Business

Question of ‘data privacy’ looms large in govt’s DPI strategy

Published

11 months ago

2025/02/10

BIMSTEC Digital Conclave 2025. Dr. Hans Wijayasuriya, Chief Advisor to the President on Digital Economy- second from left and High Commissioner of India, Santosh Jha - fifth from left

Hans Wijayasuriya tries to get the elephant out of the room

By Sanath Nanayakkare

As the government of Sri Lanka accelerates its digital public infrastructure (DPI) strategy, the question of data privacy looms large.

The Chief Advisor to the President on Digital Economy, Dr.Hans Wijayasuriya, stepped in to address this critical issue head-on, in a recent keynote at the BIMSTEC Digital Conclave 2025 held at Taj Samudra, Colombo on February 7-8.

Wijayasuriya emphasized the need for robust data protection frameworks to ensure public trust in digital initiatives as the collection and use of personal data may raise significant ethical and legal questions in Sri Lanka.

Dr. Wijayasuriya advocated for a balanced approach, combining innovation with stringent privacy safeguards, at a time the public in Sri Lanka is split down the middle on the implementation of Digital Public Infrastructure (DPI), and rolling out bio-metric digital ID to provide many key government services online, with the support of tech companies in foreign countries.

Furthermore, the Public Digital Conferences being held in Colombo these days with the participation of foreign players are likely to result in policy action and implementation on the ground at any point in time.

In these circumstances, his insights served as a timely reminder that data privacy is not just a technical challenge, but a cornerstone of sustainable digital transformation.

Taking a question from the moderator at the Conclave whether DPI would compromise the security interests of the Sovereign he said,” I think the question of Sovereignty’s security comes second because fundamental security and control assemblies come first. And this can be subject to proportionate assessment of risk and granular data in use. Different types of data need different treatments in terms of risk mitigation. So, what we strive for is ‘risk proportional safeguards’ plus federated digital platforms with a focus on privacy and data control by not centralizing user information on one single platform. We should have a very well-architectured system to ensure internal and sovereignty-related security in the transferring of data. Sri Lanka has a Data Protection Act in force. Sri Lanka also has a Data Protection Authority in place.This means there is a strong legal framework as well as an institutional framework to implement the mechanisms for data protection. Looking at the cross-border scenario, sovereignty interests are critical, and therefore, we will adhere to the principles based on the categorization of data. Let me add another point about Application Programming Interfaces (APIs). When an additional API is opened to enable seamless integration and automation between different staking platforms and applications, the demand for security escalates. That is the nature of this exercise. If we are to benefit from open architecture systems, we need to consider these issues and build robust systems to mitigate the risks,” he explained.

“There are many layers which lend themselves to integration and the extension of horizontal layers. We should look at multiple dimensions for citizen-centric services without compromising on national security. Also, we will look at businesses in a cross-border angle and in an inclusion angle, where business to business (B2B) interfaces can especially boost trade volumes and transactions in the region,” he said.

High Commissioner of India Santosh Jha speaking at the Conclave said,” “India has over the past decade or so undergone a digital transformation at an unprecedented pace and scale, with unparalleled benefits to all sections of the society. At a time when mobile and data access were seen globally as a convenience, India adopted a model that envisioned digitization not only as a means of connectivity – but as a medium of equity and opportunity. And that to me is the essence of Digital Public Infrastructure.”

Responding to a question from The Island Financial Review as to which foreign companies in which countries would get the contract awards, Eranga Weerarathna, Dep. Minister of Digital Economy replied,” We will explore working with local tech companies. We will also need to outsource foreign collaboration in this exercise to leapfrog in DPI. Wherever we see value, we will work with foreign companies while ensuring the protection of very sensitive data.”

During the networking time, a local ICT expert was overheard saying, ‘The elephant is out of the room, and policymakers need to address it.'”

On Feb. 5, key officials of the United Nations Development Programme (UNDP) and Asian Development Bank took part in the Sri Lanka Digital Public Infrastructure (DPI) Summit held in Colombo where they pledged support to Sri Lanka to become a digital economy powerhouse in the region. The Ministry of Digital Economy had put together that two-day summit in partnership with the UNDP in Sri Lanka, the ADB and key collaborators including Huawei.

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Business

New policy framework for stock market deposits seen as a boon for companies

Published

5 hours ago

2026/01/14

Sahan Weerasooriya

Eardly Kern: ‘CSE experiencing strong revival

The government’s new policy framework to allocate a maximum interest rate for stock market deposits would pave the way for companies and investors to plan their future business activities, a senior stockbroker said.

‘Accordingly, the Colombo Stock Exchange (CSE) has entered a period of strong revival, supported by economic stabilization and rising investor confidence while significant market reforms would support the new policy framework on interest, Assistant Vice President Softlogic Stockbrokers, Eardly Kern, told The Island Financial Review.

He said that the imposition of maximum interest rates for stock market deposits would prevent the interest rates from moving upwards, thus paving the way for investors to invest in stocks with a lot of confidence.

Kern added: ‘The CSE outlook would provide expanding opportunities for investors as Sri Lanka positions itself for market-led investor platforms.

‘Improving macro fundamentals, such as lower interest rates, rising corporate earnings and historically attractive valuations, have been key catalysts in driving investment into the equities market.

‘These tailwinds, together with ongoing economic reforms, have helped re-establish confidence among both local and foreign investors.

‘Over the past two years, the number of CDS accounts has surpassed 949,000, with digital on-boarding through the CSE mobile app driving the latest surge.

