Business
SDB bank’s new paperless customer onboarding process to offer personal finance and entrepreneurial conveniences

Further advancing their continuous program of digital transformation, SDB bank is set to introduce an all-new paperless onboarding process in mid-February. This follows the bank’s implementation of a lean, e- signature system for customer loan agreements in late-2020.
SDB bank’s paperless customer onboarding effort will replace their current customer onboarding process which is fully paper-based. The use of digital technology in this key process across the bank’s 94 branches islandwide promises a host of new benefits to their extensive personal customer base, proudly covering people belonging to all walks of life with both small-scale entrepreneurial and personal finance requirements.
The initiative will afford numerous conveniences and create an improved experience for both customers and staff. The integration of digital technology into the customer onboarding process is parallelly set to enhance efficiency across the bank, improve accuracy of data, offer greater internal controls, plus reduce the cost per customer.
Each of these advantages to the bank, as part of their digitalization of internal processes, will allow them to facilitate a smooth, modern onboarding experience for all their customers, regardless of where they may be. Whether out in the paddy field, at a construction site, a factory, or anywhere else, the facility allows for anytime, anywhere convenient customer onboarding without the requirement of the customer’s physical presence at the bank. This further strengthens the bank’s reputation as a provider of world-class banking facilities not only in city locales and to high-net-worth individuals, but equally to out-of-Colombo, low & middle income customers.
As such, SDB bank’s paperless onboarding system is expected to boost personal banking numbers in far-off locales along with signing on of customers displaying small-scale entrepreneurial needs in these areas, ensuring they are connected to the national economy and offering numerous banking conveniences to uplift their entrepreneurial efforts.
Through their emphasis on digital innovation across both internal and external aspects of their banking operation, SDB bank has continued to gain recognition as a digital pacesetter in local banking and a key facilitator of national development, particularly through the modern banking conveniences offered to small-scale entrepreneurs in uplifting the national economy.
Business
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.
Business
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.’
Business
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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