Business
Building strategic resilience to survive beyond the ‘New Normal’
By Prasath Mahalingam
As we near the two-year mark of the ravenous coronavirus pandemic, it is positive to see that many businesses worldwide have stepped up to the challenge, adjusting their businesses both to safeguard their employees and to continue serving their customers. Even locally, many organisations believe that they have responded efficiently to the pandemic. Yet, some companies showed true grit during these testing times, proving to be more resilient than others, by swiftly adapting their strategies to address both the challenges and the opportunities created by the pandemic. What was the secret behind their success?
As someone involved in building new opportunities to thrive, I see three elements that stand out. Firstly, successful companies quickly accepted the weaknesses in their business’s strategic resilience when the pandemic exposed them. Strategic resilience is the degree to which an organisation’s business model and competitive position show resistance to change. Secondly, they used business-model innovation as the strategic lever to address the crisis. During the last one and a half years, we saw many firms—including local companies—responding effectively to business challenges through unique innovations. And lastly, organisations reworking their business continuity plans, instead developing ‘scenarios’ that give more space for innovation, as they expect them to persist beyond the crisis.
Assessing your strategic resilience
The pandemic has put businesses through demanding resilience checks. For many, it was a rude awakening. While the pandemic weakened the competitive position of some companies, many firms have been able to gain a competitive edge. How? Successful companies have been heavily relying on emerging technologies such as artificial intelligence (AI), data analytics, machine learning and cloud. A McKinsey survey 1confirms that technology adoption rates are years ahead of where they were when previous surveys on digital accelerations were conducted. A client of 99x recently engaged us on a Big Data project to analyse over 13 billion records to identify trends that could lead to new business opportunities and increase value to clients.
For organisations that gained ground during the crisis, business model innovation has become the key differentiator. Companies that adopted and tested their novel business models have focused on several areas. One is new digital experiences and services. These were leveraged in response to changes in customer behaviors and needs. Last June, 99x launched DevGrade, a first-of-its-kind solution geared towards hiring technical talent. The fully automated assessment platform allows recruiters to hire the best by virtually evaluating them in simulated real project environments.
Another area has been new partnerships, both within and outside the industry. For example, we have seen insurance companies partnering up with telcos to develop telemedicine apps and pharmaceutical companies collaborating with medical institutions to accelerate vaccine development. Change of sales models is another factor as many companies have had to alter the way they market and sell their offerings. Imagine how the business model of restaurants and logistics companies changed during the last several months with the rapid growth of contactless delivery. The faster development of products has also been a crucial factor to respond to pandemic-related issues rapidly.
Nevertheless, many of these innovations are here to stay in most cases. Many businesses believe their business-model transformations will persevere in the long term—and see more on the way. For example, many IT companies in Sri Lanka are considering a hybrid work model or setting up satellite offices that provides employees flexibility. This in turn will boost productivity both within the organisation and for its customers. All of these reaffirm a time-tested motto: There is also great opportunity in times of great disruption.
Structuring your strategic resilience
The pace of change keeps accelerating. Being brave to make a bold move faster in these uncertain times will help you stand out from others who are uncertain about making a strategic decision to disrupt. To keep up with the rapid pace, the strategic planning process of a business and the team has to be agile to face the high volatility of the business landscape. To do this, organisations need to fix bold objectives. Crises such as the ongoing pandemic pave the way for organisations to explore new business opportunities.
If there ever was a time to reimagine business strategy and fix bold objectives, it is now. Many firms managed to react with unprecedented speed to challenges presented by COVID-19, and they did it in just days and weeks. This is the time to mirror the future role you want your organisation to play for its stakeholders, including customers and employees. Such vibrant organizations,, possessing a disruptive business model have even been able to attract investment for their next phases of growth during these challenging times.
Additionally, the days of developing forecasts for your organisation have now passed. The new normal is all about developing scenarios. Scenarios help a business realise the range of possibilities it might face. This allows the evaluation of planned strategic moves against any crisis and can confirm that the strategy can thrive in a range of future outcomes. This is why business leaders must develop scenarios together with finance and strategy business units to integrate all pertinent viewpoints.
