Business
Seylan Bank partners with STAREMIT to facilitate convenient remittances for Sri Lankans in South Korea

Seylan Bank, the Bank with a Heart announced its partnership with South Korea’s STAREMIT, enabling a convenient real-time money transfer option for Sri Lankans in South Korea. The partnership comes at the opportune time when many Sri Lankan expatriates have chosen to send money to Sri Lanka to support the nation, and Seylan Bank’s dedicated remittance opportunity makes it safe and affordable to transfer funds into the country.
Expatriate Sri Lankans can use the STAREMIT app to conveniently carry out transactions 24/7 through a smart device, for a “ZERO fee” until the 30th of November 2021, incurring no commission costs from either party, when remitting funds to or through Seylan Bank. Senders will be able to leverage on competitive exchange rates, and receive an additional Rs. 2 above the rate for every dollar remitted. The exchange takes place in real-time, with money credited to any bank account in Sri Lanka.
“At a time when foreign exchange inflows are invaluable to the country, Seylan Bank is proud to be able to provide convenient and affordable options for Sri Lankans living overseas to make their remittances. The partnership with STAREMIT opens up our facilities for the many Sri Lankans working in South Korea, to safely send money to their loved ones back at home. As the Bank with a Heart, we will continue to grow strategic partnerships with financial institutions worldwide, to provide the best service to our customers.” stated Malik Wickramanayake, Deputy General Manager – Operations Seylan Bank.
STAREMIT joins the strong lineup of international remittances partners of Seylan Bank, through whom the Bank facilitates convenient remittance services for Sri Lankans living and working abroad. As a customer-centric bank, Seylan focuses on overseas Sri Lankans and their loved ones’ back home, providing the most on their transactions with multiple added benefits. Seylan invites its valued customers to experience the unparalleled remittance services provided by the bank, ensuring the best benefits through their many inward remittance partners including Seycash, RIA, Western Union, Transfast, Instant Cash, Unistream, Cash Express, Speed Send, Intel Express, Placid Express to name a few.
For more information on the platform and its services please visit www.seylan.lk or WhatsApp the Seylan Bank 24/7 hotline on +94 772008888.
Seylan Bank, the Bank with a Heart, operates with a vision to offer the ultimate banking experience to its valued customers through cutting-edge technology, innovative products, and best-in-class services. The Bank has a growing clientele of SMEs, Retail and Corporate Customers, and has expanded its footprint with 172 branches, 70 Cash Deposit Machines, 86 Cheque Deposit Machines and an ATM network of 216 units across the country. Seylan Bank has been endorsed as a financially stable organization with performance excellence across the board by Fitch Ratings, with the bank’s national long-term rating revised to ‘A’ (lka). The bank was ranked second among public listed companies for transparency in corporate reporting by Transparency Global and is now part of the S&P Dow Jones SL 20 Index. These achievements are a testament to Seylan Bank’s financial stability and unwavering dedication to ensuring excellence across all aspects.
Business
National Trade Facilitation Committee Secretariat to be established

In an effort to accelerate trade facilitation commitments and bolster the business landscape in Sri Lanka, a high-level review of the National Trade Facilitation Committee (NTFC) was conducted at the Presidential Secretariat on Wednesday (7).
The review focused on assessing the progress of trade facilitation commitments and scrutinizing the performance of the NTFC Secretariat. The private sector also voiced their views on expediting actions to ensure the completion of measures ahead of the projected timeline of 2025-2030.
In order to streamline compliance and optimize performance, several directives were issued during the meeting. Firstly, it was decided to establish the NTFC Secretariat under the supervision of the Ministry of Finance. Secondly, immediate measures to be taken to address the staffing requirements of the Secretariat and lastly, the budget allocated for the NTFC Secretariat in 2023, currently under the Department of Customs, was to be transferred to the Ministry of Finance to prioritize pending actions such as the development of the NTFC website and progress reporting system.
During the meeting, deliberations took place concerning the proposed National Single Window, a system aimed at simplifying and expediting trade processes. The participants agreed to expedite the submission of the proposal in a sequential manner to ensure its swift implementation.
Business
PM discusses ADB future projects in Sri Lanka with ADB DG and new Country Director

Asian Development Bank’s (ADB) Director General for South Asia Kenichi Yokoyama and newly appointed Country Director Takafumi Kadono held discussions with Prime Minister Dinesh Gunawardena on Thursday (June 8) at the Temple Trees in Colombo.
The Prime Minister, while welcoming the new Director General thanked the outgoing DG, Chen Chen for the support extended to Sri Lanka during the height of Covid pandemic and the economic crisis. He thanked the ADB for extending short term, immediate contingency support which has helped Sri Lankan economy to recover from the unprecedented crisis within a short period of time. ADB loan funds amounting to USD 380 mn were targeted for enhancing fiscal space and efficient public financial management system as well as strengthening the SME sector with access to finance. Further USD 250 mn was obtained as budgetary support to develop Capital Market.
The Prime Minister made a special mention about ADB’s US$ 333 million emergency assistance to support import of essential items such as fertilizer, medicines and chemicals for water treatment, working capital support to SMEs, and cash transfer to most poor and vulnerable to mitigate the impact of economic crisis.
ADB Director General for South Asia Keinichi Yokohoma, praised the recovery made by Sri Lankan economy and briefed the Prime Minister about the ADB’s mid-term and long-term projects for economic progress and infrastructure development.
Business
ADB provides Sri Lanka access to concessional financing to facilitate sustained and inclusive recovery

Low interest -rate financing broadens country’s options to bridge urgent development financing needs
ADB support now comes in concessional and market-based financing, technical assistance, policy advice, and knowledge solutions
The Asian Development Bank (ADB) has approved the eligibility of Sri Lanka to access concessional financing. The availability of concessional assistance, offered at low interest rates, broadens Sri Lanka’s options to bridge its urgent development financing needs to restore economic stability and deliver essential services, particularly to the poor and vulnerable.
Eligibility for concessional resources among the developing member countries of ADB is based on gross national income per capita and creditworthiness. ADB’s decision was considered based on a request from the Government of Sri Lanka in view of the severe and unprecedented economic crisis that has reversed hard-won development gains.
“ADB is committed to further enhancing its support for the people of Sri Lanka as the country responds to this deep crisis that has severely undermined their livelihoods and well-being,” said ADB Director General for South Asia Kenichi Yokoyama. “The availability of concessional assistance will help Sri Lanka to lay the foundation for economic recovery and sustained, inclusive growth.”
Sri Lanka is now eligible for ADB support including concessional and market-based financing, technical assistance, policy advice, and knowledge solutions that together comprise a comprehensive suite of options to address the crisis. Access to concessional financing will also ease debt servicing pressures through more favorable lending terms.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
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