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Sarvodaya-Fusion and HSBC collaborate to educate Sri Lankan women on Personal Financial Literacy

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In a concerted attempt to empower Sri Lankan women Sarvodaya-Fusion in partnership with HSBC has launched Personal Financial Literacy Education Programme for women starting June 2021.

“In its essence, financial literacy can be defined as the understanding of how money works and this includes generating, investing, spending, and saving money in ways that ensure a person’s financial stability – an essential life-skill that becomes even more significant in challenging times. This knowledge is the basic building block that enables women to become more independent, and lead more fulfilling, secure lives,” said Stuart Rogers, Interim CEO and Head of Wholesale Banking HSBC Sri Lanka and Maldives.

The ongoing crisis in the country, due to the pandemic has affected both working and non-working women. They are currently forced to manage in an extremely challenging environment with wage gaps and gender inequality. Through this programme, non-working women will be educated and made aware of how to manage their household expenses and look for more avenues to earn an extra income apart from the main income received by their spouse. Similarly, working women will learn how to make their way up the financial ladder, with smart investments and savings. Individuals can visit the Sarvodaya-Fusion Facebook Page for more information on registrations.

“We are excited to partner with a leading global financial entity such as HSBC to educate and enable women of Sri Lanka to take stronger control of their finances. We are convinced that these two key segments of the population should have access to not only financial services, but to recognize themselves as economic agents that can make a change in their families and society through their everyday choices,” said Rohan Pandithakorralage, Chairman, Board of Advisors, Sarvodaya-Fusion.

The engaging Zoom based webinars of one and half hours each cover the main aspects of wise spending, managing debts, earning an extra income, saving as a habit, and making smart investments. The sessions are delivered by utilizing appealing elements such as webinar polls, icebreakers, chats, Q & A sessions and online feedback gathering surveys to ensure maximum engagement and interaction.

“We have seen how financial health has significant ramifications in society, particularly during the pandemic. It’s important for us that we provide women across Sri Lanka with access to the right skills, attitude and tools required to manage their finances and make the most of their money. These carefully crafted webinars dispense the practical knowledge needed by women to manage their money with confidence and, grow their economies,” Rogers continued to state.

Sri Lanka’s adult literacy was 92% in 2018, but the country’s financial literacy rate measures at just 35%. Although this is still the highest out of South Asia, the high print literacy rates do not necessarily correlate to financial savviness. Still, the ability to read and write does provide the basis on which one can build, access and use financial services.

Therefore, it is critical to encourage both working women and non-working women to have a stronger grasp of their finances to benefit themselves, their families and society at large, as well as contribute towards reviving the country’s economy, even at an individual level.  Additionally, basic financial literacy among households can also lead to healthier family welfare. Consequently, improving financial literacy and financial capability among all community segments irrespective of age, sectors, and gender would lead to higher levels of economic wellbeing of the individual, their family and the country at large.

With this ethos, the Personal Financial Literacy initiative was launched by Sarvodaya-Fusion as a corporate social responsibility (CSR) project under HSBC’s Future Skills charity program. Over the past few years, the programme has targeted low-wage workers, undergraduates and entrepreneurs. The initiative aims to provide different sectors in the community with the necessary awareness on handling their finances, ranging from personal financial management to managing business finance.



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Stealer malware leaked over 2 million bank cards

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The number of infections with data-stealing malware, 2020-2024 (Source: Kaspersky Digital Footprint Intelligence)

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%.

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ComBank’s 2023 Annual Report tops Banking sector at ACCA Sustainability Reporting Awards

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Commercial Bank Chief Operating Officer S. Prabagar and members of the senior management accepting one of the ACCA 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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UTE Delivers Sri Lanka’s Largest Cat D8 Tractor to NEM Construction

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(From left to right) Deepthi Hewageegana (CEO - UTE), Mani Rajan (Director Distribution - India), Joe Moscato (Vice President - Distribution - Japan & Asia South (India & SE Asia) Caterpillar Inc), Raja Nanayakkara (Chairman / MD - NEM Construction), Prasan Fernando (Chairman - UTE), Priath Fernando - (Director - UTE), Duminda Perera (Senior General Manager - Operations)

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.

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