Business
Mass adoption of National Fuel Pass is testament to Sri Lanka’s digital maturity – FITIS
With great crises comes even greater opportunity for growth, as witnessed in Sri Lanka over the last two months alone. As the country cautiously emerges from the crippling fuel crisis of July, many attribute the quick adoption of the National Fuel Pass QR code system for easing the situation. In a landmark move towards increased digital maturity by the Ministry of Power and Energy -under the leadership of Minister, Kanchana Wijesekera-, on August 1, 2022 Sri Lanka officially commenced the total implementation of the QR code system for fuel rationing for all motorists; simultaneously negating other ineffective manual systems which attempted to overcome the critical challenge previously.
As of September 19, a total of 6,272,385 consumers across the country had registered to receive fuel in this way, with 34,444,886 transactions made island-wide during the seven week period since inception – testament to not just the capacity to problem-solve, but also the practicality, efficiency, and convenience technological platforms can bring.Credit is also due to MillenniumIT ESP, a member of the Digital Services chapter of FITIS, for the successful implementation of the National fuel pass in partnership with Dialog who is a member of the Communication chapter of FITIS, a news release issued on the QR code system said.
‘’Of the nine million smart phone users in Sri Lanka – of which 7.9 million are on social media, six million consumers to date have signed up for the QR code fuel pass system. The success of the system has been reflected in the easing of fuel queues and an increase in accountability at stations, but is also vindication for those calling for increased national tech literacy in a fast-evolving global digital landscape,’’ the release said.
“While QR codes have been put to use previously (in national efforts to contact trace during the height of the COVID-19 pandemic and LankaQR, for instance), this has been its most successful implementation since.”
It explained that when compared to other Asia Pacific emerging markets, Sri Lanka has proven to exhibit strength in connectivity, digital marketing, investment in digital initiatives, as well as the ability to adopt quickly. Market digital transformation in Sri Lanka has been recorded at 36% of the country’s total population, in comparison to India and Bangladesh which has been recorded at around 29% and 28% respectively.
‘’In fact, according to a 2018 McKinsey report titled “Unlocking Sri Lanka’s Digital Capacity,” in an analysis of about 50 Sri Lankan companies across multiple industries, it was found that the country’s overall Digital Quotient score of 35 places it slightly higher than the global median of 33. However, Sri Lanka still lags behind when placed individually against more developed countries, though holding the potential to come up to par with its global counterparts,’’ the release said.
It added that another indication is the country’s quick adoption and move towards cashless, online payment platforms over the past few years. For example, solely through the JustPay (by LankaPay – a member of the Digital Services Chapter of FITIS) payment platform, and in the last 12 months alone, an approximate 13 million transactions have been recorded, together carrying a hefty value totalling LKR 55 billion.
“Other locally implemented digital payment platforms such as WEBXPAY, Orel Pay, PayHere, HelaPay, FriMi, IPay and PayMaster, all members of the Digital Services Chapter of FITIS, have facilitated considerable ease, flexibility, and acceleration in transactions to the country’s citizens by positively transforming the way in which we make and receive payments. Additionally, the endorsement of ride-hailing and grocery-buying apps such as Pickme also attest to the country’s digital readiness,’’ the release said.
“There are various other tech platforms built locally that could make us more efficient and save us time to best use them on most productive activities that could directly contribute towards building a better country for our future generation,” said the Vice president Mr. Omar Sahib Digital Services of FITIS.
The proven capacity of Sri Lanka’s citizens to move forward digitally should form the basis of incentive towards greater digital priorities. However, it is not enough that we merely create platforms that promote digital citizenry. National efforts should also synchronously be taken to explore new approaches and solutions, lay down enabling protective frameworks, and also provide incentives to encourage digital prioritisation across both private and government sectors, the release said.
The Federation of Information Technology Industry Sri Lanka (FITIS) was set up in 1996 with purpose of giving a much-needed focal point for ICT industry in Sri Lanka. Today, FITIS is the apex body of ICT industry in the country covering all major industry segments as Hardware Chapter, Software Chapter, Education Training Chapter, Communication Chapter, Digital Service Chapter, Professional Chapter, Office Automation Chapter and Professional Consultants Chapter.
Business
Global regulators convene in Colombo for key IOSCO enforcement and cooperation discussions
The Securities and Exchange Commission of Sri Lanka (SEC) successfully hosted a series of high-level meetings of the International Organization of Securities Commissions (IOSCO), bringing together leading securities regulators and enforcement officials from around the world to discuss emerging regulatory challenges, strengthen international cooperation, and enhance collective efforts to combat cross-border securities market misconduct.
The meetings, held at the Hilton Colombo from 13 to 16 October 2026, included sessions of the IOSCO Enforcement and Cooperation Committee and its Screening Group (Committee 4/SG), as well as meetings of the Monitoring Group and the Steering Committee. The event attracted approximately 50 senior representatives from securities regulators and exchanges across several jurisdictions, including Australia, Japan, the United States, the United Kingdom, France, Italy, Canada, New Zealand, India, Germany, Belgium, Singapore, China and Spain, reflecting the global significance of the discussions and the growing importance of international regulatory collaboration.
