Energy Minister Kumara Jayakody has declared the restructuring of the Ceylon Electricity Board (CEB) to be ‘crucial’ for achieving the nation’s energy goals and confirmed he will ‘disregard any obstacles’ to its implementation. This defiant statement signals that the government is forging ahead with the contentious reforms, even as power sector trade unions engage in street protests against the move.

Speaking at the recent opening of a new 5-megawatt solar power project in Galle, the minister emphasised that the restructuring of the CEB is being carried forward with a specific purpose, underscoring its necessity as part of a national programme to embrace renewable energy.

” The government’s aggressive push to unbundle the monopolistic CEB into specialised generation, transmission, and distribution entities is happening in a backdrop of striking political hypocrisy.The current administration, when in Opposition, was a vocal and leading force against any form of CEB reform, routinely labeling previous attempts as a sell-out of national assets. Today, they are the driving force behind the same legislative changes, showing a dramatic U turn on power policy,” a trade union activist told the media.

However, Minister Jayakody has stated that the reforms were necessary for the greater national good, stressing that renewable energy projects are a ‘national necessity.’ He pledged that the government would proceed with ‘goodwill and openness,’ confirming that it is the administration’s policy to ensure the state ownership of the electricity sector is protected while safeguarding the rights of employees and trade unions.

Despite these assurances, powerful CEB trade unions view the restructuring moves as a precursor to privatisation in the near future.

by Sanath Nanayakkare

Xeptagon, a climate finance technology company delivering next-generation carbon market and sustainability systems, has officially inaugurated its new office at the Business Centre at Port City Colombo. This milestone marks Xeptagon as the first operational office at the Business Centre at Port City Colombo and the first IT services firm in the climate finance domain to establish a presence in the Colombo Port City Special Economic Zone.

XEPTAGON’S ROLE IN GLOBAL CLIMATE FINANCE

Xeptagon focuses exclusively on climate finance infrastructure – building national carbon registries, climate transparency systems, carbon exchanges, CBAM-compliant supply chain solutions, and corporate carbon neutrality platforms. Its systems are already deployed with governments across Asia and Africa, supporting Article 6 compliance and Paris Agreement reporting. The company’s track-record includes major projects for intergovernmental organisations, as well as partnerships with development agencies and global corporates. This reputation has positioned Xeptagon as a reliable partner for governments and businesses navigating the low-carbon transition.

International Recognition and Partnerships

Xeptagon’s global presence is reinforced by a series of high-impact partnerships and recognitions:

Governments & Intergovernmental Organisations

Recently delivered Article 6-aligned national carbon registries and transparency systems for multiple countries across Asia and Africa, supporting their Paris Agreement compliance and access to climate finance.

Hedera Foundation

Integrated the Hedera blockchain into Xeptagon’s platforms in the past year, enhancing data immutability and transparency in carbon credit markets. Hedera’s Governing Council includes global leaders such as LG, Google, Boeing, IBM, and Standard Bank, ensuring enterprise-grade governance and long-term credibility for the technology Xeptagon deploys.

Schneider Electric MOU

Working closely with Schneider Electric on advanced emission estimation tools, with joint pilots planned to showcase blockchain-secured carbon transactions that combine energy data with finance.

Accenture FinTech Innovation Lab

Being selected for the 2025 Asia-Pacific cohort is a key milestone, as the programme connects Xeptagon with the region’s top banks and investors. This not only validates its technology but also plays an important role in fundraising and scaling globally.

Carbon Exchange in Korea

Partner company for a new carbon exchange initiative in Korea, seed-funded by SK Securities, the second-largest securities firm in Korea. This partnership underlines Xeptagon’s entry into one of Asia’s most dynamic carbon markets.

Cyberport Incubation (Hong Kong)

Awarded incubation and launched multiple Green FinTech PoCs under Cyberport, a hub that already hosts multiple unicorns and global tech leaders. This strengthens Xeptagon’s credibility in Asia’s fintech ecosystem.

