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To the future through Digital Disruption

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Today, we live in a very fast paced world which rapidly changes with the internet and technology. The significance of technology is as such, that if a nation, society or a company fails to adopt these evolving technologies for sure they’ll be left behind. In a way this scenario can be described from a biological viewpoint. In 1859 Charles Darwin published ‘Origin of species’ where he rejected the creationism and argued humans, animals, insects & all the living and nonliving things in the world were created through a process called evolution which took millions of years in the making. Darwin explained that “Natural selection acts by competition”, organisms or species who adapt to their environment and ecological factors to perform better than others and secure their survival through reproduction and increasing their numbers.

We can broadly apply this theory to many areas,

Today powerful technological advancements such as Machine Learning, Cloud Computing and Artificial Intelligence (AI) have spread from complex research based industries to perform simple day to day activities. Even in Sri Lanka, already there are companies which use such technologies to forecast future market activities, logistics supply and to conduct precise marketing campaigns. The impact of digital transformation is at that level where the biggest players in the market or industry do not hold the advantage, barriers to entry are so low or even cannot be seen in some areas. Small businesses with big ideas can turn the markets in quick time thanks to these advancements. It intensifies the competition and transfer the ultimate benefit to customers. If we refer to the Sri Lankan story, at the end of year 2022 there are 743 small tech savvy companies (some are industry leaders today) ‘Startups’ who directly involve to core operations of widespread multinational companies. Most of them are situated outside Colombo, which is proof that we are moving in the right direction.

Cutting edge technologies as AI & ML are widely used to analys trillions of consumer data to derive tailor made algorithms. Images captured by remote sensors are helping to train autonomous cars, patterns identified in financial markets are used to price insurance and place trades, access to patient data assesses healthcare providers to disease identification and to create solutions. Also, in the race against imminent Climate Crisis these high-tech applications are used to suggest how to cut down on greenhouse gas emissions and to recycle pollutants.

In the age of Digital evolution, success will lie with the nations or firms who adopt and apply new technological advancements to its operations not just with the intellectual capacity of people or employees. The best example for these applications are the reemergence of online market places and work from home initiative. Most of the traditional brick & mortar organisations had to get into the digital space to assure their survival. They had to offer goods and services via online platforms and to rely on AI based social media, search engine based promotional campaigns instead of costly ATL sources.

When you look at an economy from a macro point of view, it is like a large rive that flows, at some places branches connect to the river body carrying water in and out. When it comes across a barrier it either destroys them or changes its speed or changes its shape, but it’ll flow through.

Because of the Covid pandemic global economic growth rate came to a halt. Since we live in a highly globalised world the economic growth rates of US, China, Europa and Asia contracted at an alarming rate. The impact of the slowdown was felt across nations in every social stratum. Income levels dropped, businesses crashed resulting in mass layoffs, supply chains were blocked. At the height of the pandemic 50% of the global work force of 3.3 billion came near to the threat of getting unemployed. But things took a turn for the good by implementing touchless online sales platforms and by enabling employees do their job by working from home. These trends were evident in all the sectors of economy, education, healthcare, transportation, telecommunication and most prominently in the fintech industry. By reducing operational costs and gaining the trust of all the segments of society these technological improvements became close to ordinary people.

When we talk about the market adaptation to technology report by the CANTAR LMRB ‘Covid-19 Barometer Sri Lanka Report’ shows that when we compare the convergence of the e-commerce industry in SL there is a 245% growth. It lists what are the online activities our people engaged mostly, use of online facilities to do online payments, digital banking services, getting medical advice via video conferencing and to play online games. It further illustrates that money spent on average has increased from USD 11 to USD 38 compared to the pre Covid period. Therefore, as an individual with a progressive view to the future I believe we as a nation should invest heavily in new technologies when we sail the rough seas of economic crisis.

