Business
ADB’s digital push signals a wake-up call for Sri Lanka
The Asian Development Bank is no longer treating digitalisation as a secondary development theme. Increasingly, the bank views digital infrastructure as the economic nervous system of Asia’s future growth model – a strategic national asset now considered as critical to economic competitiveness as highways, ports, and power grids.
That shift carries an important message for countries like Sri Lanka: modernise digital systems rapidly or risk falling behind regional competitors.
This was among the clearest signals emerging from the 59th Annual Meeting of the ADB held in Samarkand from May 3 to 6, where digital connectivity and technology-driven growth dominated many of the bank’s strategic discussions.
The ADB is steadily repositioning itself from being primarily a traditional infrastructure lender into a major catalyst for digital transformation across Asia and the Pacific. At multiple forums in Samarkand, bank officials and sector experts repeatedly stressed that digital connectivity is no longer simply a technology issue. It is now deeply tied to productivity, governance, financial inclusion, education, healthcare, climate resilience, and regional economic integration.
A key figure driving this agenda is Antonio García Zaballos, Director of the Digital Sector Office at the ADB. Widely recognised for his expertise in telecommunications regulation and broadband policy, Zaballos emphasised that digital infrastructure should be treated as essential national infrastructure rather than a luxury service.
Under the ADB’s Strategy 2030 framework and subsequent policy reviews, digital transformation has emerged as one of Asia’s defining development priorities. The bank’s digital agenda now broadly focuses on expanding broadband access, building digital public infrastructure, supporting e-governance, promoting fintech and digital payments, strengthening cybersecurity, developing AI-ready economies, and advancing regional digital integration.
Discussions in Samarkand also highlighted a persistent reality: despite rapid mobile and internet growth across Asia, the region’s digital divide remains severe. Millions in rural communities, small businesses, and low-income populations still lack affordable and reliable digital access. For the ADB, digitalisation is therefore not merely an innovation agenda, but also an inclusion challenge.
One of the strongest indications of the bank’s ambitions came with the announcement of a regional connectivity initiative involving energy and digital infrastructure investments worth up to US$70 billion by 2035. A central component is the proposed “Asia-Pacific Digital Highway” – a major initiative aimed at expanding fibre-optic networks, satellite systems, and regional data centres.
ADB President Masato Kanda observed that energy and digital access would ‘define the region’s future,’ while emphasising that cross-border digital networks could reduce costs and widen economic opportunity across Asia and the Pacific.
Zaballos and other ADB officials also stressed the importance of regulatory modernisation, public-private partnerships, and regional coordination to build stronger broadband ecosystems. Their policy focus increasingly includes affordable internet access, cybersecurity frameworks, digital public infrastructure, cross-border data governance, and digital inclusion for underserved populations.
Another major pillar of the ADB’s strategy involves digital economy agreements and harmonised regional regulations. According to ADB research released in 2025, digital trade, AI governance, cross-border payments, and cybersecurity standards are rapidly becoming central to regional economic integration.
The bank increasingly sees fragmented digital regulations as a growing obstacle to regional commerce. As a result, it is promoting interoperable payment systems, common digital standards, regional cybersecurity cooperation, and coordinated cross-border data governance frameworks.
This has particular relevance for South Asia, where digital fragmentation still limits deeper regional trade integration.
For Sri Lanka, the implications are significant. Although the country enjoys relatively high mobile penetration and comparatively strong digital literacy, major gaps remain in rural broadband access, government digital integration, SME digitalisation, cybersecurity preparedness, and digital export competitiveness.
ADB’s growing emphasis on digital public infrastructure and regional connectivity could align closely with Sri Lanka’s ambitions to expand fintech services, IT exports, e-governance systems, and digital entrepreneurship.
The larger question now is whether policymakers – particularly the Ministry of Digital Economy – can move quickly enough to position Sri Lanka within this rapidly evolving regional digital architecture. In Asia’s next development cycle, digital readiness may well determine which economies move ahead – and which are left struggling to catch up.
By Sanath Nanayakkare
Senior business leaders, economists and international development experts, alongside the Prime Minister of Sri Lanka, will headline the Sri Lanka Economic & Investment Summit 2026, organised by The Ceylon Chamber of Commerce on 12 and 13 October at the Shangri-La Colombo.
The Summit will open with a keynote address by T. Krishnakumar, Chief Executive Officer, Reliance Consumer Products Ltd, who brings more than four decades of experience in the consumer brands and FMCG sectors. Having previously served as President of Coca-Cola India and Southwest Asia, with extensive experience in building businesses and driving growth across emerging markets, Krishnakumar, more popularly known as Kk, now leads Reliance Consumer Products as it expands across categories and builds new customer, partnership and market opportunities.
Day 2 will bring together four international perspectives across discussions on economic resilience, regional connectivity, sector growth and digital transformation.
Lilia Aleksanyan, Senior Country Economist for Sri Lanka at the Asian Development Bank, will open the day’s discussions with a focus on Sri Lanka’s economic resilience. Her work covers the country’s macroeconomic outlook, policy advice and macro-fiscal and financial-sector reform. Her international policy experience also includes roles at the French Ministry of Finance and the French Central Bank.
