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LOLC Finance offers Working Capital at the click of a button

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LOLC Finance PLC, Sri Lanka’s Non-Banking Financial Institution (NBFI), announced the unveiling of the Digital Speed Draft, its latest innovation.

Describing the facility as “yet another cutting-edge financial service that provides a high degree of convenience to its customers”, the LOLC Finance Digital Speed Draft is an advancement of the conventional facility that LOLC introduced over a decade ago.

Back then, the product was introduced primarily for raising working capital and for acquiring assets. However, this ground-breaking product which has now been re-introduced by LOLC Finance with a host of added features by linking it with the revolutionary payment aggregator platform, iPay offers unparalleled convenience and speed to customers seeking cash for diverse, urgent requirements, the company said in a press release.

Conrad Dias, Director/Chief Executive Officer of LOLC Finance PLC said, “With the digitalization of the LOLC Finance Speed Draft it will give the customer the opportunity of operating his or her Speed Draft facility from the comfort of their home or business premises where payments to third parties or withdrawals of their own accounts as well as repayments from any bank account is facilitated using the advanced iPay Digital Platform”.

Yanik Fernando, DGM, LOLC Finance East & Uva Region & Product Head of Speed Draft said, “This new product has all the features of any conventional overdraft facility, where the customer could experience firsthand, the flexibility to withdraw and repay whenever he deems it necessary using iPay.

The interest will be calculated on the daily balance. With the increasing trend towards ‘Fintech’ solutions, LOLC is confident that this groundbreaking product will be the most sought after working capital solution in the industry because it has been designed to give optimum convenience to customers who are especially engaged in dynamic MSME (Micro, Small & Medium Enterprises) businesses, he added.

iPay, a unique payment aggregator introduced by LOLC – Sri Lanka’s most valuable and globally diversified financial conglomerate is a simple, easy to use real-time payment platform built on an architecture that allows easy integration with any system. It has been designed with a host of features, giving the user a unique, one of a kind transaction experience.

With LOLC Finance operating as its merchant acquiring partner, iPay which includes a host of features designed to securely integrate the customer and merchant ecosystem, makes it a true Fintech (Financial Technology) platform.

In addition to SME business owners, the new LOLC Finance Speed Draft facility can also be used for various individual needs ranging from acquiring assets such as vehicles and property as well as to raise quick funding for medical emergencies, child education and overseas travel needs.



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Ceylinco Life presents 162 more ‘Pranama’ scholarships at unique virtual ceremony

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Senior Professor Sujeewa Amarasena, Vice Chancellor – University of Ruhuna (top left), Ceylinco Life Managing Director and CEO Thushara Ranasinghe (top centre) and the two young comperes at the virtual edition of the Ceylinco Life ‘Pranama’ scholarships ceremony.

Ceylinco Life recently celebrated the 20th edition of its ‘Pranama’ Scholarships programme with its first ever virtual ceremony to felicitate and reward 162 students who excelled in academic and extracurricular activities with Rs 11.8 million in scholarships.

The certificates, medals, and gifts that usually accompany the scholarships will be physically presented to scholarship recipients individually at branch-level in the first week of August, the life insurance leader said.

The scholarship ceremony videocast via Zoom to beneficiaries and Ceylinco Life staff countrywide commenced with a welcome address by Ceylinco Life Managing Director and CEO Mr Thushara Ranasinghe, and was followed by the keynote address of the Chief Guest, the Vice Chancellor of the University of Ruhuna, Senior Professor Sujeewa Amarasena.

Additionally, a past Pranama Scholarship winner who is now a research engineer Mr Charana Suneth Sonnadara and current scholarship winners and district level first place winners at the GCE Advanced Level J. M. Tharinda Rashmi Bandara Navarathne, Konesamoorthy Akshika and Umesha Amodama Tilakarathna also addressed the audience as part of the ceremony.

Ceylinco Life launched the Pranama scholarships scheme in 2002 recognising the increasing burden on parents to invest money and effort in the education of their children despite the availability of free education in the country. Over the next 19 years the company presented Rs 155 million in scholarships to 2,725 students, and with the 20th round of scholarships presented in 2021 that figure has now reached Rs 167 million and benefited 2,887 young and talented Sri Lankans. Many past Pranama Scholarship winners are now doctors, lawyers, engineers, or in other pivotal positions that contribute to the development of society in a testament to the value of Ceylinco Life’s initiative to motivate future generations of the country.

Ceylinco Life Pranama scholarships are presented to policyholder’s children who achieve the best results in their respective districts at the Year 5 scholarship examination, the GCE Ordinary Level, and the GCE Advanced Level as well as to those who excel at the national level in sports, invention, drama, cultural activities, or display other special skills. The Company also pays special cash awards to policyholder’s children who are placed second, third and fourth at district level at the GCE Advanced Level examinations.

The latest edition of ‘Pranama’ Scholarships rewarded 30 students who excelled at the 2020 Year 5 scholarship examination with Rs 120,000 each, payable in instalments over five years. Another 25 students who excelled at the 2019 G.C.E. Ordinary Level Examinations will receive Rs 84,000, payable monthly over two years, while 25 students placed 1st in their districts at the 2019 G.C.E. Advanced Level examinations will receive scholarships worth Rs 144,000 each, payable over a three-year period. Members of this group are also each entitled to a special reward from Ceylinco Life of a Lenovo IdeaPad D330 device which is a two-in-one detachable Notebook and lightweight tablet, as well as a giftpack including a pen drive, wireless mouse, and Bluetooth speaker, each.

Furthermore, one-time payments of Rs 30,000 each are to be presented to 73 students placed 2nd, 3rd and 4th in their districts at the 2019 GCE Advanced Level examination.

Nine students who have excelled in sports, drama, invention or creative fields in 2019 and 2020 were presented merit awards, each to the value of Rs 35,000.