In our path to achive ultimate customer satisfaction we always believe in Digital Disruption, that is why we came up with our own Smart digital banking application the ‘NSB Pay’. Its available in Android and Apple store. It will empower you to experience the digital financial atmosphere at absolutely no charge, as at today we the NSB is the only bank to provide such high tech smart app for free to Sri Lankans. By using the app you can enjoy the ease of banking, settle the loan, transfer and get money to and from other banks in real time, settle your credit card, reload the phone, pay household bills, check your fixed deposit balances, sellte payments to selected governemnt entities etc.

As a responsible state bank we invest money to fine tune the efficiency and accuracy of our services to become more customer friendly hence, we think Machine Learning, Cloud Compting and use of AI is the future in achiving this ultimatum.

In a recent study by the ‘Economic Impact’ magazine it revealed that in US the post Covid e-commerce usage has increased from 17% to 33%. 70% Industry leaders have said that they experice the digital disruption and 85% of them forecasts that in the next five years the progress in this sector will exceed the expectations. Even if we do a similar survey in SL for sure we will get similar results.

By the end of 2022 60% of the world are connected to the world (in 2000 it was 5.8%) by usisng this connectivity our small island can go a long way. I know that the things are difficult and hard but these times shall pass too, nothing is for forever. Tough times comes to test our endurance, strength and capacity. When we look around I know it is easier said than done yet we as a nation cannot give up there’s lot more to achieve.

Banking sector is the backbone of our financial system, fruits of its success belongs to all of us and as the premiere specialized savings bank with RS. 1.6 trillion of asset base and Rs. 1.4 deposit base we the NSB strive towards future with optimisum and hope knowing that as a nation will come atop these difficult times for good.



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Opposition NCM against Energy Minister defeated

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A no-confidence motion brought by the Opposition against Energy Minister Kumara Jayakody was defeated in Parliament yesterday by a majority of 104 votes.At the end of the debate, 49 members voted in favour of the motion, while 153 voted against it.

The motion, submitted to the Speaker on 19 March, was signed by Opposition Leader Sajith Premadasa, SJB MPs, and other Opposition members.

It accused Minister Jayakody of failing to ensure the procurement of adequate and quality coal for the Lakvijaya Coal Power Plant in Norochcholai, alleging that such negligence amounted to a breach of ministerial responsibility over a critical national energy asset.

The motion also cited ongoing legal proceedings against the Minister, noting that he has been indicted by the Commission to Investigate Allegations of Bribery or Corruption and produced before the Colombo High Court under Section 70 of the Bribery Act, in connection with alleged acts of corruption during his tenure as Procurement Manager of the Ceylon Fertiliser Company Limited.

The motion read: Vote of No Confidence against Kumara Jayakody, Minister of Energy,— Whereas the Provision in Section 6 of the Part III of the Code of Conduct for Members of Parliament which states that: “The Members shall on all occasions act in accordance with the public trust entrusted with them and shall always behave with probity and integrity, including the use by them of any public resources.” has been violated; And whereas the following rules of conduct set out in Section 9 of the Part V of the Code of Conduct for Members of Parliament have prima facie been breached, namely:- “(a) to be conscience; (c) to act so as to merit the trust and respect of the people; (e) to hold themselves accountable for the conduct and duties for which they are responsible;” And whereas it is observed that the Minister has failed, in his capacity as a Minister of the Cabinet of Ministers, to discharge the fundamental duties incumbent upon him in accordance with Article 28 of the Constitution;

And whereas it is established that the Minister of Energy has failed to discharge his primary duty of ensuring the procurement of adequate and good quality coal for the Norochcholai Lakvijaya Coal Power Plant;

And whereas such gross negligence in overseeing a critical national energy asset constitutes a fundamental breach of ministerial responsibility;

And whereas the Minister of Energy has failed to carry out the subjects and functions vested in him by the Notification of Gazette Extraordinary No. 2412/08 of 25th November 2024 of the Democratic Socialist Republic of Sri Lanka, including taking necessary steps to reduce the losses at the institutional management level and technical damages that occur to the electricity generation and distribution system and reduction of costs for generating electricity and removal of uncertainties during generation;