The Summit will then turn to Sri Lanka’s connections with regional markets, with P. D. Singh, Chief Executive Officer, India & South Asia, Standard Chartered Bank, delivering the keynote for the session on trade corridors and value chains. Singh counts close to three decades of experience in banking and finance, with senior leadership roles spanning Standard Chartered, JPMorgan Chase Bank and HSBC.
The Sector Deep Dives will bring international perspectives to discussions on healthcare and energy.
Tushar Shroff, Chief Financial Officer, Zydus Lifesciences Ltd, will deliver the keynote for the healthcare discussion, drawing on more than three decades of experience in corporate finance, strategic investment and financial transformation. His career spans senior finance and leadership roles with ABB, Piramal Healthcare, Intas Pharmaceuticals and Vedanta Group, giving him a broad perspective on the business and investment decisions shaping the healthcare sector.
For the energy-focused deep dive, Edore Onomakpome, Regional Infrastructure Industry Manager for Bangladesh, Sri Lanka and Nepal at the International Finance Corporation, will bring extensive experience in infrastructure investment and project finance across emerging markets. Since joining IFC in 2013, she has held senior roles across Africa and South Asia, including managing IFC’s infrastructure portfolio across 16 countries.
The Summit will conclude its keynote programme with Prime Minister Dr. Harini Amarasuriya, who will deliver the keynote for “Nation Building in the Digital Age.” The Prime Minister also oversees the Ministry of Education, Higher Education and Vocational Education, bringing a direct policy perspective to discussions on digital transformation, innovation, education and the skills needed for a changing economy.
Together, these perspectives will bring regional, international and policy insight to SLEIS 2026 as Sri Lanka considers how to strengthen economic resilience, attract investment, deepen regional connections and develop new sources of growth.
Held under the theme “Positioning Sri Lanka in a Changing Global Economy: Resilience, Reform, and the Future of Economic Policy,” SLEIS 2026 will take place on 12 and 13 October 2026 at the Shangri-La Colombo.
The Sri Lanka Economic & Investment Summit 2026 is supported by its valued sponsors and partners. Platinum Sponsor – Standard Chartered Bank Sri Lanka, Gold Sponsor – VISA Worldwide (Pvt) Ltd., Bronze Sponsor – South Asia Gateway Terminals (Pvt) Ltd., Strategic Development Partner – Asian Development Bank, Telecommunication Partner – Dialog Telecommunication, Television Partner – Dialog Television, Session Sponsors – David Pieris Motor Company (Pvt) Ltd., Hemas Holdings PLC, Sunshine Holdings PLC, International Construction Consortium (Pvt) Ltd., Microsoft Sri Lanka (Pvt) Limited, Official Logistics Partner – Hayleys Advantis Limited, Official Airline – SriLankan Airlines Ltd., Official Hospitality Partner – Shangri-La Colombo, Airline Partner – China Eastern Air Holding Co. Ltd.
Registrations for SLEIS 2026 are now closed. The Ceylon Chamber looks forward to welcoming participants to the discussions on Sri Lanka’s future trajectory on 12 and 13 October.
Commercial Bank of Ceylon has launched ‘Prestige’, a three-tier banking proposition aimed at high-net-worth (HNW) clients, combining wealth management, advisory services and lifestyle benefits.
The initiative replaces the bank’s existing ‘Elite’ private banking brand with Ruby, Sapphire and Diamond tiers, designed to cater to customers according to their wealth profiles and banking relationships.
The bank said Prestige would provide dedicated relationship managers, priority branch services, preferential rates on loans and deposits, enhanced card privileges, family banking programmes and offshore account solutions.
Its wealth and investment management services include access to capital-protected income solutions, dual-currency investments, institutional deals and estate and portfolio governance.
Clients will also have access to specialist financial and corporate advisory services, including assistance with international relocation, overseas property and capital repatriation.
The programme includes lifestyle benefits such as VIP airport lounge access, travel concierge services, property management and medical coordination, as well as access to selected art and culinary events.
The bank said its flagship Prestige banking residence at R.G. Senanayake Mawatha, Colombo 07, had been refurbished, with the service to be extended to other economically important cities.
Commercial Bank Managing Director/CEO Sanath Manatunge said Prestige was intended to support customers in managing their wealth, business interests, family needs and long-term legacy.
Existing Elite clients are being transitioned to the new programme, the bank said.
Ceylinco Life has rewarded 80 members of its sales force with overseas tours to Vietnam and China for their outstanding performance in the company’s 2025 sales competitions.
The group comprised 62 sales achievers who travelled to Vietnam and 18 who visited China.
The Vietnam tour included visits to Hanoi’s Ho Chi Minh Complex, One Pillar Pagoda, Tran Quoc Pagoda and Hoan Kiem Lake. The group also travelled to Ha Long Bay, where they went on an Aurora Cruise and explored attractions including Sung Sot Cave, Luun Cave and Titop Island.
The tour also featured a sunset party aboard the cruise, with music and refreshments.
The 18 achievers who travelled to China visited several of Beijing’s major historical and cultural attractions, including Tiananmen Square, the Forbidden City and the Summer Palace. They also took a boat ride on Kunming Lake.
A highlight of the China tour was a visit to the Mutianyu section of the Great Wall, including a round-trip cable car ride. The group also attended an acrobatic show at Chaoyang Theatre and visited the Panda Garden at Beijing Zoo.
The company said the tours were organised to recognise and reward sales personnel for their performance and achievements.
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