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ComBank and Mastercard launch Sri Lanka’s first Dynamic Currency Conversion for online payments

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Sanath Manatunge, Managing Director and CEO of Commercial Bank and Sandun Hapugoda, Country Manager, Sri Lanka and Maldives of Mastercard

As part of Commercial Bank of Ceylon’s sustained efforts to strengthen tourism-related businesses and improve convenience for foreign travellers, the Bank has partnered with Mastercard to introduce Sri Lanka’s first Dynamic Currency Conversion (DCC) capability for online payments, marking a significant milestone in the country’s digital payments landscape.

Enabled via the Mastercard Payment Gateway Services (MPGS) platform, the new DCC feature allows international cardholders making online purchases from Sri Lankan merchants and to pay in their home currency at checkout.

This first-of-its-kind capability for online payments in Sri Lanka is designed to help local merchants grow their business by making it easier for foreign travellers to book and pay online with confidence. By enabling Mastercard Payment Gateway Services (MPGS) with Dynamic Currency Conversion (DCC), Sri Lankan merchants, particularly in travel, hospitality and leisure can offer overseas customers a more transparent checkout experience when making reservations for flights, accommodation and related services.

DCC offers foreign cardholders the option to view and confirm the final transaction amount in their home currency before completing an online purchase, rather than being charged in Sri Lankan Rupees. The exchange rate and any associated fees are displayed upfront and processed in real time, removing uncertainty caused by fluctuating exchange rates or unexpected charges after the transaction is completed.

The solution is delivered in collaboration with global DCC provider FEXCO, with Euronet Worldwide providing the advanced switching and processing infrastructure that supports real-time currency conversion, transaction processing, clearing and settlement. Together, the partners enable a seamless, transparent and secure payment experience for cross-border online transactions, extending a capability that Commercial Bank has successfully offered for point-of-sale and in-store payments since 2019, into the fast-growing e-commerce space.

Commenting on this latest milestone, Sanath Manatunge, Managing Director/CEO of Commercial Bank said: “We have always been at the forefront of digital innovation, and introducing Sri Lanka’s first Dynamic Currency Conversion service for the Mastercard Payment Gateway is a testament to our commitment to merchants and the national economy. This collaboration with Mastercard enables us to offer our merchant base a competitive advantage, a new revenue stream, and a world-class payment experience that is transparent and convenient for every international shopper. This is a crucial step in supporting Sri Lanka’s drive to attract more digital foreign revenue and promote tourism.”

Sandun Hapugoda, Country Manager, Sri Lanka and Maldives at Mastercard, said: “Mastercard congratulates Commercial Bank of Ceylon for pioneering this milestone. The introduction of DCC brings global payment best practices to Sri Lanka, empowering international cardholders with choice and transparency when making payments. The bank has fully leveraged MPGS capabilities, including advanced features like Transaction Risk Management (TRM). MPGS serves as a versatile solution for merchants of all sizes, from small businesses to complex models such as payment aggregators and facilitators. This achievement is the result of seamless collaboration and technology integration with partners like FEXCO and Euronet, making this much-needed solution a reality for the market.”

The launch of DCC for online payments further reinforces Commercial Bank’s leadership in digital payments. The Bank was the first local bank to introduce MPGS in Sri Lanka in 2007 and today supports a large and diverse merchant base with the ability to accept online payments globally. Commercial Bank currently facilitates multi-currency transactions in more than 10 international currencies and provides built-in fraud monitoring within MPGS to ensure high standards of security and trust for merchants and customers alike.

By extending DCC to online payments, the Bank enables Sri Lankan merchants to deliver a world-class checkout experience comparable to global e-commerce standards, while giving international customers clarity over costs and greater control over how they pay.

The first Sri Lankan bank with a market capitalisation exceeding US$ 1 Bn., Commercial Bank was also the first bank in the country to be listed among the Top 1000 Banks of the World, and has the highest Tier I capital base among all Sri Lankan banks. The Bank is the largest private sector lender in Sri Lanka and the largest lender to the country’s SME sector. Commercial Bank is also a leader in digital innovation and is Sri Lanka’s first 100% carbon-neutral bank.

Commercial Bank operates a network of strategically located branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 branches in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, a microfinance company in Myanmar, and a representative office in the Dubai International Financial Centre (DIFC). The Bank’s fully owned subsidiaries, CBC Finance Ltd. and Commercial Insurance Brokers (Pvt) Limited, also deliver a range of financial services via their own branch networks.



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ADB pledges over $1 billion annually to Sri Lanka in post-cyclone recovery push

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ADB President Masato Kanda meets Sri Lankan Prime Minister Harini Amarasuriya at ADB’s Manila headquarters.

Asian Development Bank (ADB) President Masato Kanda met with Sri Lanka Prime Minister Harini Amarasuriya at ADB’s Manila headquarters recently. The meeting reaffirmed the strong development partnership between ADB and Sri Lanka, with both leaders underscoring their commitment to post-cyclone recovery, inclusive growth, and advancing women’s equality.

“Sri Lanka’s resilience in the face of crises has been remarkable,” said Kanda. “We are committed to helping Sri Lanka rebuild after Cyclone Ditwah, while also investing in the country’s future by empowering women entrepreneurs and strengthening education and essential skills.”

Looking ahead, ADB is ready to provide more than $1 billion annually to Sri Lanka from 2026 to 2029. This financing will target macroeconomic stability, private sector-led growth, education and skills development, and resilient infrastructure. Key initiatives include a major digital transformation program to help unlock Sri Lanka’s digital economy, alongside support for its accession to the Regional Comprehensive Economic Partnership to deepen its integration into regional trade and investment networks.

