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BOC’s market leadership position in foreign remittances helps uplift national economy in crisis period

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BOC’s Deputy General Manager (International, Treasury & Investment), R. M. N. Jeewantha, recently discussed BOC’s lead role in foreign remittances in Sri Lanka amid the COVID-19 pandemic, plus the bank’s role in offering uninterrupted banking services at the Bandaranaike International Airport.

The following are some excerpts from his presentation.

“The importance of foreign worker remittances to the national economy cannot be overstated. Remittance-generated income has become even more crucial currently, owing to the ongoing health crisis.”

With over 2 million Sri Lankans residing and working in foreign countries, they amount to approximately 10% of the country’s population and 25% of the local workforce. In the year 2019, a total of USD 6.7 Billion was generated in foreign currency remittances, corresponding to 8.03% of our total GDP. This is indicative of the significance of the contributions by migrant workers, particularly in Middle Eastern, East Asian and Western countries, to our national economy.”

“Of the above stated total in 2019, a notable 40% market share of foreign currency remittances was garnered by Bank of Ceylon, which the bank has consistently maintained over numerous years. An institution that has formed a reputation as Bankers to the Nation, BOC has helped Sri Lankans send money home reliably, safely, and promptly for many decades. The impact that the ability to securely transfer money has on our citizen’s social well-being, is incalculable.”

“Despite remittances being hard hit in the months of April and May by the COVID-19 pandemic worldwide, and extended periods of lockdown as a result, foreign remittances in Sri Lanka reached a high of USD 703 Million in September 2020. BOC has maintained market leadership position in foreign remittances in 2020 as well, while managing to retain 40% market share once more.”

“Additionally, for conversion of remittances to rupees plus for foreign currency deposits, BOC provides the most attractive exchange rates market-wide. These benefits feature heavily when Sri Lankans working abroad opt for BOC to facilitate their money transfers.”

“BOC also maintains over 100 direct relationships with exchange houses worldwide. These partnerships are facilitated by BOC business promotion officers across the world in countries such as Qatar, South Korea, Oman, UAE, Italy, Saudi Arabia, Japan, Kuwait, and Israel. It is important to note that even amidst the current global pandemic, these BOC business promotion officers have not requested to come back home, and they continue to serve Sri Lankans in those countries and the country as a whole.”

“The bank’s resolve to continue serving the nation even in times of adversity, ensured state corporations, private entities and the country as a whole could operate and continue as before. This fully captures the spirit of Bank of Ceylon, and its determination to lead the country forward.”



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Stealer malware leaked over 2 million bank cards

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The number of infections with data-stealing malware, 2020-2024 (Source: Kaspersky Digital Footprint Intelligence)

Kaspersky Digital Footprint Intelligence estimates that 2.3 million bank cards were leaked on the dark web, based on an analysis of data-stealing malware log files from 2023-2024. On average, every 14th infostealer infection results in stolen credit card information, with nearly 26 million devices compromised by infostealers, including more than 9 million in 2024 alone. Kaspersky released its report on the infostealer threat landscape while the technology world gathers at MWC 2025 in Barcelona.

Kaspersky experts estimate that approximately 2,300,000 bank cards have been leaked on the dark web. This conclusion is based on an analysis of the log files from data-stealing malware, dated 2023-2024, that were leaked on the dark web market. While globally the share of leaked cards is well below one percent, 95% of the observed numbers appear technically valid.

Infostealer malware is not only designed to extract financial information, but also credentials, cookies and other valuable user data, which is compiled into log files and then distributed within the dark web underground community. An infostealer can infect a device if a victim unknowingly downloads and runs a malicious file, for example one disguised as legitimate software, such as a game cheat. It can be spread through phishing links, compromised websites, malicious attachments in emails or messengers and various other methods. It targets both personal and corporate devices.

On average, every 14th infostealer infection results in stolen credit card information. Kaspersky Digital Footprint Intelligence experts found that nearly 26 million devices running Windows were infected with various types of infostealers in the past two years.

