Business
Pine Labs Credit+ platform powers a secure and scalable multi-currency prepaid forex instrument for Bank of Ceylon
Global fintech platform, Pine Labs Limited today announced its partnership with Bank of Ceylon in Sri Lanka. This banking-fintech partnership will enable the bank to issue and manage prepaid multi-currency travel cards to its customers. Powered by Pine Labs Limited’s Credit+ platform, the card issuance technology for the bank built on modular architecture will offer an integrated issuing stack for the bank for issuance of these cards at scale and adhere to the security requirements. This card is a physical card which is issued under the Mastercard scheme and allows Bank of Ceylon to cater to an overseas traveler’s foreign exchange requirements.
The Credit+ platform offers an API-first software solution for issuers to offer debit cards, credit cards, forex cards, prepaid cards, and manage the life cycle of their customers. The platform takes care of end-to-end issuer processing services including consumer onboarding, card issuance, transaction processing, fraud prevention, and collections.
Commenting on the partnership, B Amrish Rau, CEO, Pine Labs Limited, said, “From seamlessly managing chargeback processing to tokenisation safeguards, comprehensive authorisation rules, and more, our card issuance Credit+ technology platform for banks and financial institutions is built to comply with the stringent regulatory requirements across various jurisdictions. We are delighted to partner Bank of Ceylon, Sri Lanka’s largest state-owned commercial bank, and power a robust tech-first card issuance experience, for issuance of prepaid multi-currency travel cards to their customers.”
“Being a Bank who objectively adds values to its customers’ life, Bank of Ceylon introduced the BOC Multi-Currency Travel Card that offers the convenience and safety of carrying multiple currencies in one digital card, allowing the customer to travel overseas freely and transact with confidence at a lower expense than having to bear currency exchange loss.
“As at date we have successfully issued more than 20,000 cards and we are truly grateful for the services provided by Pine Labs as the Card Management System vendor to manage and control the card operations. Their unwavering commitment to quality and professionalism has significantly contributed to our success. We look forward to continuing this fruitful relationship to enhance the Travel Card issuance globally”, commented Mr. Upul Wijayathunga, Assistant General Manager (International), Bank of Ceylon.
Credit+ is an API-first, issuing, acquiring and processing technology infrastructure by Pine Labs Limited that serves as an open-loop solution for both issuers and acquirers. Its modern technical architecture allows Pine Labs Limited to provide a one-stop solution for issuers and acquirers to manage the complete consumer lifecycle, including effortless onboarding, smooth processing, ongoing operations management and engagement. As of December 31, 2024, 28 Issuers in 16 countries (including India, Malaysia, Australia, the Philippines, Saudi Arabia, Egypt) have used this platform to issue 71 million accounts for Credit, Debit and Prepaid.
Acting as a unified issuing platform, Credit+ platform offers processing for credit, debit, prepaid, forex and loyalty, enabling a 360-degree view of the end consumer which supports different use cases, including domestic and international cards, travel cards, corporate cards, open loop gift cards, general purpose cards, co-branded cards, and EMI plans. Credit+ enables Issuers and their partners to integrate financial services within their digital platforms to create a single smooth end-user experience to enable numerous Fintech infrastructure workflows for diverse use cases, such as expense management, credit program management, gig economy, digital wallet, rewards, fuel and fleet management, teen and campus cards, travel cards. These APIs can support the entire journey including instant digital onboarding, underwriting, KYCs, physical and virtual card issuance, transactions, card controls, risk management, rewards and customer support workflow.
Business
AAC looks towards a future of vertical mobility in Sri Lanka
The Automobile Association of Ceylon (AAC) is looking beyond the traditional boundaries of mobility and road safety toward the future of mobility through sustainable developments in vertical mobility applications under the global guidance of the Fédération Internationale de l’Automobile (FIA).
AAC President Mr. Dhammika Attygalle believes AAC has the potential to contribute sustainable and proven systems, regulatory understanding, and international mobility frameworks toward developing Sri Lanka’s future mobility landscape while supporting the country’s broader economic development.
Representing Sri Lanka at the recent FIA Regional Drone and Vertical Mobility initiative held in Nepal was AAC Executive Committee Board Member Indula Sumithraarachchi, who participated alongside regional delegates and international mobility experts discussing the applications of vertical mobility systems and evolving regulatory frameworks covering mobility integration, safety, aviation and legal regulations.
“As mobility technologies evolve globally, we see vertical mobility as a natural extension of future mobility ecosystems. We believe vertical mobility is connected to sustainable areas not limited to future urban mobility, transport and logistics, infrastructure integration, safety frameworks, disaster and emergency response, and environmental efficiency,” he stated.
Drones are already being commercially utilized in Sri Lanka for dronegraphy (photography and videography using drones), agriculture, surveying and mapping, events, and marketing. However, it is important that greater attention is given toward safety standards, operational protocols, and aviation regulations, licensing, approvals and career professionalism as drone pilots within Sri Lanka in order to make these technologies safer and more accessible to the public.
