Business
IFS Sri Lanka’s operations seen as ‘incredibly robust’; 75 % of R&D taking place in Colombo
By Hiran H.Senewiratne
Seventy five per cent of the Research and Development (R&D) work of the global cloud enterprise software company, IFS, is being done in Colombo and its Sri Lanka operations are incredibly robust, IFS Chief Executive Officer Darren Roos said.
“Over the past five years, our employee base in Sri Lanka has almost tripled since 2017 to over 5000 and it will further increase by around 400 this year. We will also continue to invest in our business in Sri Lanka, Rood said in Colombo recently at a function held at the Hotel Shangri La, Colombo to celebrate IFS’ 25 years of operations in Sri Lanka.
Roos added: ‘IFS Sri Lanka is IFS ‘s most extensive R&D center outside of Sweden and supports functions across Finance, Procurement, Marketing, Global Customer Support, Cloud Operations, Consulting and IFS Labs.
‘Today IFS Sri Lanka is a powerhouse in the local ICT industry, accounting for around 40 per cent of IFS’s global staff. Over the last 25 years, the company has generated more than 5,000 employment opportunities for Sri Lankans, helping to shape the future of many industry professionals.
‘Since its beginnings in 1997, with just 26 employees in a two- roomed office in Colombo 03, IFS has made major investments in the workforce and community, becoming the second largest technology employer in the country. At present over 5000 employees are working in the Sri Lanka office, which was a great team with great talents and could compete with any country in the world.
‘The Sri Lankan team has played a critical role in providing IFS with the organizational support and agility needed to achieve its growth.
‘The team’s contribution to our success and company culture is felt throughout the organization because it supports so many of IFS’s working processes from R&D to HR, Marketing, Support and more.
‘At a time when Sri Lanka’s ICT industry is developing, IFS saw an opportunity to set up its innovation hub in the Asian region due to the country’s excellent technology talent. Sri Lanka is now an integral part of IFS’s international success, with close to 80% of global product support services and 60 per cent of the global product development of IFS being facilitated out of Colombo.
‘IFS Sri Lanka also manages the South Asia Customer Organization, which offers services and support for IFS Cloud.’
IFS Executive Vice President & Chief Operating Officer Ranil Rajapakse, who is an original IFS Sri Lanka employee, said that 25 years ago, IFS was virtually unknown in Sri Lanka, but today people recognize it as a well-respected technology big-hitter and a force to be reckoned with in the industry.
‘IFS has also taken bold steps to improve living standards and break the poverty cycle in Sri Lanka through the IFS Foundation, having invested in a series of projects in partnership with local communities in remote and rural areas, he said.
Business
SEC renews partnership with the University of Jaffna to empower future capital market professionals
The Securities and Exchange Commission of Sri Lanka (SEC) renewed its Memorandum of Understanding (MoU) with the University of Jaffna, strengthening its commitment to developing the next generation of capital market professionals.
The partnership with the University of Jaffna began in 2009, as part of the SEC’s broader initiative to collaborate with national universities in 2008. This has been instrumental in bridging academia and the capital markets industry. The latest renewal reinforces this collaboration, ensuring undergraduates continue to benefit from a robust platform for academic and professional growth.
The renewed MoU continues to offer a range of benefits to undergraduates, including academic recognitions such as gold medals and cash awards for excellence in capital market-related subjects, opportunities for research grants in the field, and enhanced industry exposure through internships and hands-on learning experiences facilitated by the SEC.
The revised MoU was formally signed with the participation of key representatives from the University and the SEC. Tushara Jayaratne, Deputy Director General of the SEC, represented the Commission, while University of Jaffna was represented by its Vice Chancellor, Prof. Sivakolundu Srisatkunarajah, Prof. N. Kengatharan, Dean of the faculty of Management Studies and Commerce and Prof. Lingesiya Kengatharan, Head of Department of Financial Management.
The SEC continues its mission to expand partnerships with other national universities, emphasizing its dedication to creating professional opportunities for students across the country. Through initiatives like these, the SEC aims to inspire a new generation of forward-thinking professionals, fostering academic excellence and driving innovation in Sri Lanka’s capital market.
Sales professionals from Sri Lanka Insurance Corporation General Ltd (SLICGL) converged at the Head Office on 11th November 2024, to compete in the grand final round of the General Insurance Quiz Competition 2024 and awards ceremony. The eagerly anticipated annual event hosted by SLICGL celebrates knowledge, teamwork and competitive spirit among its sales force across all its regional offices. The competition comprised regional and inter-regional rounds, culminating in an exciting final witnessed by the Chairman, Group CEO, COO, and other top management of the company, adding further prestige to the event. The Eastern Regional Team emerged triumphant as Champions while the Man of the Match was awarded to S.A.W.M. Sathurusinghe, representing the Western 3 Region.
Sampath Bank has once again reinforced its unwavering support for Sri Lanka’s export community by renewing its partnership with the National Chamber of Exporters (NCE) for the 32nd Annual Export Awards. This significant milestone reflects the Bank’s long-standing commitment to empowering the nation’s exporters through tailored financial solutions, fostering ethical trading practices, and driving sustainable economic growth.
The official signing ceremony, held at the Sampath Bank Head Office, was attended by senior representatives from both organisations. This partnership emphasises Sampath Bank’s role as a trusted financial ally to exporters, with plans to support key NCE-led initiatives, including the much-anticipated Annual Export Awards on 6th December 2024.
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