And whereas the Commission to Investigate Allegations of Bribery or Corruption has filed formal indictments before the Colombo High Court against the incumbent Minister of Energy under Section 70 of the Bribery Act (Chapter 26) for the offence of “corruption” in connection with acts of corruption allegedly committed while he was serving as the Procurement Manager of the Lanka Fertilizer Company;

And whereas, in light of the foregoing, the Minister of Energy has irretrievably forfeited the confidence of Parliament and the people of Sri Lanka by causing losses to public finances, endangering national energy security, corruptly mishandling the procurement process, being subjected to active judicial proceedings for the offence of “corruption”, and betraying the Government’s own “anti-corruption mandate”, and his continued tenure as the Minister of Energy is contrary to the public interest, the rule of law, and the principles of good governance;

That this Parliament resolves that it has no confidence in the competence of Kumara Jayakody, Minister of Energy to function as a Minister of the Cabinet of Ministers any longer.”

by Saman Indrajith

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Chinese Ambassador assures Lanka  China will not allow a fuel crisis to develop here

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Qi Zhenhong

Chinese Ambassador to Sri Lanka Qi Zhenhong yesterday assured that China would not allow a fuel crisis to arise in Sri Lanka, under any circumstances, reaffirming Beijing’s continued support to the country.

The Ambassador made these remarks addressing the media after attending a dry ration distribution programme for 350 low-income families at Sri Chandananda Buddhist College, at Asgiriya, in Kandy.

Highlighting the longstanding ties between the two countries, Ambassador Qi said China has consistently stood by Sri Lanka and remains ready to extend assistance whenever required.

Amid concerns over global energy disruptions, stemming from the ongoing Middle East conflict, he noted that several countries are already facing difficulties, but stressed that China is prepared to support Sri Lanka at any time.

He said that any potential fuel shortage in Sri Lanka could be managed with the involvement of China’s Sinopec.

Reiterating Beijing’s commitment to Sri Lanka’s economic recovery and development, the Envoy also expressed hope that the current ceasefire in the Middle East would hold, while assuring that China stands ready to respond to any future developments and assist Sri Lanka as needed.

By SK Samaranayake

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Minister Jayatissa blames administrations since 2010 for not following proper procedures when procuring coal

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Health and Mass Media Minister Dr Nalinda Jayatissa yesterday defended the government during the no-confidence debate on Energy Minister Kumar Jayakody, assuring that the ongoing coal procurement controversy would neither lead to power cuts nor result in increased electricity tariffs.

Addressing Parliament, Jayatissa said the issue should be viewed in the context of coal procurement practices over the past 15 years, claiming that proper procedures and quality testing mechanisms had not been adequately followed during that period.

“Even if you build Artemis 3, go to the moon, and land there to hunt for corruption allegations against this government’s Ministers, you will not succeed,” Jayatissa told the Opposition.

He noted that since 2010, a total of 462 coal shipments had been imported for the Lakvijaya Power Plant at a cost of billions of dollars, adding that the present administration was taking steps to introduce a more transparent procurement process, alongside stricter quality controls.

The Minister said the government was considering appointing an independent and empowered committee to investigate all coal shipments imported since 2010, including whether calculations had been manipulated to favour certain suppliers and whether payments were made based solely on load port reports while disregarding discharge port findings.

He added that such a probe would help uncover past irregularities and strengthen future procurement systems.

Jayatissa said that steps had already been taken to recover losses arising from coal quality discrepancies, with penalties amounting to approximately USD 17 million being pursued from suppliers.

He assured that these losses would not be passed on to the public, reiterating that electricity tariffs would not be increased and that there would be no power cuts despite challenges such as low reservoir levels and rising global energy prices.

Dismissing Opposition allegations of corruption, Jayatissa maintained that the government remained committed to ensuring transparency, addressing systemic weaknesses, and maintaining an uninterrupted power supply.

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