Business
Sri Lanka’s Angel Fund shortlists five startups for investment
The Angel Fund Investment Committee members who unanimously select the startups for investment.
The Angel Fund, the first of its kind in Sri Lanka, has shortlisted its five early-stage startups for potential investment; Niftron, Traccular, Medica, Soulboner Clothing, and Ophir. This follows an intense application and selection process, spanning September, October, and November 2020, which initially attracted 80 applications.
The Angel Fund, launched earlier this year by the Lankan Angel Network (LAN), was established with the support of ecosystem development partner Ford Foundation to catalyze the growth of Sri Lanka’s startup ecosystem. Comprising 100 angel investors, including many high-profile entrepreneurs and corporate leaders, who represent more than a dozen sectors with proven competencies in over 20 functional domains, the Angel Fund is also distinct in that it features 20% of its investment from members based out of Canada, Dubai, Hongkong, Qatar, UK, and the USA.
The process was guided by the Fund’s high-profile Investment Committee (IC) consisting of angel Fund members Dumith Fernando, chairman of Colombo Stock Exchange/chairman of Asia Securities, Dumindra Ratnayaka, Chairman/Senior Consultant at Martin & George. The IC also comprises Nathan Sivagananathan, Co-Founder of Hatch Works; Anarkali Moonesinghe, former CEO of CIMB Sri Lanka; Mangala Karunaratne, Founder/CEO of Calcey Technologies; and Imal Kalutotage, Founder/CEO of NCINGA. Joining them as Independent IC Member is Shiluka Goonewardene, Principal – Deal Advisory – KPMG.
Angel Fund IC member Dumith Fernando stated, “The investment approval process for the Angel Fund was quite robust with seasoned experts from varied backgrounds participating in the Investment Committee. We were encouraged by the quality of the shortlisted startups that presented to us. We set a high bar for investment selection this time. And even among those founders who did not gain funding this quarter, we found several who would be investable with some tweaks to their business models and plan.”
Some shortlisted startups were:
• Niftron – A Blockchain-as-a-Service platform that allows for easy and efficient integration of blockchain with products or projects, enhancing ownership, transparency, and security.
• Traccular – A cloud-based IoT-enabled visitor management system that provides a scalable solution for companies looking for an efficient check-in and verification process to improve efficiency and security.
• Medica – A cloud-based patient and prescription management platform for doctors. From when a patient registers, to when they walk out with their medicines from the pharmacy, the entire process is managed within Medica, which aims to build a digital ecosystem for primary health care for Sri Lanka.
• Soulboner Clothing – A fun, casual Sri-Lankan streetwear line made for GenZ and the young Millennial. The brand focuses on creating a lifestyle and a community and boasts a customer base in many countries.
• Ophir – A brand focusing on a range of chemical and synthetic-free, all-natural body care and spa products, which deliver the rich benefits of Camellia Sinensis, Ceylon Tea. Ophir taps into the skyrocketing global demand for natural skincare products, with the added advantage of Sri Lanka’s millennia-old fame resulting from its cornucopia of botanicals, spices, and herbs, as well as Ayurveda.
Independent IC Member Shiluka Goonewardene said, “The finalists for evaluation by the committee were all startups with good ideas and opportunities. The varied experience of the IC members enabled us to evaluate and shortlist the best participants for the funding stage. Overall, it was a great learning experience for me as well, listening to the presentations of the finalists and the follow-up discussions among the IC members.”
These startups will be featured at the LAN hosted Angel Roundup, an exclusive virtual event to be held in mid-December for the network’s angel investors. The event is partnered with Sri Lanka’s largest private-sector retail bank Hatton National Bank PLC, a long-term strategic partner for LAN
Commenting on behalf of the top five shortlisted startups, Ophir Founder Rohini Nordmann said, “The Angel Fund has been both rigorous and supportive of its participants. A winning combination for the investment seekers as well as the investors.”
Angel Fund IC member Anarkali Moonesinghe added, “The Angel Fund was created to bridge the gaps that exist within the startup ecosystem in terms of opening this alternative asset class to a wider audience as well as connecting these investors with incredible entrepreneurs. It serves as not only an avenue to secure funding at an early stage, but also affords startups access to an amazing group of individuals who can be true mentors while, also, opening doors to international markets and networks.”
The Rs. 100 million Angel Fund has plans to eventually invest in six to 10 high potential startups in total, gearing them up to scale domestically, and even internationally. It is managed by LAN’s fund management team, which continues to identify and evaluate opportunities for investment across the island, including in traditionally underserved regions. The fund is dedicated to investing in, and mentoring and supporting, early-stage startups across multiple sectors; from making investments at the early stages, to even helping startups identify sources for future funding.
Business
People’s Bank drives push towards cash-lite economy
Marking a significant milestone in Sri Lanka’s digital transformation journey, the National QR Payment Adoption Programme was recently launched with the objective of accelerating the country’s transition towards a cash-lite economy. The initiative aims to reduce reliance on physical currency by promoting the widespread use of QR-based digital payments, enabling individuals and businesses to conduct fast, secure and convenient transactions via mobile devices, said a release from the People’s Bank.
It said: As a leader in digital banking, People’s Bank proudly aligns with this landmark national initiative, reinforcing its commitment to building a digitally empowered economy. The Bank supports the programme through its flagship digital wallet “People’s Pay”, which offers a seamless platform for QR-based transactions and a range of everyday financial services.
