Business

ADB powers a new era of innovation at Rajarata University

Published

4 months ago

2025/09/29

Rajarata University of Sri Lanka

The Asian Development Bank (ADB) is making a substantial investment in Sri Lanka’s future, with the Rajarata University of Sri Lanka at the forefront of this transformative initiative. A total of $30 million has been allocated to the university as part of a broader project to enhance higher education in the country. This funding aims to establish a new Faculty of Technology, offering students industry-relevant programs in science and technology.

The project’s success, as highlighted by Principal Social Development Officer J.M.H. Jayasundara of the ADB’s Sri Lanka Resident Mission, underscores a shared vision of empowering the next generation with practical skills and entrepreneurial capabilities.

The university plans to generate revenue through its UBLs and by renting out its high-quality infrastructure

This strategic investment aligns perfectly with the ADB’s broader goals for education in its member countries. The project not only aims to enhance the quality of tertiary education but also to ensure its accessible and equitable for all. By targeting regional universities like Rajarata, the initiative actively promotes social mobility and gender equity through a comprehensive Gender Action Plan. The focus on STEM fields, curriculum reform, and fostering international partnerships positions Rajarata University to meet the evolving needs of Sri Lanka’s workforce and contribute to the nation’s Strategy 2030.

Overcoming Challenges

The project’s physical development has been a remarkable success. Despite the immense challenges posed by the COVID-19 pandemic – including lockdowns and supply chain disruptions – the construction of the new Faculty of Technology complex was completed with superior quality. This outcome is a testament to the dedication of the construction and supervision teams and the robustness of the project’s monitoring framework.

J.M.H. Jayasundara, Principal Social Development Officer of the ADB’s Sri Lanka Resident Mission

Beyond the physical structures, Rajarata University is addressing critical gaps in Sri Lanka’s higher education system. The new faculty complex, which features a platinum-rated green building and an innovation center called PULSE, is designed to enhance learning, research, and industry collaboration. The project also tackles human resource challenges by providing overseas scholarships and training programs for academic staff. These efforts are crucial for creating a forward-looking curriculum that fosters innovation.

Empowering Rural Communities

Rajarata University is strategically positioned to serve students from rural and marginalized backgrounds. By bringing state-of-the-art facilities and modern laboratories to underserved regions, the university is dismantling traditional barriers to accessing high-quality education. A standout example of this is the introduction of Bioprocess Technology, a degree program specifically designed to leverage the region’s agricultural strengths.

This focus on local context ensures that education is not only relevant but also a catalyst for local economic growth. The university is even conducting targeted research to address community-specific issues, such as the leishmaniasis disease.

The funding is also being used to create an ecosystem of innovation. The development of University Business Linkages (UBLs), industry incubators, and innovation hubs is fostering collaboration between academia and the corporate world. These platforms are already attracting businesses and creating valuable employment and entrepreneurial opportunities for the local population, further positioning the university as a key driver of inclusive regional development.

A Sustainable Model

To ensure the long-term sustainability of these new facilities and capacities, Rajarata University has a comprehensive strategy in place. The university plans to generate revenue through its UBLs and by renting out its high-quality infrastructure, including auditoriums and specialized equipment. These income streams will help maintain and upgrade facilities, ensuring that the university can continue to offer a cutting-edge education for years to come.

As the university makes full use of its new infrastructure, plans are already in motion to scale up operations. However, a few challenges remain, including the recruitment of additional staff and the establishment of new regulatory frameworks to support revenue generation.

In conclusion, Jayasundara said, “With the ADB’s continued support, and a clear path forward, an enhanced Rajarata University is poised to become a dynamic hub for education and innovation, playing a pivotal role in advancing Sri Lanka’s national development goals for decades to come.”

By Sanath Nanayakkare ✍️

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Business

Sri Lanka sets bold target to slash cash use, seeks unified Fintech regulator

Published

16 hours ago

2026/01/12

Thilina Walpola

Channa de Silva, Chairman of the Fintech Forum, Sri Lanka

The inaugural Sri Lanka Fintech Summit 2025 concluded with industry leaders and regulators establishing two critical national priorities: a bold target to reduce physical cash usage and a push for consolidated regulatory oversight.