“The actual number of infected devices is even higher. Cybercriminals often leak stolen data in the form of log files months or even years after the initial infection, and compromised credentials and other information continue to surface on the dark web over time. Therefore, the more time passes, the more infections from previous years we observe. We forecast the total number of devices infected with infostealer malware in 2024 to be between 20 million and 25 million, while for 2023, the estimate ranges between 18 million and 22 million,” says Sergey Shcherbel, expert at Kaspersky Digital Footprint Intelligence.

In 2024, Redline remained the most widespread infostealer, accounting for 34% of the total number of infections.

The most significant surge in 2024 was in infections caused by Risepro, whose share of total infections increased from 1.4% in 2023 to almost 23% in 2024. “RisePro is a growing threat. It was first discovered two years ago but seems to be gaining momentum. The stealer primarily targets banking card details, passwords and cryptocurrency wallet data, and may be spreading under the guise of key generators, cracks for various software and game mods,” explains Sergey Shcherbel. Another rapidly growing stealer is Stealc, which first appeared in 2023 and increased its share from nearly 3% to 13%.

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ComBank’s 2023 Annual Report tops Banking sector at ACCA Sustainability Reporting Awards

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Commercial Bank Chief Operating Officer S. Prabagar and members of the senior management accepting one of the ACCA awards.

The Commercial Bank of Ceylon’s prowess in comprehensive disclosure of sustainability-related information to stakeholders has won its 2023 Annual Report two top awards at the 2025 Sustainability Reporting Awards presented by the Association of Chartered Certified Accountants (ACCA).

The Bank was adjudged the overall runner-up and the winner in the Banking category at these awards, repeating the achievement of its 2022 Annual Report which was similarly honoured by the ACCA last year.

The ACCA Sustainability Reporting Awards recognise Annual Reports that clearly acknowledge and explain the economic, environmental and social impacts of the business to internal and external stakeholders, demonstrating the organisation’s policies, targets and long-term objectives towards the goal of sustainable development.

Commercial Bank’s 2023 Annual Report also won two Golds, a Silver and a Bronze at CA Sri Lanka’s ‘TAGS’ Awards 2024, excelling in the key aspects recognised by the awards programme which is dedicated to Transparency, Accountability, Governance, and Sustainability – TAGS.

The Bank won the Gold for ‘Corporate Governance Disclosure’ in the Financial Services sector, the Gold for the Best Annual Report among the private sector banks, the Silver for ‘Digitally Transformative Reporting’ across all sectors, and the overall Bronze award for Excellence in Corporate Reporting.

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UTE Delivers Sri Lanka’s Largest Cat D8 Tractor to NEM Construction

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(From left to right) Deepthi Hewageegana (CEO - UTE), Mani Rajan (Director Distribution - India), Joe Moscato (Vice President - Distribution - Japan & Asia South (India & SE Asia) Caterpillar Inc), Raja Nanayakkara (Chairman / MD - NEM Construction), Prasan Fernando (Chairman - UTE), Priath Fernando - (Director - UTE), Duminda Perera (Senior General Manager - Operations)

Caterpillar equipment dealer UTE has delivered the country’s largest Cat D8 Track-Type Tractor to NEM Construction Pvt. Ltd., marking a significant milestone in heavy machinery. This delivery strengthens the long-standing partnership between UTE and NEM Construction, which spans over 45 years. The Cat D8 is expected to boost operational efficiency in large-scale projects. As the sole authorized dealer for Caterpillar in Sri Lanka, UTE continues to provide top-tier machinery and after-sales support. The handover is particularly notable as Caterpillar celebrates its 100th anniversary. NEM Construction’s Chairman, Raja Nanayakkara, praised the Cat D8’s superior performance and UTE’s unmatched service and parts support, which have been key to the company’s long-term collaboration. This purchase highlights the continued trust in both Caterpillar and UTE’s expertise in supporting Sri Lanka’s construction industry.

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