In line with the programme’s objectives, customers can perform QR transactions without incurring additional charges, while merchants benefit from zero fees on transactions up to Rs. 5,000. To further encourage adoption, valuable gifts will be awarded to selected winners among LANKAQR users, enhancing engagement and promoting digital payment usage across the country.
People’s Bank’s participation reflects its ongoing digital transformation strategy, which has evolved beyond traditional online banking to deliver an integrated, lifestyle-oriented financial ecosystem. The Bank continues to set industry benchmarks by offering secure, efficient and user-friendly digital platforms, ensuring customers have uninterrupted access to banking services anytime, anywhere.
At the heart of this initiative is People’s Pay, a sophisticated digital wallet designed to streamline everyday financial transactions while catering to the evolving needs of the modern consumer. The application features a seamless self-registration process, comprehensive tri-language support, and secure storage of payment details, ensuring both convenience and security for users.
In addition, the People’s Pay app enables customers to make real-time bill payments and QR-based transactions with exceptional ease and efficiency. The facility to link multiple bank accounts further enhances flexibility and convenience, while the transaction limit provides users with greater financial control and improved security.
In a strategic move to bolster the national QR adoption program, the People’s Pay app now facilitates Peer-to-Peer (P2P) QR transfers. This functionality allows users to generate both static and dynamic QR codes, enabling efficient transactions without the need to disclose sensitive account information.
The National QR Payment Adoption Programme represents a critical step in advancing Sri Lanka’s digital payments landscape. By fostering fast, secure and transparent transaction methods, the initiative aims to ensure inclusive participation in the digital economy, empowering citizens across all regions and communities.
Business
ANC Campus and Adelaide University launch new Australian study pathway for Lankan students
ANC Campus has announced the launch of a formal articulation partnership with Adelaide University at Cinnamon Lakeside, Colombo, creating a clear progression pathway for Sri Lankan students seeking an Australian university degree.
Through this pathway, students can begin their university-level studies at ANC Campus in Sri Lanka before progressing to Adelaide University in Australia, subject to the relevant academic, English language, and entry requirements. By completing the first year through ANC’s Australian Diploma pathway in Sri Lanka, students can significantly reduce the overall cost of their Australian education journey, with estimated first-year savings of up to LKR 13 million when tuition and living expenses are considered.
The launch was attended by representatives of ANC Campus, Adelaide University, and the Australian Trade and Investment Commission (Austrade), alongside members of the media, students, parents, and invited guests. Austrade’s presence highlighted the continued importance of Australia-Sri Lanka education links.
Speaking at the launch, Dayan D. L. Fernando, Chief Executive Officer of ANC Campus, said the partnership gives Sri Lankan students a credible and well-supported route into Australian higher education.
“For over two decades, ANC has worked with international university partners to help Sri Lankan students begin their global education journey with the right academic preparation and guidance. This partnership with Adelaide University gives students a clearer route to an Australian degree and gives parents greater confidence in the pathway their children are choosing,” he said.
Fernando added that international education is one of the most important decisions a family makes, and proper guidance is essential.
“At ANC, our responsibility is to guide students correctly. We must help them understand the pathway, the requirements, the destination, and the opportunities ahead. ANC prepares students for the highest likelihood of success.
Business
Union Assurance honours new batch of certified financial advisers
Union Assurance PLC, Sri Lanka’s longest-standing private Life Insurer, recently hosted the SLIM Certified Financial Adviser Graduation Ceremony at its Head Office premises, recognising 38 professionals who successfully completed the programme, a milestone that reflects the company’s focus on building a highly capable and accredited sales force.
The Certified Financial Adviser programme, delivered in partnership with the Sri Lanka Institute of Marketing (SLIM), the National Body of Marketing in Sri Lanka, which was designed to elevate the expertise of the company’s high performing adviser force. Spanning 11 comprehensive modules covering areas such as Advanced Consultative Selling Skills, Negotiation Mastery, Digital Prospecting Techniques, and Emotional Resilience in Sales, participants underwent a rigorous learning journey that concluded with a formal assignment, bringing the full cohort to completion.
The programme reflects Union Assurance’s commitment to ensuring its advisers are positioned to serve customers with confidence, credibility, and genuine understanding of their needs; values that are central to the company’s purpose of protecting what matters most. The SLIM qualification also opens a structured educational pathway for graduates, with opportunities to advance through further nationally recognised certifications.
Speaking at the ceremony, Chief Agency Officer at Union Assurance, Imtiyaz Aniff stated: “We are pleased to recognise the dedication of our people who committed to this programme alongside their core responsibilities. The SLIM certification equips our advisers with the skills and credentials to serve our customers at a higher standard, and that directly supports the quality of advice we deliver. We look forward to seeing this cohort carry forward what they have learned and continue to grow in their careers.”
Union Assurance is a subsidiary of John Keells Holdings PLC (JKH), the largest conglomerate listed on the Colombo Stock Exchange, operating with over 80 companies in 7 diverse industry sectors. The Company has completed nearly four decades of success with a Market Capitalisation of Rs. 45.6 Bn and a Life Fund of Rs. 92.8 Bn as of end December 2025. Set to protect lives and enrich the well-being of all Sri Lankans, Union Assurance offers Life Insurance solutions that cover the health, investment, protection, retirement and education needs of Sri Lankans. With an island-wide branch network and a workforce that is over 3000-strong, Union Assurance continues to invest in people, products and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry.
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