DPI Innovation Challenge

Named a top-10 global finalist in 2025 for an open-source registry module integrating SDG co-benefits, supported by JICA and mentored by development partners. This project extends climate accounting beyond carbon to holistic impact.

Market Access Partnerships

Established in 2025 with the Japan International Cooperation Agency (JICA) and Import Promotion Desk (IPD), which operates under the German Federal Ministry for Economic Cooperation and Development (BMZ). These collaborations support Xeptagon’s entry into Japanese and European markets with expert validation and client matchmaking.

Planned Pilot at Hong Kong FinTech Week (Nov 2025)

Preparing to conduct a live carbon credit transaction with Schneider Electric and Tessellation Group, demonstrating practical blockchain-enabled transparency in global carbon trading.

Port City Colombo – The Gateway to International Markets

Port City Colombo is Sri Lanka’s first multi-service Special Economic Zone (SEZ), with world-class infrastructure, a progressive regulatory framework, and a strategic vision to foster a thriving commercial ecosystem that promotes enhancing the ease of doing business in South Asia. The Business Centre at Port City Colombo is a premier IT and business park that empowers businesses to operate, exchange knowledge, and drive advancements in their respective fields. The development encompasses nine low-rise office buildings, with a dedicated IT hub and a commercial hub. Xeptagon’s early entry demonstrates confidence in Port City Colombo’s investment potential, whilst positioning Colombo as a future hub for digital finance and sustainable innovation.

‘We are pleased to celebrate the opening of Xeptagon’s new office at the Business Centre at Port City Colombo,’ said Xiong Hongfeng, Managing Director, CHEC Port City Colombo (Pvt) Ltd. ‘With Xeptagon being the first of our partners to begin commercial operations within the Colombo Port City Economic Zone, we believe that this milestone would further reinforce investor confidence, whilst promoting the diversification of the Sri Lankan economy.

Looking Forward

“Being the first IT services firm to open an office at Port City Colombo is both a privilege and a responsibility,” said Dr. Sapumal Ahangama, Co-Founder of Xeptagon. “We see this as a base to scale climate finance solutions to global markets” added Palinda Attanayake, CEO of Xeptagon.

From its new office, Xeptagon plans to expand its delivery capacity, strengthen R&D, and drive innovation at the intersection of climate and finance. With a proven track record of working with intergovernmental organisations, governments, and leading corporates, Xeptagon is poised to transform Port City Colombo into a springboard for international climate technology leadership.

HSBC has been voted as the No 1 Cash Management Provider in Sri Lanka in Euromoney’s Cash Management Survey 2025, an independent survey based on votes by corporate clients.

The Bank provides a wide range of cash management solutions in Sri Lanka serving corporate clients, that include leading local conglomerates, global multinationals subsidiaries, mid-market enterprises, financial institution groups, and non-banking financial institutions.

“We are proud to be voted the best cash management provider in Sri Lanka for the second consecutive year. The recognition is not just a testament to the trust our clients place on us, but also the insights and partnerships our team brings to support their ambitions to grow and meet their evolving financial needs.” said Mark Surgenor, CEO of HSBC Sri Lanka.

With over 130 years of history, HSBC has connected Sri Lanka to the world through its global footprint and connectivity and continues to support its Corporate and Institutional Banking clients by driving two-way trade and investment flows that strengthen the country’s economic growth.

HSBC was also voted as the #1 Overall Cash Management Provider for Large Corporates for a third time, Globally and #1 domestic Cash Management Provider across 13 countries in Asia, Europe, and the Americas by 29,500 treasury practitioners worldwide who contributed to survey.

HSBC’s strength and stability are further reflected through the awards won earlier this year. HSBC Sri Lanka was awarded the Best International Bank in Sri Lanka for 2025 by Euromoney and Finance Asia, Best Service Provider for Cash Management in Sri Lanka by The Asset Triple A Treasurise Awards 2025, Best Trade Finance Bank, and #1 in Client Service and Products, and Technology in Euromoney’s Trade Finance Survey 2025.