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Visa Accelerator Program 2023 presents opportunity for SL fintech startups to go global

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Visa, a global leader in digital payments, has announced the Visa Accelerator Program 2023 which gives fintech startups the opportunity to enhance their growth potential through Visa’s extensive network, partnerships and expertise.

Since 2020, Visa Accelerator Program has enabled innovative startups from across Asia Pacific to work with Visa and unlock growth and scale. For the 2023 cohort, it seeks applications from startups with a proven solution, growth stage companies and a focus on Asia Pacific, addressing one of the opportunity areas in – Web 3.0, global money movement, embedded finance, merchant and small business enablers and open banking solutions.

Avanthi Colombage, Country Manager, Sri Lanka and Maldives, Visa said, “We’re excited to invite applications to the third cohort of the Visa Accelerator Program from innovative startups across the country. We have seen some exceptional ideas from the region in the past cohorts and hope to have startups from Sri Lanka too as a part of this initiative. The program will help selected startups to work with Visa and its network, and take enhanced product propositions to markets not just in but beyond Sri Lanka.”

What’s in it for startups

The six-month program is designed for growth-stage companies looking to expand market reach, focusing on product solutioning, technical integration and fast-tracked commercialisation. With the Visa Accelerator Program, startups get to work with Visa’s payments experts, product architects and business development teams. They can rapidly co-develop, test and iterate new solutions while pursuing tangible go-to market opportunities, leveraging Visa’s extensive network of financial institutions, merchants and digital partners.

Application process

Startups can read about the program and apply here, by or before 10 January 2023. The program will run for a duration of six months, culminating in a Demo Day where startups showcase their solutions to Visa’s partners and clients from across Asia Pacific.

Visa Accelerator Program 2022

Among the 5 participants of the previous cohort – Visa Accelerator Program 2022 – from across Asia Pacific, were Perfios of India, a fintech startup that provides automated credit assessment and underwriting solution for small business loans allowing plug and play card programs for instant disbursement of financing on Visa credentials, and TallyKhata of Bangladesh which enables small business financing by leveraging TallyKhata’s merchant platform and data and Visa credentials for supplier payments and business expenses.

With a goal of enabling safe and secure movement of money across the globe, Visa seeks to consistently build positive payment experiences in Sri Lanka, ensuring speed and convenience while reducing payment friction. Startups who can contribute to such a goal would find the program beneficial and can access the scale of Visa’s network, global mentors, dedicated Visa sponsorship and products, access to technical know-how, business development opportunities and funding.



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Rs 160 million + diesel discrepancy at Lakvijaya power plant prompts probe

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The Lakvijaya power plant in Norochcholai.

By Ifham Nizam

A Rs.160 million-plus diesel discrepancy at the Lakvijaya power plant in Norochcholai has triggered an internal investigation, raising questions over the handling of public funds and the controls governing fuel purchased for electricity generation.

The discrepancy surfaced during an internal audit of diesel supplied to the plant from the Kolonnawa and Sapugaskanda fuel terminals, according to senior officials familiar with the inquiry.

The audit has identified five transactions—two in December 2025 and three in January 2026—in which diesel recorded as delivered to the plant allegedly could not be fully accounted for in its physical stocks.

The investigation is now examining whether these were isolated discrepancies or part of a longer-running practice.

One transaction under scrutiny relates to January 16, when records reportedly showed that 10 diesel bowsers had arrived at the plant. Investigators subsequently found indications that the fuel stock corresponded to only nine bowsers.

A storekeeper responsible for the relevant fuel operation has reportedly been temporarily removed from those duties pending the investigation.

A senior official said investigators were reviewing historical records amid indications that similar discrepancies may have occurred over a longer period. If established, the financial exposure could therefore exceed the Rs.160 million currently identified.

The investigation is comparing fuel-terminal dispatch records, tanker movements, plant-entry records, receiving documents and physical stocks to establish exactly how much fuel was dispatched, received and accounted for.

That audit trail will also be critical in determining who authorised, received and certified the disputed consignments, and whether established controls were followed.

Relevant documents were reportedly transferred from Norochcholai to the company’s Colombo head office on September 26 for further examination, with electricity-sector security personnel assisting in the transfer.