During their discussion, Kanda emphasized ADB’s response to the devastation caused by Cyclone Ditwah. Building on emergency financing already mobilized, ADB is fast-tracking an emergency assistance loan to restore damaged infrastructure and support affected livelihoods.

With Dr. Amarasuriya serving as the keynote speaker for ADB’s International Women’s Day event, the leaders highlighted women’s equality as a cornerstone of inclusive development. Kanda noted ADB’s long-standing work as an implementing partner of the Women Entrepreneurs Finance Initiative, which expands access to finance, business skills training, and policy reform for women-owned enterprises. This partnership has helped drive lasting change, with Sri Lanka becoming one of the first countries to adopt the Women Entrepreneurs Finance Code at the national level in March 2025.

Dr. Amarasuriya also engaged in dialogue facilitated by ADB to advance Sri Lanka’s skills agenda, including discussions on referencing skills and qualifications with the Association of Southeast Asian Nations and on mutual areas of interest with the Philippines related to technical and vocational education and training.

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New Board appointed to lead Unit Trust Association of Sri Lanka

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The Unit Trust Association of Sri Lanka (UTASL) announced its new Board of Directors, appointing Jeevan Sukumaran of SENFIN Asset Management as President. The Board assumes leadership at a time of significant growth and resilience in Sri Lanka’s Unit Trust industry. Over the past five years, the number of unit holders has more than doubled, while assets under management have grown substantially, reflecting a clear shift in investor behaviour amid evolving economic conditions.

The 2026–2027 Board includes Vice President Kavin Karunamoorthy (First Capital Wealth Management), Secretary Asanka Herath (Lynear Wealth Management), Assistant Secretary Gayan De Silva (Capital Alliance), and Treasurer Wishan Perera (Softlogic Invest).

President Jeevan Sukumaran highlighted the importance of expanding the industry’s reach and increasing retail participation nationwide. “Whilst the Unit Trust industry has grown significantly in recent years, the next phase must focus on broadening retail investor participation across Sri Lanka’s different geographic/demographic sectors, with the key priority being strengthening investor education and awareness, particularly outside major urban centres. Improving financial literacy and expanding access to professionally managed investment solutions are essential to building long-term confidence and encouraging more Sri Lankans to invest in unit trusts.”

The new Board intends to build on the industry’s recent momentum by prioritising investor education, digital accessibility, and product innovation. Over the coming years, enhanced digital platforms are expected to make Unit Trust products more accessible, enabling investors across the country to participate in capital markets in a convenient and transparent manner.

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Indiya at Cinnamon Life enters a flavourful new chapter

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Colombo’s vibrant dining landscape has received a fresh infusion of flavour with the renewed culinary direction of Indiya, the signature Indian restaurant perched high above the city at Cinnamon Life at City of Dreams. With celebrated Indian chef Mukesh Joshi now steering the kitchen, the restaurant is presenting a menu that celebrates the depth, diversity and soul of Indian cuisine while subtly weaving in Sri Lankan influences.

Located on the spectacular Level 23 of the sprawling Cinnamon Life complex, Indiya’s setting itself feels like a prelude to the culinary journey that unfolds at the table.

The restaurant’s sweeping views of Colombo’s skyline provide a dramatic backdrop to a menu designed to take diners across India’s many culinary regions — from the fragrant biryani traditions of Awadh to the bold spice profiles of coastal kitchens.

At the heart of this new chapter is Chef Mukesh Joshi, a culinary craftsman whose career spans some of India’s most renowned hospitality institutions as well as prominent dining establishments in the Middle East.

Having honed his skills at luxury hotels such as The Westin and St. Regis Mumbai before leading kitchens in Dubai’s thriving Indian dining scene, Joshi is known for his ability to balance traditional flavours with contemporary finesse.

At Indiya, his philosophy is simple yet compelling: celebrate the authenticity of Indian cooking while creating dishes that encourage sharing and conversation.

The experience begins with a vibrant array of small plates that capture the playful spirit of India’s street food traditions. The crisp Sev Papdi Chaat offers bursts of sweet, tangy and spicy notes, while a generous Pakora Platter brings together an assortment of golden-fried fritters that evoke the comforting flavours of roadside tea stalls across the subcontinent.

From there, the menu moves naturally into the world of the tandoor — the clay oven that lies at the heart of many Indian kitchens. Among the highlights is the Hariyali Tandoori Gobi, where cauliflower is marinated in a fragrant blend of herbs before being charred to smoky perfection. Equally intriguing is the Rajma Galouti, a vegetarian reinterpretation of the famed Lucknowi kebab, delivering a melt-in-the-mouth texture that surprises and delights.

Seafood lovers will find much to savour as well. Jhinga Koliwada, a coastal delicacy of spiced prawns fried to a crisp exterior, offers a lively contrast to the delicately seasoned Rawa Fried Surmai. These dishes reflect Chef Mukesh’s confident handling of spice and texture — two essential pillars of Indian cooking.

No Indian dining experience would be complete without the ritual of sharing freshly baked breads, and Indiya’s basket arrives warm and inviting. Chilli Cheese Naan brings a playful modern twist to a classic favourite, while flaky parathas and stuffed Aloo Kulcha provide comforting companions to the restaurant’s richly spiced curries.

By Ifham Nizam

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