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

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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.



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Business

UN Global Compact Network Sri Lanka amplifies industry leadership

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A UN Global Network Sri Lanka dignitary at the signing event making an address

UN Global Compact Network Sri Lanka is introducing a transformative patron structure for its Working Groups, set to take effect in 2025. This initiative strengthens the Network’s commitment to advancing corporate sustainability by amplifying the leadership of select companies within their respective issue areas. The Memoranda of Understanding (MoUs) were signed on March 20, 2025, at the 80 Club, in the presence of the Network’s Board Members.

Network Sri Lanka’s Working Groups have long provided a platform for businesses to exchange knowledge and drive industry-wide progress on sustainability. With this new structure, leading companies will take on an enhanced role in guiding participants within their Working Groups, offering mentorship, strategic insights, and best practices to drive collective action.

As Patrons, these companies will host events, provide guidance, and shape the direction of their respective Working Groups, ensuring that discussions translate into tangible, scalable solutions aligned with national and global sustainability priorities.

Meet the Patrons and Their Areas of Leadership

MAS Holdings (Pvt) Ltd – Gender & Diversity

MAS Holdings will lead the Gender & Diversity Working Group, championing inclusive business practices, gender equality, and women’s leadership in corporate Sri Lanka.

A. Baur & Co (Pvt) Ltd – Business & Human Rights

A. Baur & Co will lead efforts within the Business & Human Rights Working Group, championing ethical business practices, human rights protections, and responsible corporate conduct.

Talawakelle Tea Estates PLC – Climate Emergency Task Force

Talawakelle Tea Estates will drive action within the Climate Emergency Task Force, supporting businesses in climate change mitigation, adaptation and resilience strategies.

Kelani Valley Plantations PLC – Water & Ocean Stewardship

Kelani Valley Plantations will support the Water & Ocean Stewardship Working Group, focusing on sustainable water management and conservation practices.

Dilmah Ceylon Tea Company PLC – Water & Ocean Stewardship & Sustainable Supply Chain & SME

Dilmah will take on a dual Patron role, sharing its expertise in sustainable supply chains and water stewardship, particularly in global supply chain sustainability and marine biodiversity conservation efforts.

Teejay Lanka PLC – Sustainable Supply Chain & SME

Teejay Lanka will support the Sustainable Supply Chain Working Group, bringing its expertise in ethical sourcing, circularity, and sustainable manufacturing.

“As a steward of A. Baur & Co. (Pvt.) Ltd.’s 127-year legacy, built on ethical governance and the unwavering dedication of our people. Ensuring a living wage is not just a moral imperative, it’s also a smart business strategy. When the employees have the financial security they need, they’re more productive, engaged, and loyal. We recognize that this transformative change cannot be achieved in isolation. By working together with other stakeholders, we can create a ripple effect that benefits everyone. Through our commitment to advocating for a living wage, we aim to inspire broader private sector participation, facilitate the exchange of best practices, and strengthen the ecosystem for equitable economic growth in Sri Lanka.” – Rolf Blaser, Managing Director / CEO, A. Baur & Co. (Pvt.) Ltd.

Network Sri Lanka is the Country Network of the UN Global Compact, mobilizing businesses to integrate sustainability into their core strategies. Through its Working Groups, the Network facilitates peer learning, collaboration, and collective action to drive meaningful change across industries.

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Assetline Finance entity credit rating upgrade highlights strategic growth and stability

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Ashan Nissanka, Director & CEO, Assetline Finance Limited

Assetline Finance Limited (AFL), the flagship company of the Financial Services Cluster of David Pieris Holdings, has received an upgraded entity credit rating from Lanka Rating Agency (LRA) to A with a Positive Outlook, up from its previous rating of A- with a Stable Outlook. This upgrade, along with the improved outlook, reflects AFL’s strong financial fundamentals, sustainable growth trajectory, and the increasing confidence of the market in its long-term stability and performance.

This new rating reflects the Company’s unwavering commitment to prudent financial stewardship, a strong focus on sound risk management practices, and a strategic approach to value creation. During the year, the Company demonstrated steady growth in its asset base, surpassing LKR 50 billion and reinforcing its strong position within the industry. This growth was driven by strategic investments and a disciplined approach to capital management, which has consistently reinforced the Company’s liquidity and financial position. It clearly demonstrates AFL’s operational efficiency and its ability to generate long-term shareholder value.

Commenting on the upgraded rating, Ashan Nissanka, Director & CEO of AFL, stated: “Our favourable rating further positions us to unlock greater opportunities, drive progress, and strengthen stakeholder trust. It is not just a reflection of where we stand today but symbolises our path ahead towards a stronger future.”

Furthermore, the Company maintained a strong and well-managed capital structure, with a capital adequacy ratio significantly above the minimum regulatory requirement. It also successfully secured international funding from the Japan-based ASEAN Women Empowerment Fund (JAWEF), managed by BlueOrchard Finance Ltd., a globally recognized impact investment manager. Securing this funding affirms the Company’s financial resilience and its ongoing commitment to empowering women entrepreneurs. Through its Liyadiriya initiative, the Company continues to improve financial accessibility for rural women, contributing to inclusive economic development.

The Company also expanded its geographical footprint by opening four new branches, increasing its total branch network to 59 and establishing a nationwide presence. This expansion was aimed at broadening the customer base, particularly in underserved areas, to promote financial inclusivity. It aligns with the Company’s strategic intent to support women entrepreneurs across Sri Lanka. Additionally, the Company’s lending focus remains aligned with national priorities, particularly in the renewable energy and SME sectors, which are seen as key drivers of long-term development.

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Sampath Bank partners with COYLE to champion SME growth and entrepreneurship

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Sampath Bank recently formalised a strategic partnership with the Chamber of Young Lankan Entrepreneurs (COYLE) by signing a Memorandum of Understanding (MOU) at its Head Office. This partnership highlights Sampath Bank’s ongoing commitment to promoting innovation, driving business growth, and empowering Sri Lanka’s entrepreneurial ecosystem.

Through this collaboration, Sampath Bank will serve as the official banking partner for the COYLE Awards and the Young Lankan Program, two flagship initiatives that recognise business excellence and nurture emerging leaders. Supporting these initiatives allows the Bank to create a strong pipeline for SME engagement, provide access to tailored financial solutions, and build meaningful relationships with the country’s leading entrepreneurs.

Tharaka Ranwala, Senior Deputy General Manager – Marketing, Customer Care, and Card Centre, Sampath Bank (2nd from L), exchanged the MOU with Suren Chandraratna, Senior Vice Chairman, COYLE (2nd from R), in the presence of Anjali Goonetilake, Senior Manager – Marketing, Sampath Bank (1st from L), and Jayamal Gunaratne, Project Chairman, COYLE (1st from R).

The partnership further positions Sampath Bank at the forefront of SME development in Sri Lanka, distinguishing it as a long-term enabler of entrepreneurial success and a key driver of sustainable economic progress.

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