-industrial base, and the Central Province as a diversified regional center. Despite a noted increase in the combined share of the other provinces, the gap remains vast. The economic landscape is thus characterized not by convergence, but by a persistent and specialized asymmetry, where the runners-up support the national economy through different, but essential, sectoral strengths, all while operating in the long shadow of the western province.
by Sanath Nanayakkare
Business
Sri Lanka Insurance supports 1,000 families in flood-affected areas
Sri Lanka Insurance Life and Sri Lanka Insurance General, in collaboration with the National Disaster Relief Services Centre (NDRSC), extended vital assistance to 1,000 families affected by the recent ‘Ditwah’ cyclone. The relief initiative was carried out in two phases on 30th November and 2nd December 2025, reflecting the company’s continued commitment to supporting communities in times of distress.
Dry ration packs were distributed through the NDRSC to the Maharagama Urban Council and the Divulapitiya Pradeshiya Sabha, ensuring that aid reached the most affected households swiftly and efficiently. Both distribution programmes were held with the participation of local authorities and the management teams of SLIC Life and SLIC General, further strengthening the company’s close partnership with the communities it serves.
Speaking on the initiative, Chairman of Sri Lanka Insurance, Nusith Kumaaratunga, stated; “Sri Lanka Insurance has always placed community wellbeing at the heart of its purpose. In difficult times such as these, it is our responsibility to stand with the families who have been affected and offer meaningful support. This relief effort reflects our ongoing commitment to uplift communities and reinforces our role as a trusted national insurer focused on protection, care, and compassion.”
In addition to the relief programme, Sri Lanka Insurance has implemented extended operating hours at selected SLIC General branches in the affected areas to ensure uninterrupted service. Claims, customer care teams, and branch staff are working beyond regular hours to provide prompt assistance to policyholders impacted by the severe weather conditions.
Sri Lanka Insurance remains dedicated to safeguarding its customers and supporting communities across the nation, reaffirming its longstanding promise of protection, stability, and service excellence.
Business
Jaffna Hindu College wins regional AIA Healthiest Schools award
Jaffna Hindu College was named as one of the winners at the regional award ceremony of the prestigious AIA Healthiest Schools Competition, a flagship initiative by AIA Group aimed at promoting healthier habits among students across Asia-Pacific region through innovative school-based projects. The competition, which drew a record number of entries from eight regional markets, recognises schools that implement innovative and impactful initiatives in the areas of healthy eating, active living, mental wellbeing, and sustainability. Jaffna Hindu College stood out in the Active Lifestyles Award Category for its creative and community-focused project that introduced a bicycle rental system, ensuring greater access to physical activity for all students and encouraging healthier lifestyles across the region.
The winners of AIA Healthiest Schools programme were honoured at a vibrant regional awards ceremony in Da Nang, Vietnam, where the prize money was awarded to the respective schools to support the ongoing health and wellbeing initiatives.
The Cycling Club was introduced to make physical activity accessible and enjoyable for all students. The club introduced a bicycle rental system, managed via a custom software platform, ensuring equitable access regardless of financial background. Students participated in a cycle parade and three themed challenges focused on endurance, speed, and teamwork. The initiative quickly became popular, engaging over 100 students and receiving enthusiastic support from teachers, parents, and local businesses. Experienced cyclists from the community volunteered as coaches, while cycling organisations provided safety training and route planning.
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