Sampath WePay presents first Man of the Match Award digitally at Sri Lanka vs South Africa series
Sampath Bank became the first bank in Sri Lanka to present a Man of the Match award digitally at a cricket match, giving away a prize purse of Rs.300,000 through its widely popular digital wallet, Sampath WePay, at the recently held first ODI of South Africa’s tour of Sri Lanka.
Sri Lanka’s Avishka Fernando, who was adjudged the Man of the Match, received this sum through an electronic fund transfer made in real time, using Sampath WePay during the presentation ceremony.
This is quite possibly the first instance of a digital transfer such as this being done by a bank for a Man of the Match award, anywhere in the world.
Sampath Bank is the co-sponsor of South Africa’s tour of Sri Lanka. As part of the partnership, the Bank is sponsoring the Man of the Match award prize money and digitally transferring the sum to the award winners through Sampath WePay. Furthermore, the bank has also invited all Sri Lankans to predict the Man of the Match in each of the games in the series and stand a chance to win exciting cricket memorabilia.
This initiative is part of Sampath Bank’s continued efforts to raise greater awareness about digital payment solutions like Sampath WePay and drive the adoption of the same in line with the Government and the Central Bank of Sri Lanka’s vision for digital payments.
“At Sampath Bank, we share the nation’s passion for the game of cricket. As a bank that has been committed to offering innovative digital payment solutions such as Sampath WePay, we view the sport as a great vehicle to engage and educate all Sri Lankans about digital payments and their added significance during this global pandemic. Hence, it is our privilege to be the first bank in Sri Lanka, and possibly the world, to present the Man of the Match award prize money digitally, through Sampath WePay,” said Tharaka Ranwala, Senior DGM – Operations / Group Chief Marketing Officer, Sampath Bank PLC. “Going beyond digitizing the Man of the Match purse, we are also inviting cricket fans around the island to predict the Man of the Match winners for each game and stand a chance to win cricket memorabilia. As part of our efforts to add greater value to the nation and present its future, we will continue to transform the nation’s financial services landscape with more such innovative solutions.”
Cabinet approves rationalization of VAT exemptions and abolition of SVAT System
The Cabinet of Ministers granted concurrence to the resolution forwarded by the Minister of Finance, Economic Stabilization and National Policies to remove most of the releases from Value Added Tax (VAT), further retaining releases that ease the pressure on low – income families to secure the fundamental sectors of the economy as well as the releases for sectors such as education, health and agriculture, as well as to revise the provisions applicable for the Value Added Tax (VAT) act so that the Simplified Value Added Tax (SVAT) methodology can be canceled with effect from 01.01.2024 by introducing a more formal methodology for repaying the Value Added Tax (VAT) and to instruct the Legal Draftsman to prepare a draft bill for the purpose.
Venora Lanka Power Panels to set up assembly plant in Australia
By Hiran H.Senewiratne
Sri Lanka- based, export- oriented manufacturer, Venora Lanka Power Panels (Pvt) Ltd, with a state of the art electric panel factory at the Export Processing Zone, Biyagama, will set up an assembly plant in Australia.
“Once we set up the electric panel assembly plant in Australia, we will export all our panels from Sri Lanka and that plant will do 30 percent value addition to the product to supply that market, the company’s chairman/ Managing Director, engineer Sagara Gunawardena told The Island Financial Review.
Gunawardena said that the company is a value- addition assembly plant and he would be investing AUS $ 2 million for the project to be set up in Melbourne and hire 100 engineers and other professionals. He explained that the venture has enormous potential.
Venora Lanka provides power panels to mega projects in Sri Lanka and exports to Bangladesh, Maldives, Kenya, Ethiopia, Seychelles and Myanmar. Panel assembling is strictly in compliance with IEC 61439 standards, it was explained.
Gunawardena added: ‘I firmly believe that, being a truly customer focused organization, every employee and every process in the organization has to be aligned behind delighting customers. Therefore, at a time when the country is facing a major dollar crisis, my company would be aiming at bringing dollars into the country, while providing employment for local professionals, especially engineers.
‘At Venora Lanka we do not try to change customers’ mindsets. Instead, we take time to understand what they really want and focus our brand on delivering that. Venora is values- driven first and cost- driven second – creating a unique brand proposition.
‘Since the US dollar rate has come down, it is our concern that importers and suppliers do not change their prices, which is really affecting the manufacturing sector.
Company sources added: ‘The company has several wings of operation, such as local and overseas projects, switch board assembling, telecommunication infrastructure installations, earthing, lighting and surge protection, incorporating world renowned brands.
‘Venora Lanka Power Panels is the first Sri Lankan company to receive the licence, in accordance with the UK Trade Mark Act 1994, to use the trade mark “Best Enterprise”. It won a global award at the event, ‘Golden Awards for Quality and Business Prestige’, held in Geneva, Switzerland, in 2015.
‘Within a short span of time, with the perfect blend of progressive thinking and expertise, Venora Group has expanded to consist of, Venora International Projects, Venora Telecom, Venora Industrial Solutions and Venora Lanka Power Panels (BOI approved). Further, Venora has established its overseas presence through Venora Engineering Kenya and Venora Engineering Myanmar.’
Share market moves into positive territory; indices up
By Hiran H. Senewiratne
CSE trading got off to a positive note yesterday but during the last session of the day the momentum slowed. However, the market is now moving towards positive territory following the Central Bank announcement of a downward trend in interest rates, market analysts said.
Amid those developments the market witnesses improvements in both indices and in the turnover.
The All- Share Price Index up by 12.8 points and S and P SL 20 rose by 6.97 points. Turnover stood at Rs 710 million with one crossing. The crossing was reported in JKH which crossed 430,000 shares to the tune of Rs 60.2 million; its shares traded at Rs 140.
In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 212 million (1.5 million shares traded), Access Engineering Rs 44.7 million ( three million shares traded), Lanka IOC Rs 34.5 million (264,000 shares traded), Browns Investments Rs 28.6 million (5.3 million shares traded), LOLC Finance Rs 23.8 million (4.7 million shares traded), Capital Alliance Rs 22.9 million (615,000 shares traded) and First Capital Holdings Rs 19.2 million (574,000 shares traded). During the day the 31.4 million shares volumes changed hands in 9000 transactions.
Yesterday, the Central Bank’s US dollar buying rate was Rs 285.16 and the selling rate Rs 298.85.
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