The internal audit has also reportedly uncovered expired chemical stocks worth several hundred thousand rupees in the plant’s stores. Investigators are examining whether further inventory-management irregularities occurred.

The matter was also reportedly taken to the Puttalam Police Special Crimes Investigation Unit on September 26.

When contacted by Puttalam-based journalist Hiran Priyankara Jayasinghe for The Island Financial Review, Lakvijaya Power Plant Manager Nalaka Kumara confirmed that an investigation was under way but declined to provide further details.

The financial issue is direct: if the plant paid for diesel it did not receive, public-sector funds were spent without the electricity sector receiving the corresponding fuel.

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Sri Lanka Food Processors Association holds 29th Annual General Meeting

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The Sri Lanka Food Processors Association (SLFPA) successfully convened its 29th Annual General Meeting (AGM) on September 23, 2026, at the Water’s Edge Hotel, Battaramulla. Bringing together key industry stakeholders and member organizations, the event served as a platform to review milestone achievements from the 2025/2026 term and outline strategic priorities for the nation’s food and beverage processing sector.

At the AGM, the new Executive Committee for 2027/2028 was appointed, comprising: Honorary President Aruna Senanayake C.W. Mackie PLC Imme. Past President Thusith Wijesinghe Trans Continental Packaging & Commodities (Pvt) Ltd.

President Elect Nadishan Guruge Meadlee Trading Co. (Pvt) Ltd.

1st Vice President Damitha Perera Forbes & Walkers Commodity Brockers (Pvt) Ltd.

2nd Vice President Rasika Seneviratne Diesel & Motor Engineering PLC 3rd Vice President Deepal De Alwis Neochem International (Pvt) Ltd.

Honorary Secretary Amila Weerasinghe Nestle Lanka Limited.

Asst. SecretaryDineth Alahakoon Country Style Foods (Pvt) Ltd.

Honorary Treasurer Sameera Jayathilaka Westmann Engineering Company (Pvt) Ltd.

Asst. Treasurer Niroshan Dalpethado C D De Fonseka & Sons (Pvt) Limited. In addition to the above office bearers, the following ten Executive Committee Members were appointed:

Sanjeewa De Silva Unilever Sri Lanka Limited Sheran De Alwis MA’S Tropical Food Processing (Pvt) Limited

Thusitha Ekanayake Anods Cocoa (Pvt) Ltd.

Vijitha Govinna Plenty Foods (Pvt) Limited Ms. Praharshi Wickramasekara International Commodity Exports (Pvt) Ltd.

Sanjeewa Niroshan SGS Lanka (Pvt) Ltd. Kushan Amarasinghe Finagle Lanka (Pvt) Ltd.

Rangajeewa Hettiarrachchi Fonterra Brands Lanka (Pvt) Ltd.

Harindra Abeyrathna Vision Technologies International (Pvt) Ltd. Thilina Weerasekara Ceylon Cold Stores PLC

The event was proudly supported by key industry partners, with SGS Lanka (Pvt) Ltd serving as the Platinum Sponsor. Unilever Sri Lanka Ltd. and Nestlé Lanka Ltd. joined as Gold Sponsors, Ceylon Agro Industries – Prima as the Silver Sponsor, while Lanka Exhibition & Conference Services (LECS) and Hero Nature Products (Pvt) Ltd., supported as Bronze Sponsors.

The proceedings concluded with a vote of thanks delivered by Hony. Secretary Deepal De Alwis, followed by cocktails and a fellowship networking session, providing an opportunity for members to connect and strengthen industry ties.

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Uber brings the ‘business class of back seats’ to Sri Lanka with Uber Black

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New premium ride option expands Uber’s portfolio from affordable Moto and Tuk rides to premium on-demand travel

Uber announced the launch of Uber Black in Sri Lanka, bringing its premium ride experience to the country for the first time. Designed as the “business class of back seats,” Uber Black combines premium vehicles and highly-rated drivers for riders looking for greater comfort, quality and a more elevated travel experience.

The launch comes as demand for premium products and experiences grows across Sri Lanka, with consumers seeking greater choice and quality in their everyday experiences. Uber Black brings this choice to on-demand mobility, whether for an airport journey, an important business meeting, a special occasion or simply when riders want to travel in greater comfort.

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