Business
India’s UPI services launched in Sri Lanka; President describes it as ‘history repeating in digital format’
By Sanath Nanayakkare
India’s Unified Payments Interface (UPI) services were introduced in Sri Lanka and Mauritius at a virtual event held yesterday.
The virtual ceremony was attended by Indian Prime Minister Narendra Modi, Mauritian PM Pravind Jugnauth and Sri Lanka’s President Ranil Wickremesinghe.
The launch of the Indian payment methodology in Sri Lanka and Mauritius came amid New Delhi’s increasing bilateral economic ties with the two countries.
The launch enables the availability of UPI settlement services for Indian nationals travelling to Sri Lanka and Mauritius as well as for Mauritian nationals travelling to India.
“This would increase the tourism between India, Sri Lanka and Mauritius. I am confident that Indian tourists would also prefer destinations where UPI services are available,” PM Modi said.
“Digital Public Infrastructure has brought about a revolutionary change in India. Even the smallest businessman in our smallest village is making digital payments because it has convenience as well as speed,” the Indian PM pointed out.
President Ranil Wickremesinghe addressing the audience said that trade relations have existed between the two countries running into many centuries and there have been a lot of evidence for this as ancient Indian coins had been found in various parts of Sri Lanka during excavations in the dry zone.
“There were no Central Banks at the time, but yet bilateral trade had taken place among the two peoples. So, what is happening today is; we are upgrading our payment methodologies into a contemporary digital format,” he said.
“During my visit to India last year, a vision document was adopted by the two nations. Increasing the financial connectivity was a key part of it. A detailed discussion was also held with Mauritius PM Pravind Jugnauth last year on this topic. I recently had discussions with Indian External Affairs Minister, Dr. Jaishankar whilst in Perth, Australia about Fintech and we found that the momentum in this regard was satisfactory. Now, Sri Lanka can harness this digital payment infrastructure for the benefit of Indian tourists visiting Sri Lanka,’ he said.
According to Hindustan Times, earlier this month, France allowed Indian tourists visiting the iconic Eiffel Tower in Paris to buy tickets via UPI mechanism. France is the first European country to accept UPI payments. This UPI service will be extended to other tourism and retail merchants in the European nation.
Last year, an essential MoU was exchanged between the Reserve Bank of India and the Central Bank of UAE, aiming to interlink the payment and messaging systems of both countries. The MoU was also aimed at fostering seamless integration between India’s Unified Payments Interface (UPI) and the UAE’s Instant Payments Platform (IPP), Hindustan Times said.
Business
Cabinet approves submission of the Annual Economic Analysis of the Central Bank of Sri Lanka for the year 2024 to the Parliament
The Cabinet of Ministers has approved the proposal forwarded by the President in his office as the Minister of Finance, Planning and Economic Development to submit the Report on the Annual Economic Analysis of the Central Bank of Sri Lanka for the year 2024 to the Parliament.
As per section 80 (3) of the Central Bank of Sri Lanka Act No. 16 of 2023, the Minister in – charge of the subject of Finance shall submit a report on the economic situation which prevailed within the particular financial year, within four months after completion of each financial year. Accordingly, the report in relation to the financial review of the Central Bank of Sri Lanka for the year 2024 has been submitted to the President. The report has envisaged macro economic trends of Sri Lanka, situation of the financial system, as well as the major developments and a review of the policies of Central Bank of Sri Lanka.
[DGI]
Gigalingua Lanka, a premier German language institute, officially launched in Colombo with a ribbon-cutting ceremony attended by distinguished guests, including Dr. Felix Neumann, German ambassador to Sri Lanka. This marks a significant milestone for Sri Lankan professionals, especially nurses, looking to expand their careers in Germany’s thriving healthcare sector.
In collaboration with its strategic partner Global Care Solutions (Pvt) Ltd – a renowned company in the foreign recruitment industry – Gigalingua Lanka offers a unique pathway for Sri Lankan nurses and apprentices to master the German language and pursue rewarding career opportunities in Germany.
Dr. Felix Neumann, the Chief Guest at the event, expressed his support for the initiative, emphasizing the importance of language education as a bridge to global career prospects. In his speech, Dr. Neumann noted, “German language is not only a means of communication, it is a gateway to global career opportunities.” He commended Gigalingua Lanka for providing valuable opportunities for Sri Lankans and addressing the critical demand for skilled workers, especially in the nursing sector in Germany.
Gigalingua Lanka is the first private institute in Sri Lanka to offer comprehensive German language training up to the B2 level, and conduct TELC exam. The institution also provides language training for apprentices, allowing them to undertake the Apprenticeship Program and contribute to the growing labor market in Germany. The collaboration between Gigalingua Lanka and Global Care Solutions is designed to meet Germany’s growing need for skilled workers, particularly in the healthcare sector.
The event was attended by a number of prominent figures, including Dr. Felix Neumann , Arthur Senanayake (chairman of IWS Holdings), Eran Wickramaratne – former MP, Chandra Schaffter – ( Founder of Janashakthi Insurance ), Dhammika Attygalle (Director Upali Group of Companies and President Automobile Association of Ceylon) Former Wing Commander Buwaneka Abeysuriya (Ex- chairman Janatha Estates Development Board).
Chairman of Global Care Solutions, Thomas Michael Kriwat, who is also chairman of the Mercmarine Group of Companies in Germany, highlighted the significance of the new training center. He said, “We are bringing world-class German occupational language training to Colombo, offering a structured, career-focused pathway for Sri Lankan professionals. By introducing TELC (The European Language Certificates) as an officially certified German language test authority, we are increasing accessibility for students seeking internationally recognized qualifications.”
At the thanksgiving speech, Dr. Rajan Sara, Managing Director of Global Care Solutions and Director of Gigalingua Lanka, outlined the critical need for foreign nurses in Germany. “Germany is facing a significant shortage of nurses, estimated to need an additional 150,000 by 2025. This is exacerbated by an aging population and increasing healthcare demands. Over 47,000 vacancies in the healthcare sector remain unfilled, making it an ideal time for Sri Lankan nurses to seize this opportunity,” Dr. Sara explained. (Gigalingua Lanka)
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.
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