‘Further, foreign inflows for 2024 amounted to USD 66.5 million, while Rs 175 billion was raised through capital market activity, including 16 new listings. With a target of 20 IPOs on the horizon, the CSE anticipates several new companies entering the market by early 2026.

‘The All Share Price Index (ASPI) delivered an impressive 49.7 percent return in 2024, ranking the CSE as the second-best performing market in Asia for the year. By November 2025, the index had risen a further 45.65 percent amounting to an extraordinary two-year return of approximately 95 percent.

‘The S&P SL20 Index recorded a parallel recovery, gaining 58.5 percent in 2024 and 31.84 percent so far in 2025.

‘ Despite the rally, the CSE continues to trade below its 10-year average PER and valuations remain significantly more attractive than in regional markets, such as, India, Malaysia, Vietnam, and China.

‘ Turnover has surged to Rs 1.06 trillion in 2025 (as of mid-November), nearly doubling the figure recorded in 2024. Market capitalization grew 34 percent n 2024, despite only around 40,000 active investors capturing most of the gains—highlighting the potential for broader participation.

‘ Corporate earnings have also strengthened markedly. After generating Rs 686 billion in earnings during 2024—a 50% year-on-year increase—listed entities are projected to deliver between Rs 775–800 billion in 2025. Earnings for the first half of 2025 have already grown 57 percent year-on-year.’

By Hiran H Senewiratne

Business

Dialog reinforces commitment to heritage through Kelaniya Duruthu Festival

Published

5 hours ago

2026/01/14

Sahan Weerasooriya

Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, has reinforced its enduring commitment to preserving national culture by sponsoring the Kelaniya Duruthu Festival, aligning long standing patronage with purposeful community engagement to honour religious heritage, support cultural continuity, and strengthen shared values.

The annual Kelaniya Duruthu Festival, one of Sri Lanka’s most significant religious and cultural observances, was held on 8th, 9th and 11th January 2026, marking a congregation of thousands of devotees and visitors at the historic Kelaniya Raja Maha Vihara. As a long-term patron, Dialog continues to provide sponsorship support, enabling the seamless organisation of the festival while uplifting traditions deeply rooted in the nation’s cultural identity.

Through its continued support of the Kelaniya Duruthu Festival, Dialog underscores its role as a responsible corporate citizen dedicated to safeguarding Sri Lanka’s cultural and religious heritage for future generations. This commitment is further reflected in Dialog’s long-term patronage of national events such as the Kandy Esala Perahara, Nawam Maha Perahara at Gangaramaya, Katharagama Esala Perahara and Gatabaru Esala Perahara. Complementing these efforts, Dialog has also undertaken heritage preservation initiatives including the construction of the vestibule at Dimbulagala Aranya Senasanaya, the launch of a website and directory of Amarapura Maha Nikaya Temples, and the restoration of the Anuradhapura Maha Vihara Sannipatha Shalawa.

Business

Sri Lanka launches its first-ever Smart Bus Ticketing System

Published

5 hours ago

2026/01/14

Sahan Weerasooriya

Advancing public transport with digital bus ticketing — CBA, in partnership with SLTB and Nimbus Venture.

A National Breakthrough in Public Transport Digitalization Powered by Ceylon Business Appliances with Nimbus Ventures.

Sri Lanka has taken a historic step forward with the launch of its first Smart Bus Ticketing System, enabling passengers to pay fares using contactless cards, digital wallets, and QR payments. This advancement places the country among global leaders in smart mobility.

The initiative was made possible through collaboration with the Government of Sri Lanka, leading banking partners, and the technology leadership of Ceylon Business Appliances (CBA) and Nimbus Ventures, who serve as the Technology, Software, Hardware, and Operational Partners behind the nation’s first Open Loop Transit Payment System.

For decades, CBA has been at the forefront of Sri Lanka’s digital transformation efforts—bringing modern, global-standard technologies that have strengthened the nation’s digital infrastructure.

Speaking to the media at the launch, Sardha Fernando, Managing Director of CBA, stated:

“This is not just a ticketing upgrade—it is a complete digital evolution of public transport in Sri Lanka. For years, CBA has been committed to introducing advanced technologies to the country, and today, we are proud to bring a globally recognized, secure, and seamless smart transit solution to our people. With every tap, we are enabling convenience, transparency, and a more connected future for all Sri Lankans.”

He added:

“This milestone reflects our ongoing mission: to help build a digitally empowered Sri Lanka that is ready to embrace the technologies shaping the world.”

‘Ruwath Fernando, CEO/Director of CBA, highlighted:

“This project demonstrates that Sri Lanka is ready to adopt and operate on par with global smart mobility technologies. Our commitment has always been to bring the world’s best software systems and innovations into Sri Lanka—solutions that are secure, scalable, and built to international standards.”

He continued:

“By introducing a state-of-the-art open-loop transit payment platform, we are proving that Sri Lanka can not only embrace but also successfully operate advanced digital ecosystems. This is a defining moment in positioning the country as a technology-proof nation prepared to trial and adopt global digital advancements.”

CBA extends heartfelt congratulations to the banking partners who trusted this vision—

Sampath Bank, Commercial Bank, Bank of Ceylon, People’s Bank, and DFCC Bank— on the successful launch of their new ticketing application.

This application integrates seamlessly with the PAX A910S ticketing device, powered by a robust CBA– Nimbus ventures software solution, engineered for scale, reliability, and national deployment..