In conclusion
It is impressive how most businesses, including local companies, have infused innovation into their business strategies to respond to the pandemic. However, with COVID continuing, uncertainty and change isn’t going to disappear overnight. To ensure your company is strategically resilient for whatever the future brings, start by instituting dynamic planning procedures that will empower your teams to unlock crucial moves necessary to come out on top, while being flexible enough to change direction if needed.
(The writer is the Chief Business Development Officer at 99x and drives strategic business deals across various domains with key prospects, customers, innovation partners and industry influencers. With over 18 years of experience, he has worked across many disciplines including business analysis, delivery management, people development and marketing, and has been a catalyst in driving change across the organization.)
DFCC Bank PLC has entered a partnership with The Ceylon Chamber of Commerce, to formally integrate Ceylon Chamber-led macroeconomic and sectoral intelligence into its service model. This strategic collaboration is set to enhance both internal expertise and client-facing value, reinforcing DFCC Bank’s position as the most insight-driven and customer-aligned bank in the country.
By harnessing the Ceylon Chamber’s deep research capabilities, DFCC Bank will gain privileged access to quarterly macroeconomic outlooks, sector-specific insights, and dynamic market intelligence. These deliverables will inform decision-making across the organisation—from strategy formulation to client advisory—ensuring DFCC Bank teams remain ahead of the curve in responding to economic developments and customer needs.
Through this partnership, the Ceylon Chamber will provide briefings on key economic indicators such as GDP performance, inflation trends, policy shifts, and global economic movements, alongside industry analyses tailored to DFCC Bank’s client sectors. These insights will not only serve internal capability-building but also enhance client conversations—offering DFCC Bank customers access to curated intelligence through strategic reviews and presentations.
Thimal Perera, CEO of DFCC Bank, commented:
“As we sharpen our focus on delivering value beyond banking, this collaboration with the Ceylon Chamber of Commerce gives us and our clients a distinct advantage. Timely economic insights and sector intelligence will strengthen the relevance and depth of our engagements – enabling us to support customers with more informed, responsive financial solutions that align with the realities they face.”
Buwanekabahu Perera, Secretary General and CEO of the Ceylon Chamber stated:
“Our goal is to take economic intelligence beyond boardrooms and make it practical and actionable for businesses. Partnering with DFCC Bank allows us to do exactly that, by ensuring that insights translate into better advice, faster decisions, and stronger outcomes for businesses.”
The official signing of the Memorandum of Understanding took place on 12 June 2025, symbolising a shared vision for smarter financial ecosystems in Sri Lanka.
In an impassioned call to action, Deputy Minister of Industry and Entrepreneurship Development, Chathuranga Abeysinghe, declared that Sri Lanka was ready to “unleash a new era of startup-driven growth, as he kicked off the prelude to Disrupt Asia 2025 — a four-day mega-event that aspires to redefine the nation’s digital economy and transform it into South Asia’s next innovation hub.
“We are no longer waiting for the future. We are building it, right here, starting now, said Abeysinghe. “With Disrupt Asia, we aim to place Sri Lanka firmly on the map as a gateway to South Asia, the Gulf, and Southeast Asia for global investors, innovators and disruptors.”
Scheduled to run from September 17–20 in Colombo, Disrupt Asia 2025 is more than just another tech event. Backed by the Ministry of Digital Economy and the ICT Agency (ICTA), the platform is being positioned as the national accelerator for startups and innovation—bringing together universities, industry leaders, policymakers, investors, and the general public into one unified ecosystem.
The event is anchored in Sri Lanka’s broader ambition to grow its digital economy from a current estimated transaction volume of USD 3–5 billion to USD 15 billion by 2030. To achieve this, the government is rolling out a multi-pronged strategy: a USD 50 million Fund of Funds to boost venture capital availability, the creation of a Virtual Special Economic Zone (SEZ) and new equity pathways for startups through the Colombo Stock Exchange.