Additionally, 550 students who are ranked in the top 10 in all three public examinations at a district level will be presented a certificate of appreciation and a gift pack at their respective branches, shortly.

Ranked the ‘Most Valuable Life Insurance Brand’ in Sri Lanka by Brand Finance and voted the ‘Peoples Life Insurance Service Provider of the Year’ for a record 15th consecutive year in 2021, Ceylinco Life has been Sri Lanka’s leading life insurer for more than half of the 33 years it has been in existence. In 2020, the Company was certified as a ‘Great Workplace’ in Sri Lanka by Great Place to Work®, was named the ‘Best Life Insurer in Sri Lanka’ for the seventh consecutive year by World Finance, and accorded an ‘Honourable Mention’ as one of the ‘Most Admired Companies in Sri Lanka’ by the International Chamber of Commerce Sri Lanka (ICCSL) in collaboration with the Chartered Institute of Management Accountants (CIMA), UK.

Ceylinco Life has close to a million lives covered by active policies and is acknowledged as a benchmark in the local insurance sector for innovation, product research and development, customer service, professional development, sustainability, and corporate social responsibility.

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Pan Asia Bank in impressive performance

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Chairman Jayantha S B Rangamuwa and MD/CEO Nimal Tillekeratne of Pan Asia Bank

Pan Asia Banking Corporation PLC reported an impressive performance for the six months period ended 30thJune 2021to report a Pre-Tax Profit of Rs. 1,822Mn and a Post-Tax Profit of Rs. 1,356Mn with growth rates of 27% and 50% respectively, while demonstrating the resilience amidst challenging macro-economic conditions. The Bank’s performance was characterised by strength and resilience despite the heightened uncertainty due to the impact of the COVID-19 pandemic.

Against the backdrop of the COVID-19 impact on the Sri Lankan economy, the Bank’s Operating Profits before VAT on Financial Services reached Rs. 2,245Mn with an increase of 25%reflecting the excellence in core banking performance and the success of cost containment measures evidenced by improvement in all key matrices which now rank among the industry bests. This feat was achieved even after setting aside a sizable provision buffers for the probable deterioration in credit quality due to COVID 19 pandemic.

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Experts from Switzerland conduct knowledge-sharing session on organic agro-ecosystem

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Seen here are the experts (front row) with the audience

A team of experts from Switzerland presently on a 10-day visit in the country conducted an experiential and insightful training session on organic agriculture and ecosystem, a need of the hour for Sri Lanka as it bans chemical fertilizers and pesticides to make a transition from conventional to an organic approach. The event was held at the Baurs’ Fertilizer Factory (CMW) in Kelaniya on August 2 in adherence to strict health and safety guidelines with the presence of PHI officers on-site.

This knowledge sharing session saw the participation of Baurs’ senior management, support staff, fertilizer and plant protection field staff, CMW lab and factory staff, feed millers, invitees from animal health, poultry and biochar segments including INSEE Ecocycle, and special guests from Sunshine Holdings PLC including Binesh Pananwala, CEO of Watawala Plantations PLC.

The event is a part of the expert team’s diverse visit to study the country’s agricultural landscape, an initiative of A. Baur & Co. (Pvt.) Ltd (Baurs). The team of experts is from two of the world’s leading institutes on this topic, namely the Research Institute of Organic Agriculture (FiBL) and School of Agricultural, Forest and Food Sciences (HAFL). They will meet with stakeholders from various key institutions, converse with farmers and other members, and visit numerous sites and facilities across the island.

Rolf Blaser, Managing Director/CEO of A. Baur & Co. (Pvt.) Ltd, in his welcome speech, said ‘We are proud to take a proactive stand on the organic fertilizer challenge. We established dialogue and started this initiative four months ago no sooner the country’s announcement to ban chemical fertilizers and pesticides.’

‘We believe having such a world-class team of experts down here to study and exchange knowledge and resources on the holistic organic agriculture ecosystem is extremely beneficial to the country and sector. Together we will be visiting many sites and facilities in the coming days including key officials, academics and professionals to have an in-depth understanding of the system.’

According to the International Federation of Organic Agriculture Movements (IFOAM), Sri Lanka currently has a 2.5pct share of organic agriculture.

Prof. Dr. Christoph Studer, professor of natural resources management at HAFL, walked the audience through his presentation on the importance of having an agroecological approach. Prof. Studer highlighted the importance of soil fertility management, expressing that the objective is not only providing nutrients to crops but also nurture the soil to make it fit for its diverse tasks such as production and ecosystem services. He also stressed on organic matters, soil life, sustainable use of resources, diverse cropping patterns, nutrients, biofertilizers, among others.

Dr. Jacques G Fuchs, senior scientist in plant pathology and soil quality at FiBL, shared insights on the basics of recycling organic residues, citing that everyone in Switzerland is individually involved with collecting and separating organic waste at home, and that there are a wide range of waste categories. Dr. Fuchs also touches on improving soil fertility, numerous ways of composting practiced in Switzerland from farmers through to industrial plants, including systems for treating bio-waste, various waste that can be composted or treated by anaerobic fermentation, anaerobic degradation process, decomposition and maturation, entire cycle.

Dr. Fuchs shared the entire cycle of the process management from collection of green waste to utilization of the final product, to include concept of organic waste collection, composting, anaerobic fermentation systems, mixture of raw materials, process management, storage of end products.

The event had an interactive Q&A session with all four members of the expert team including Dr. Gurbir S Bhullar, senior scientist in tropical agroecosystems at HAFL, Paul van den Berge, senior consultant at FiBL, followed by a vote thanks by A. Baur & Co. (Pvt.) Ltd Deputy Managing Director/Director- Agriculture Janaka Gunasekera.

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