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CSE signs MoU with CHEC Port City Colombo

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The Colombo Stock Exchange (CSE) and CHEC Port City Colombo signed a Memorandum of Understanding (MoU) to enhance the capital markets in Sri Lanka by taking advantage of the Port City Colombo’s special emphasis of the Colombo International Financial Center, in order to establish a regionally recognized financial exchange within the country’s borders. The MoU was signed with the objective of working on a collective mission to establish an International Multi-Currency Exchange within the Port City Colombo. The exchange will serve as a gateway for both regional and global investors, whilst also providing an ideal platform for Sri Lankan and overseas corporates to issue foreign currency bonds and equities as well as develop other financing and risk management instruments across asset classes.

CHEC Port City and the CSE will actively collaborate to identify and attract a global stock exchange to partner the Colombo Stock Exchange in establishing a modern world-class trading exchange, which will position Sri Lanka as a hub for capital raising in the South Asian and the ASEAN region. The CSE will also work with the regulators in providing a conducive environment for a well-functioning market while introducing state-of-the-art modern technology, which will drive liquidity and seamlessly introduce new products and services at the exchange.

Dumith Fernando Chairman Colombo Stock Exchange said: “The CSE is pleased to take the initiative with this first step of signing a MOU with the CHEC Port City Colombo to work towards the further development of the capital market in Sri Lanka. Through this initiative we are planning to partner an International Stock Exchange that will bring a new dimension to the Capital market and cater to the requirements of the Port City as well as issuers and investors regionally.”

Jiang Houliang, Managing Director of CHEC Port City Colombo, said: “We are excited to work with CSE in establishing an International Stock Exchange in Port City. We strongly believe that with the right infrastructure and business friendly policies, we would succeed in positioning Port City Colombo as an attractive location for regional listings, which would be a gateway for companies around the world to access new investment opportunities.”



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Govt urged to unlock true potential of Sri Lanka’s Blue Economy

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=Take initiatives to reap maximum benefit from our seafood resource

=Fisheries sector can quickly generate employment and export earnings

=Modernizing fisheries sector is a collective responsibility of the government

by Sanath Nanayakkare

Championing the Blue Economy is a relatively easy way out for Sri Lanka to generate employment and export earnings as Sri Lanka can hardly become an industrialized nation, Shiran Fernando, President- Canned Fish Manufacturers Association of Sri Lanka. (CFMASL) told the media last week.

“Concerted efforts need to be made to reap long-term benefits of the sustainable use of marine resources to promote economic growth and come out of the current economic crisis. Facilitating extensive fish farming, proper handling/storage, keeping the catch quite fresh for processing would be key in achieving this goal. The whole government should spearhead this endeavor without leaving the task to the Ministry of Fisheries alone. The fisheries ministry is hard put to find funds despite its willingness to help the private sector to take the industry to the next level. There is a role for the government to play in this exercise which the private investors can’t,” he said.

The outspoken entrepreneur said that the fisheries sector is not getting the attention it deserves from the government although the Minister of Fisheries and the Ministry Secretary are passionate about the industry and are supportive of the private sector investors.

“What we say is; it’s the duty of the government to modernize the practices of this industry by helping the fisher folk to completely transform their way of catching fish by enforcing regulations for responsible fishing, guiding them on protecting the marine ecosystem and providing them with modern fishing vessels with refrigeration technology. They still go out to see on old boats and can’t carry enough ice for fish preservation, therefore, a lot of fish is found to be less than perfect and is diverted for making dried fish. The government should invest in and encourage key innovations in fisheries such as modern boats, nets and cooling systems through appropriate financial arrangements or cluster schemes to fully utilize the catch. You may not be able to get everyone on board such projects, so get as many fisher folk as possible to join such schemes and get them to engage in the industry in a sustainable way with a long-term view. As canned fish manufacturers, we have fulfilled the pledge we made a few years ago that we would manufacture enough canned fish to meet the nation’s requirement. Currently 250,000 canned fish are consumed per day in the country. Now 5 factories of our Association produce 300,000 units of canned fish per day exceeding the daily requirement. Although the consumption had dropped in September-October last year, now it has stabilized with prices coming down. We thank the ministry for increasing the Special Commodity levy (SCL) by Rs. 100 on imported canned fish. We don’t ask the government to stop canned fish imports. Let the Sri Lankan consumers eat imported canned fish if they want to pay more. However, when you import the product that can lead to unemployment and underutilization of our seafood resource,” he said.

Fernando insisted on monitoring and regulating of canned fish companies that don’t carry SLS standards to create awareness in consumers and encourage them to buy local canned fish made in compliance with standards.

He said that his company’s (TESS Group of Companies) operations at currently inoperative Oluvil Harbour would begin soon.

“Our operation there will commence with over Rs 20 million spent on refurbishing the cold storage and factory that TESS Group built there long ago. Since this harbor has not been used for 12 years now, the harbor mouth needs re-dredging. If the government intervenes and does the needful, the area will be more viable for commercial fisheries and will create sustainable livelihoods opportunities for people in the area.”

He noted that if the government supports their Association for value added re-exports of canned fish, they can import raw fish and repack it as fillet fish Flounder (used in fish and chip recipes), Salmon fillet, Anchovy fillets etc., and thus supply to the high-end segment of the global market and increase the country’s export earnings.

“Sri Lanka is doing certain things right in the fisheries sector. We are on the right path, but we urge the authorities to pay more attention and adopt strategies to maximize the use of its vast oceanic resources,” he said.

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ComBank upgrades Q+ Payment App to introduce ‘Send Money’ fund transfers facility

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The Q+ Payment App, another state-of-the-art product of Commercial Bank of Ceylon, which uses a cutting-edge technology, has scaled new heights in technology-enabled convenience with the addition of several new features that enable different methods of fund transfers and flexible payment scheduling options similar to standing orders.

Customers who have linked their Commercial Bank cards to the Q+ Payment App can now send money to another locally-issued Visa and Mastercard Debit, Credit or Prepaid card, to a Commercial Bank or other local bank account or to any Payment Exchange Name (PEN) through any LankaPay-registered mobile number, directly from their registered cards in the App.

Notably, the Card-to-Card funds transfer feature is the first of its kind to be implemented via a payment application in Sri Lanka and is operated via the ‘Visa Direct’ and ‘Mastercard Send’ card-based fund transfer facilities. This user-friendly, two-step fund transfer method can be executed simply by keying in the card number of the recipient and the desired amount, the Bank said. Similarly, the Card-to-Account feature is equally convenient as the sender is require to select the recipient’s bank and then type the account number and amount to conclude the fund transfer. Q+ Payment App has also enabled a favourites tab to store recipient card and account particulars to perform future transactions even more conveniently.

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Quickee shines as Online Brand of the Year at SLIM Brand Excellence 2022

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Quickee, Sri Lanka’s favourite digital marketplace, was awarded Gold in the Online Brand of the Year category at the SLIM Brand Excellence Awards 2022 held recently. This win is attributable to the way the brand transformed itself through Covid-19 amidst many challenges faced to offer an unmatched online shopping experience alongside its own delivery fulfillment service.

Quickee integrates a range of unparalleled products and services that are usually not offered by any other digital commerce platform in Sri Lanka. It has been able to maintain a strong execution capability of its brand promise, with top delivery speeds even during late evenings and after-hours serving any household across the country. Quickee promises a wide array of products and services with the fastest speed for a Sri Lankan online marketplace that delivers until 3 a.m.

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