In a key decision, participants set a clear three-year goal to lower the ratio of cash in circulation to GDP from 4.5% to 3.5%. The strategy will focus on digitizing high-cash sectors like transport, utilities, and SME payments, while expanding digital access through post offices and cooperatives.

For the long-term health of the ecosystem, stakeholders agreed to lobby for the creation of a single, unified regulatory authority dedicated to fintech oversight. This aims to streamline approvals and provide clearer guidance for innovators.

“Our members needed to leave with concrete action points,” said Channa de Silva, Chairman of the Fintech Forum, Sri Lanka. The summit, designed as a series of closed-door roundtables with regulators including the Central Bank, produced actionable frameworks. “It was about defining KPIs, setting targets, and giving the industry a shared direction,” de Silva explained.

The outcomes signal a concerted shift from discussion to execution, aiming to build a more inclusive, efficient, and secure digital financial economy for Sri Lanka.

By Sanath Nanayakkare ✍️

Business

Kukus Group plans 18 outlets across three distinct Sri Lankan hospitality concepts

Published

16 hours ago

2026/01/12

Thilina Walpola

Lakmini Gurusinghe and Randila Gunasinghe

A new force in Sri Lanka’s food industry, Kukus Group, is gaining momentum with a clear vision to deliver authentic cuisine, high hygiene standards, and affordability. Founded by young entrepreneurs Nadeera Senanayaka, Lakmini Gurusinghe, and Randila Gunasinghe, the group has successfully launched its pilot outlet and is now preparing for a significant nationwide expansion.

The inaugural in Kotte has served as a successful proof of concept. Operating for five months, this modern street-food outlet has garnered a strong customer response, confirming market demand and providing the confidence to fund the group’s ambitious growth strategy.

The inaugural in Kotte

“The positive reception has been overwhelming and has solidified our plans,” said Lakmini Gurusinghe and Randila Gunasinghe. “Our Kotte outlet is the operational model we will replicate – ensuring consistent quality, disciplined operations, and excellent service across all future locations.”

The group’s expansion strategy is built on three distinct thematic brands:

Kukus Street: Targeting young urban customers, these outlets offer a vibrant, casual dining experience with a menu of Sri Lankan rice and curry, kottu, snacks, and BBQ, with most meals priced under Rs. 1,500. Services include dine-in, takeaway, and delivery.

Kukus Beach: Planned for coastal areas, beginning in the South, this concept will feature an urban-style beach restaurant and pub designed for relaxed social dining.

Kukus Bioscope: Celebrating Sri Lanka’s cinematic heritage, this dedicated restaurant concept will create a nostalgic cultural space inspired by the golden eras of Sinhala cinema, with the first outlet slated for Colombo.

The immediate plan includes transforming the flagship Kotte location into Kukus Pub & Bar, pending regulatory approvals. The long-term vision is to develop 18 outlets nationwide: 10 Kukus Street locations, 5 Kukus Beach venues, and 3 Kukus Bioscope establishments.

“Kukus Group is more than a hospitality brand; it’s a celebration of Sri Lankan flavors and culture,” the founders concluded. “Our mission is to build trusted, recognizable brands that connect deeply with communities and offer lasting cultural value alongside authentic cuisine. We are dynamic and excited to proceed with this strategic expansion,” they said.

By Sanath Nanayakkare

Business

Fcode Labs marks seven years with awards night

Published

17 hours ago

2026/01/12

Thilina Walpola

The Fcode Labs team at Awards Night 2025

Fcode Labs marked its seventh anniversary by hosting its annual Awards Night 2025 at Waters Edge, celebrating team achievements and reinforcing its organizational values.

The event featured keynote addresses from Co-Founders & CEOs Buddhishan Manamperi and Tharindu Malawaraarachchi, who reflected on the company’s annual progress and future strategy. Chief Operating Officer Pamaljith Harshapriya outlined operational priorities for the next phase of growth.

Awards were presented across three key categories. Prabhanu Gunaweera and Dushan Pramod received Customer Excellence awards for partner collaboration. Performance Excellence awards were granted to Munsira Mansoor, Thusara Wanigathunga, Thushan De Silva, Adithya Narasinghe, Avantha Dissanayake, Amanda Janmaweera, Sithika Guruge, and Sandali Gunawardena. The Value-Based Behaviour awards were given to Thilina Hewagama, Udara Sembukuttiarachchi, and Kavindu Dhananjaya for exemplifying company values.