Continuing its support to the Central Bank of Sri Lanka’s (CBSL) initiative to promote cashless digital payments through the LANKAQR promotional campaign, iPay, powered by LOLC, once again came forward to support the recent promotional event held on the 18th of December 2021 at the Kadolkale Ground in the city of Negombo. Mr. Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka, graced the occasion as the Chief Guest. CBSL Assistant Governor Mr. D. Kumaratunge was also amongst the distinguished guests. LOLC Finance PLC Regional Manager, Mr. Dinesh Jayakody and Head of iPay, Mr. Charitha Jayasinghe were also present.
During the event, LOLC Finance carried out a special user and merchant acquiring campaign to promote the habit of digital payments amongst the general public and to experience the convenience of iPay throughout their day to day transactions. This was implemented through three selected LOLC Finance branches in the Southern region. On the day of the event, Mr. Montini Warnakula, Chief Operating Officer of LOLC Finance PLC stated, “The main purpose of executing this awareness plus user and merchant acquiring campaign is to ensure that more and more users and merchants in this part of the country could also start experiencing the convenience of iPay. We believe that this initiative will further bolster the CBSL’s drive to promote digital payments across the nation. As the leading Non-Bank Financial Institution in Sri Lanka (NBFI), we remain committed to supporting this nationwide initiative”.
LANKAQR is a nationwide initiative of the CBSL to ensure all QR codes and QR based transactions in Sri Lanka are standardized and interoperable. LankaClear has been entrusted by CBSL to implement and operate LANKAQR. LANKAQR allows the customer to download a mobile payment application with LANKAQR to their mobile phone and make payments directly using the customer’s bank account. The payment is immediately credited to the businessman’s bank account.
iPay has been built on an architecture that allows easy integration with any system and has been designed with a host of features, giving the user a unique, one of a kind transaction experience. The vibrant and well organized graphical user interface of iPay promises a unique experience whilst carrying out payments. LOLC Finance currently operates as iPay’s merchant acquiring partner. The app includes a host of features designed to securely integrate the customer and merchant ecosystem, making it a true fin-tech platform. (end)
CSE Director Board appoints new chairman
The Chairman of the Colombo Stock Exchange (CSE) Dumith Fernando who has served in this role since July 01, 2020, has informed the Board of his intention to retire by rotation on June 23, 2022 at the conclusion of his current term as a Director. Subsequently, at its regular monthly board meeting held on May 19th, 2022, the Board of the CSE has elected Director Dilshan Wirasekara to succeed Fernando as Chairman with effect from June 24th, 2022. Wirasekara is currently Director and Chief Executive Officer of First Capital Holdings PLC.According to the Articles of Association of the CSE, it’s Chair is chosen from among the five Directors elected by the members of the CSE. The appointment of Wirasekara is in line with the CSE’s normal board succession practice.
The outgoing Chairman Fernando said that “We are very pleased with the advancement of the CSE in the last 2 years. The market has set records across capital raising, trading volumes and participation alongside significant wealth creation for investors. The CSE is also financially stronger than it has ever been, and I am pleased to hand over my role following the institution’s highest-ever profitability and capital reserves position. Credit for this is due to my fellow board members, management and staff as well as all those stakeholders who collaborated with us including our regulator the Securities & Exchange Commission of Sri Lanka and the stock broking and investor communities.”
Commenting on the appointment of his successor, he further stated “I have had the pleasure of serving as a Director with Dilshan for five years where he has been a critical and energetic member of the board. The board and I have full confidence that he will continue to work with all stakeholders to build on our recent efforts to transform into a modern-day multi-product exchange. I look forward to supporting Dilshan over the next few weeks to ensure a smooth transition.”Wirasekara thanked both the outgoing chairman for his leadership of the CSE over the last 2 years and the CSE Board for the confidence placed in him. He further stated, “I hope to continue the good progress at the CSE and look forward to working with the Board and the CSE team together with the regulator and the industry to advance our ambitious capital market development plans.”
SLIM Research Bureau embarks on a mission to promote fair trade in Sri Lanka
As corporates and consumers globally are shifting towards best practices such as sustainability, inclusivity, and most importantly, equality to all, “fairness” has become a significant part of how business and buyer decisions are made.With this in mind, SLIM Research Bureau, the research arm associated with the Sri Lanka Institute of Marketing (SLIM), recently signed an agreement with Fairtrade NAPP at SLIM Home, in aspiration of promoting fair trade and consumption of fairly traded products in the local market of Sri Lanka.Through this collaboration, SLIM Research Bureau and Fairtrade intends to launch a project – named “SRI-PROM” funded by AICS, the Italian Agency for Development Co-operation, and supported by Fairtrade Italy – that aims to contribute to the social and economic strengthening of rural areas in Sri Lanka, through the development of much more profitable eco-sustainable supply chains for small farmers.
Commenting on the partnership, SLIM President Mr. Nuwan Gamage stated: “SLIM is thrilled to enter into this milestone partnership with Fairtrade NAPP to instil globally accepted best practices within the corporate circle that help achieve fair, equitable trade relationships. The project will be the first step in inviting businesses across industries to become a trailblazer that sets an example both in Sri Lanka and around the world. We look forward to expand these efforts further in the days to come.”The modern concept of fair trade refers to the ethical and sustainable sourcing of products, where workers and farmers at the foundational level of supply and value chains are treated fairly. This, in turn, offers consumers a powerful opportunity to reduce poverty through their purchases.
Fairtrade International Programme Consultant for Sri Lanka, Standards Committee Chair, and Oversight Committee Asia-Pacific Representative Mrs. Iresha Sanjeewanie noted: “Fairtrade takes a 360-degree approach to address a number of different issues and developmental challenges faced by small-scale producers and workers. Though Fairtrade Standards are a glum eye-opener into the implications of unfair trade, in a broader sense, it advocates reform-oriented research and pushes to raise the bar in trade.”
Bank of Ceylon sponsors Annual Sand Paving Ceremony at Jaya Sri Maha Bodhi Temple Anuradhapura
Invoking the blessings of the sacred “Jaya Sri Maha Bodhi” situated in the historic city of Anuradhapura, on the country and on all its citizens, for peace, harmony and prosperity, the Bank of Ceylon conducted its annual ceremony of strewing fresh sand which is known as “weli Athirime Pinkama” in “Uda Maluwa” recently.
The ceremony took place with the participation of the Bank’s General Manager K.E.D. Sumanasiri, DGM Corporate and Offshore Banking Priyal Silva, DGM Human Resource Dhamma Wijeyawardhene, DGM Branch operations and Development Banking Nilantha Meneripitiyage, AGM North Central Province Mahinda Bandara, AGM Marketing Aruna Hettiarachchi, AGM North Western Mrs.Ruchindra Perera and other staff members. The event was organized by the Bank’s Assistant General Manager North Central Province (NCP) G.K.G. Mahinda Bandara and staff members of the NCP province with the guidance of the Atamasthanadipathi of Anuradhapura, the Most Venerable Dr. Pallegama Siriniwasa Thero.
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