Welcoming delegates to Sri Lanka, Senior Professor D.B.P.H. Dissabandara, Chairman of the SEC, emphasized the critical role of international cooperation in safeguarding market integrity and investor confidence in an increasingly interconnected financial landscape.
“No regulator can effectively address cross-border misconduct in isolation. The speed with which information, transactions and illicit activities can move across borders requires an equally coordinated and timely regulatory response. Strong international cooperation, effective information sharing and mutual trust among regulators are essential to maintaining fair, transparent and resilient capital markets,” he stated.
The discussions focused on a range of enforcement and cooperation matters, including mechanisms for enhancing cross-border information exchange, strengthening investigative collaboration among regulators, addressing increasingly sophisticated forms of securities fraud and market abuse, and promoting the effective implementation of international standards and best practices. Participants also exchanged experiences and insights on emerging enforcement challenges arising from technological developments, digitalization of financial services, and increasingly interconnected global markets.
IOSCO is recognized as the leading international body that brings together the world’s securities regulators and serves as the global standard setter for securities regulation. Through its policy work and cooperative initiatives, IOSCO plays a central role in promoting investor protection, ensuring that markets are fair, efficient and transparent, reducing systemic risk, and strengthening confidence in capital markets worldwide.
Sri Lanka has maintained a strong and active relationship with IOSCO for more than three decades. The SEC became an Ordinary Member of IOSCO in 1993 and has been a signatory to the IOSCO Multilateral Memorandum of Understanding (MMoU) since 2004. The MMoU is the internationally recognised benchmark for cooperation and information sharing among securities regulators and serves as a critical tool in facilitating cross-border investigations and enforcement actions.
Business
Pan Asia Bank partners Ideal Motors to offer leasing solutions
Pan Asia Bank recently entered into a one-year Memorandum of Understanding (MOU) with Ideal Motors (Pvt) Ltd, creating a new financing avenue for customers purchasing vehicles from the authorised Mahindra dealer. The strategic partnership will enable customers of Ideal Motors to access leasing facilities from Pan Asia Bank, making vehicle financing more convenient while supporting their mobility and business requirements. The agreement also provides an opportunity for the Bank to expand its leasing portfolio and strengthen its presence in Sri Lanka’s vehicle financing market.
Ideal Motors is the authorised dealer for the Mahindra vehicle range in Sri Lanka, including the Mahindra Bolero CPU Truck and Scorpio Jeep/Pickup. The vehicles cater to a range of requirements, from commercial and business applications to personal mobility, making accessible financing an important part of the purchasing decision.
The Bank’s vehicle leasing facilities are designed to simplify the financing process, with convenient repayment options and professional support to help customers select a solution suited to their requirements. For customers, the arrangement brings vehicle selection and financing closer together, reducing the need to navigate the two processes separately.
“Our partnership with Ideal Motors enables us to bring financing closer to customers at the point of vehicle purchase. We remain focused on providing convenient and flexible leasing solutions that support both personal mobility and the needs of businesses,” said Naleen Edirisinghe, Director/CEO of Pan Asia Bank.
Pan Asia Bank and Ideal Motors will work closely during the one-year partnership to maximise business opportunities and deliver a seamless financing experience to customers. The collaboration is expected to strengthen both organisations’ ability to respond to demand for commercial and personal vehicles while creating greater value for customers.
Yohan Ebell, Head of Retail Credit, Pan Asia Bank, said: “Through this partnership, we aim to make vehicle financing simpler and more accessible, with leasing solutions designed to meet the varied requirements of Ideal Motors’ customers.”
The collaboration also reflects Pan Asia Bank’s commitment to building partnerships that make financial services more accessible and responsive to the needs of individuals and businesses.
Pan Asia Bank has established a growing presence in vehicle financing, offering leasing solutions designed around customer convenience and flexibility. Its leasing proposition is supported by a nationwide branch network and a customer-focused approach, enabling customers to obtain guidance on financing options while completing their vehicle purchase.
Business
Heritance Hotels and Resorts secures four wins at World Travel Awards 2026
Heritance Hotels and Resorts has secured four distinguished titles at the World Travel Awards 2026, with three national awards recognising its Sri Lankan properties and an international title for Heritance Aarah in the Maldives.
The three Sri Lankan titles recognise Heritance Tea Factory as Sri Lanka’s Leading Heritage Hotel 2026, Heritance Ahungalla as Sri Lanka’s Leading Luxury Hotel 2026, and Heritance Kandalama as Sri Lanka’s Leading Wedding Hotel 2026. Heritance Aarah was named the Indian Ocean’s Leading All-Inclusive Resort 2026.
Internationally recognised within the global travel and tourism industry, the World Travel Awards celebrate excellence across hotels, resorts, and destinations. Recognition at this level affirms the quality, distinctiveness, and consistency of the experiences delivered by Heritance Hotels and Resorts.
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