Deputy Minister Abeysinghe noted that the government was working with financial advisory firm KPMG to address longstanding taxation and regulatory hurdles, including the double taxation of venture capital funds and limited frameworks for foreign co-founders.
“These policies are no longer in the shadows, he stressed. “They are being debated, fixed and aligned so that startups can thrive in a globally competitive landscape.”
Heminda Jayaweera, Executive Director at TRACE Sri Lanka, the ecosystem partner and host of the Innovation Festival on September 19, called the event “a confluence of creativity, code, and capital.”
TRACE Expert City will host more than 50 interactive product demos, themed exhibitions spanning HealthTech, AgriTech, FinTech, AI, Tourism, and GovTech, and immersive installations aimed at both the general public and young innovators.
Jayaweera emphasized the importance of creating an “incubation ground” that serves not just the tech elite, but also students, small-town entrepreneurs, and policymakers. “This is where ideas collide and evolve,” he said. “It’s where we disrupt the status quo.”
Sandun Hapugoda, Country Manager of Mastercard Sri Lanka and Maldives, added a private sector perspective to the conversation. “This is not just another tech expo, he said. “It’s a serious commitment to transform Sri Lanka into a digitally inclusive, investor-attractive economy.”
Mastercard’s participation as a strategic partner underscores the importance of collaboration in achieving these goals. “Innovation doesn’t happen in silos, Hapugoda noted. “We are working with entrepreneurs, policymakers, and financiers to build scalable solutions.”
Mastercard’s support extends to FinTech integrations, digital commerce enablement, and cybersecurity solutions — all crucial building blocks for a vibrant digital economy.
Prajeeth Balasubramaniam, Managing Partner at BOV Capital and founder of LAN, said the platform was already working to secure listings for at least two promising startups on the Colombo Stock Exchange. “Equity is not a foreign concept. We’re just late adopters. But now, we’re building the runway, he said.
Disrupt Asia 2025 will also host a “Sundowner Cultural Showcase” that celebrates Sri Lanka’s creative and artisanal identity. Featuring curated culinary offerings from Asaya Sands, gem exhibitions, and artisanal tastings, the event aims to build a bridge between innovation and tradition.
“This is more than a networking mixer, said event curator Ruwani Fernando. “It’s a statement. Sri Lanka is a land of both ancient wisdom and future-focused solutions.”
By Ifham Nizam
Business
Sampath Bank pioneers SL’s standardised API banking platform, redefining transaction banking
Sampath Bank has set a new milestone as the first bank in Sri Lanka to launch a standardised Application Programming Interface (API) platform. This revolutionary move redefines corporate banking by simplifying and automating intricate financial processes for businesses of all sizes, reflecting the Bank’s steadfast commitment to providing agile, technology-driven solutions for its expanding base of corporate and SME clients.
API banking fundamentally transforms traditional banking by exposing core functions and data as web services accessible to third-party applications. This approach creates a more interconnected and flexible ecosystem that enhances convenience, encourages innovation and improves efficiency in delivering and consuming financial services.
The new platform empowers businesses to seamlessly integrate Sampath Bank’s core banking capabilities into their internal Enterprise Resource Planning (ERP) systems. This integration supports faster supplier payments, streamlined collections, real-time balance inquiries and trade-related transactions, while maintaining established approval chains and audit controls inherent in corporate systems.
Driven by a deep understanding of digitalisation’s transformative potential, the development of this platform aims to empower corporate decision-makers by saving time and increasing visibility across financial operations. As Mr. Sanjaya Gunawardane, Chief Strategy Officer at Sampath Bank, explains, “There is no longer a need to spend hours managing physical payments or manually reconciling bank records. This platform empowers businesses, enabling them to configure, validate and execute transactions securely through a single interface. Our goal was to deliver an end-to-end solution that not only boosts efficiency but also transforms the overall banking experience. This is part of our ongoing commitment to introducing cutting-edge technologies to reshape the Sri Lankan business landscape.”
Addressing a critical challenge in financial supply chain management, this innovation offers companies a suite of ready-to-integrate APIs, automated testing tools and rapid onboarding processes that make it possible to go live within days rather than weeks.
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