International mobility experts increasingly recognize drones as part of a wider vertical mobility ecosystem operating alongside aviation and respective local regulatory frameworks. Experts explain that drone systems are helping countries establish regulatory structures, safety standards, technical expertise, aerial management systems, and operational frameworks that may eventually support broader future mobility technologies.
For AAC, the relationship between drones and vertical mobility represents a wider future mobility framework involving how people, services, safety, infrastructure, information, and transport systems may operate in more connected, intelligent, and efficient ways beyond conventional road-based transportation.
For decades, AAC has played an important role in Sri Lanka’s mobility sector through road safety advocacy, motoring assistance, tourism support services, driver awareness initiatives, and public mobility education. The association has continuously contributed toward improving safe mobility practices for Sri Lankan road users and motorists.
AAC now aims to position Sri Lanka within these evolving international mobility conversations while ensuring that future mobility development remains safe, responsible, and aligned with international standards.
The association also believes collaboration between regulators, aviation authorities, educational institutions, private sector innovators, and international mobility organizations will become increasingly important as future mobility ecosystems continue to develop globally.
Through FIA-supported international engagement and regional collaboration, AAC hopes to contribute toward building awareness and understanding of future mobility opportunities while ensuring Sri Lanka remains connected to emerging global transportation developments.
As mobility increasingly moves toward smarter, interconnected, and technology-driven systems worldwide, AAC’s initiatives into vertical mobility reflect its broader vision of supporting safe, progressive, and future-ready mobility solutions for Sri Lanka and future generations.
Business
Vietjet Air announces Colombo – Ho Chi Minh City route
Vietjet Air, Vietnamese new-age hybrid airline, has announced its first direct service connecting Colombo to Ho Chi Minh City at the Sri Lanka – Vietnam Trade, Investment and Tourism Cooperation Forum. The announcement took place in the presence of General Secretary and President of Vietnam To Lam, Prime Minister of Sri Lanka Harini Amarasuriya, and senior officials from both countries.
This is the airline’s first direct service between Sri Lanka and Vietnam, supporting the airline’s international expansion while contributing to stronger economic, trade, tourism, and people-to-people ties between the two nations.
The Colombo – Ho Chi Minh City route is expected to commence in August 2026 with four round-trip flights per week. Travelers from Colombo will soon enjoy affordable fares and seamless connectivity to Vietnam’s leading tourism and business hubs, along with convenient access through Vietjet’s extensive international flight network to major destinations across the Asia-Pacific region, including Australia, Japan, South Korea, China, and beyond.
Business
SDB bank and Hayleys Mobility forge strategic partnership to advance sustainable mobility and private vehicle leasing
SDB bank has entered into a strategic partnership with Hayleys Mobility Limited through the signing of a Memorandum of Understanding, reinforcing the bank’s commitment to expanding access to structured mobility financing while advancing its broader sustainability banking agenda. The collaboration brings together two established institutions to support customers seeking leasing solutions for private vehicles, with a notable emphasis on electric vehicles as part of a more future-focused approach to transportation.
The MoU was signed recently at the Hayleys Mobility office in Union Place, in the presence of senior representatives from both organizations. Representing SDB bank Kapila Ariyaratne, Executive Director and Chief Executive Officer, Manoj Akmeemana, Deputy Chief Executive Officer, Chitral De Silva, Chief Business Officer, Lahiru Ekanayake, Head of Leasing and Tharanga De Silva Chief Manager, Business Banking were participated. Hayleys Mobility Limited was represented by Managing Director Hasith Prematillake, Director Roshani Dharmaratne, Mr. Panduka Rathnayake – General Manager Finance, and Mr. Suraj Chularathne – Assistant General Manager.
The partnership is designed to expand access to private and sustainable leasing solutions across Sri Lanka, while also responding to growing interest in cleaner and more responsible mobility choices. By placing special focus on electric vehicle leasing, the initiative reflects SDB bank’s recognition of changing customer preferences and the importance of supporting more sustainable transport options through accessible financing.
In addition to supporting conventional private vehicle financing, the collaboration enables customers to benefit from a more integrated experience that brings together vehicle selection and financing under a single proposition. Through the combined reach of SDB bank and Hayleys Mobility, the partnership is expected to improve accessibility and convenience for customers across the country, including professionals, self-employed individuals, business owners and other private vehicle buyers looking for reliable, structured leasing solutions.
-
News6 days agoMIT expert warns of catastrophic consequences of USD 2.5 mn Treasury heist
-
News3 days agoLanka Port City officials to meet investors in Dubai
-
Editorial6 days agoClean Sri Lanka and dirty politics
-
News4 days agoSLPP expresses concern over death of former SriLankan CEO
-
Editorial5 days agoThe Vijay factor
-
News4 days agoPolice inform Fort Magistrate’s Court of finding ex-CEO of SriLankan dead under suspicious circumstances
-
Features5 days agoPalm leaf manuscripts of Sri Lanka – 1
-
News4 days agoPresident of Vietnam and delegation departs Sri Lanka
