Connect with us

Business

Implementing a mobile application ‘SL- Remit’ to facilitate foreign remittances

Published

on

The Central Bank of Sri Lanka (CBSL) had appointed a Working Committee to study and suggest new remittance channels for Sri Lanka and to make recommendations on reducing the cost of remitting money, having identified the need to introduce new and low cost remittance channels with the objective of increasing the inflows of foreign remittances while discouraging the use of informal channels.

The Working Committee comprised experienced professionals from Bank of Ceylon, People’s Bank, Sampath Bank PLC, Commercial Bank of Ceylon PLC, Hatton National Bank PLC, The Hongkong and Shanghai Banking Corporation Limited, Cargills Bank Ltd, Dialog Axiata PLC, Mobitel (Pvt) Ltd and CBSL.

The Working Committee has proposed the implementation of a National Remittance Mobile Application titled “SL-Remit” to attract more remittances to Sri Lanka with features such as self registration of users, the ability to link to global money transfer operators & global FinTechs to facilitate remittances from any country, instant fund transfer to any bank account/mobile wallet in Sri Lanka.

In addition, the application would include value-added services such as direct bill payments, attractive foreign exchange rates and low transaction fees. CBSL will now implement the “SL-Remit” mobile application with the assistance of stakeholders, including the Ministry of Finance, Ministry of Foreign Affairs, Sri Lanka Banks’ Association, Sri Lanka Bureau of Foreign Employment and LankaClear (Pvt) Ltd.



Business

SL’s apparel sector seen as placed in jeopardy by US’ 30% reciprocal tariff

Published

on

The announcement of a 30% reciprocal tariff by the U.S., scheduled to take effect from 1st August 2025, has raised significant concern within Sri Lanka’s apparel industry. As one of the country’s largest export earners, the sector relies heavily on access to the U.S. market, and such a steep increase threatens to erode competitiveness, particularly when compared to regional peers.

JAAF notes that Vietnam has already concluded its negotiations and now faces a 20% tariff, while Bangladesh, though at 35%, has already begun negotiations with the U.S. to secure a reduction. India’s position remains under discussion, but early signals suggest it may receive a more favorable rate than Sri Lanka. In all likelihood Cambodia, another competitor with a tariff rate marginally higher than Sri Lanka will also be negotiating for a reduction.

“If the 30% tariff stands, we risk seeing a migration of U.S. buyers to lower-tariff countries,” JAAF warned. “We strongly urge the Government to continue active engagement with the U.S. Trade Representative (USTR) to secure a better deal for Sri Lanka.”

The reduction from 44 to 30% is a recognition of the good faith with which Sri Lanka has been having its dialogue with USTR and JAAF is encouraged by the Government’s comments today indicating that negotiations with USTR will continue with a sense of urgency ahead of the 1st August deadline when the 30% will become effective. JAAF further stressed that a diplomatic resolution is vital to safeguarding jobs, sustaining market share, and reinforcing Sri Lanka’s position as a trusted partner in global apparel supply chains.

Continue Reading

Business

Technomedics adds three new members to the Board of Directors

Published

on

Technomedics, a leader in healthcare technology in Sri Lanka, proudly announces the appointment of Meval Srilal, Chanaka Weerawardena and Rajeeva Wimalawickrama to its Board of Directors, effective from the 1st of April 2025. The appointments reflect the company’s commitment to strengthening its leadership and laying the foundation for a bold, futuristic strategic vision.

Mevan Srilal has been with Technomedics for 25-years and first joined the company as a Sales Engineer. His consistent performance saw him rise to the role of Chief Operating Officer and ultimately Executive Director. Srilal has played an integral role in expanding the company’s product portfolio and its entry into new markets. He is an Electronics Engineering graduate from University of Hull (UK). His engineering background underscores the unique fusion of technical expertise and business acumen he brings to the board.

Another respected figure from within Technomedics, is Chanaka Weerawardena, who has been with the company for 19-years. After joining the company as a Marketing Manager in 2003, he advanced though the ranks to become Chief Operating Officer in 2017 and was appointed Executive Director. Chanka brings with him a strong foundation in marketing and business strategy, and he holds an MBA from the University of Ballarat, Australia, and is a Fellow member of the Sri Lanka Marketing Institute.

The third new addition to the Board of Directors is Rajeeva Wimalawickrama, who has over 30-years in diverse industries including apparel, plantations, leisure, and healthcare. He joined Technomedics as Deputy General Manager of Finance in and was appointed Chief Financial Officer thereafter. Eventually he went on to become Executive Director in 2022. Over the years Rajeeva has been a central figure in shaping the company’s financial growth and stability. He is a Fellow of the Institute of Chartered Accountants of Sri Lanka, the Association of Accounting Technicians and the Certified Management Accountants of Sri Lanka and member of the Association of Chartered Certified Accountants. He holds an MBA from the University of South Queensland, Australia. Rajeeva also a Board member of JF&I Packaging (Pvt) Limited a subsidiary of Technomedics.

Continue Reading

Business

The Colombo Rubber Traders’ Association chairman calls for firm retention of all-inclusive freight regulation to safeguard national competitiveness and export integrity

Published

on

In a decisive show of unity and resolve, the Colombo Rubber Traders’ Association (CRTA) Chairman Harin de Silva today extended the Association’s unprecedented support to the continued enforcement of the all-inclusive freight regulation first introduced in 2013, calling on the Government of Sri Lanka to uphold the regulation in the face of renewed lobbying efforts to dismantle it.

He warned that repealing the law would threaten transparency, distort freight pricing, and severely undermine the competitiveness of Sri Lanka’s vital export sector. He further stated that revoking the regulation would reintroduce hidden surcharges—once numbering up to 44 separate fees—leading to anti-competitive practices, price distortions, and an eventual transfer of costs to the end consumer.

The all-inclusive freight regulation, introduced via Gazette in 2013 under the administration of then-President Mahinda Rajapaksa, was the culmination of nearly two decades of advocacy led by trade and shipping councils. The regulation mandates that all freight charges, including terminal handling charges (THC), must be transparently bundled into a single, negotiated freight rate, eliminating ambiguity and arbitrary pricing.

The CRTA, representing one of Sri Lanka’s Natural Rubber sector, reiterated that freight costs form a critical component of pricing competitiveness in international markets. “Our members depend on clear, predictable logistics costs to price their products competitively. Without the regulation, we risk returning to a dark period where exporters were blindsided by opaque, un-negotiated charges that stripped away margins and undermined buyer confidence,” said Harin de Silva.

He further added that dismantling the regulation would be especially damaging for small exporters, who lack the bargaining power to challenge freight agents or foreign buyers offloading costs onto them. He called for structured consultation with industry players before any legislative change. Policy must be made with insight from those directly affected and not anyone else!

The Colombo Rubber Traders’ Association fully endorses the continued enforcement of the all-inclusive freight and calls upon the Government to firmly reject attempts to dismantle the regulation. As a leading voice of one of the country’s legacy export sectors, the CRTA stresses that transparency in freight pricing is essential not only to protect exporters but to uphold national credibility in international trade.

“We urge the Government to recognize that this is not merely a technical rule—it is a safeguard against exploitation, a pillar of fair trade, and a protector of Sri Lankan competitiveness,” the Association stated.

“The freight regulation must be defended—not just for today’s traders, but for the future of Sri Lanka’s export economy. We stand united with our peers in the logistics, apparel, and export communities in saying: this law must stand.”

Continue Reading

Trending