Business
SLID and EY organize webinar on “Rising from the Pandemic”
The Sri Lanka Institute of Directors (SLID) together with EY organized a webinar titled “Rising from the Pandemic: Challenges, Responses and Learnings” recently to discuss and share insights on the experiences of leading companies and their successful response to the pandemic. Moderated by A. R. Rasiah – Chairman, SLID, the Keynote Speaker at the event was Jonathan Moreno – Chief Strategy Officer, Metro Retail Stores Group Inc., Philippines. Joining him on the panel were top Sri Lankan corporates Hanif Yusoof – Group CEO, Expolanka Holdings PLC, Suren Fernando – CEO, MAS Holdings (Pvt) Ltd and Nalin Karunaratne – Director/CEO, Ceylon Biscuits Ltd and CBL Exports (Pvt) Ltd.
In his keynote address Jonathan Moreno said that the severity of the pandemic can be seen by the ADB conducted survey in Philippines revealing that out of 74,000 firms surveyed, 40% were closed during the pandemic out of which 16% were permanently closed and 78% saying that they have either decreased or stopped staff payments. “In addition to the challenges faced due to quarantine measures, travel restrictions and inadequate tech infrastructure, executive myopia, attitudinal shifts in the workforce, analog mindsets, outdated business models, silo mentality, skills, leadership and capability gaps, transactional relationships with stakeholders, performance management and governance were some of the specific challenges that we faced” and added that Metro Retail responded with strategies to ensure team welfare and security, financial stability, business continuity, moving to scenario-based stress testing, creating new delivery channels, governance, and communication models.
Describing various events in the past which led to strategies being implemented to make the business agile, and lead and think on its feet had helped its successful response to the pandemic, Hanif Yusoof said “as a global organization with a large monthly overhead, our main challenges were the working capital required to keep the system going with potential losses for the next 6 months, health & safety of our employees, and possible delayed payments from customers aggravating the capital requirements” adding that adopting work from home policies and opening hotlines for employee support, involving the Main Board on a weekly basis with management, focusing on the short term when the future is unclear played a critical role in Expolanka’s successful response to the pandemic.
“Amidst many challenges including order cancellations and pushbacks, operational stability, and the large workforce, our approach at MAS in responding to the pandemic was very clear in that our first and foremost concern was to protecting lives and livelihoods of our people which has been our motto and principle. We have set up many top-of-the-line care centers to treat our impacted employees. This employee first strategy has enabled us to build trust and engagement at all levels including at the shopfloor. We also ensured open, honest, quick communication with our customers regarding the impact on their deliveries” said Suren Fernando. He also added that amongst others, the support of the Board including giving management the independence and autonomy to make calls and move on, and digitalization programmes as positive factors in responding successfully to the pandemic.
“With over 6,000 employees, 24-hour manufacturing, 12,000 farmers supplying produce for our manufacturing processes, distributors, and over 150,000 retail outlets who depend on our brands, CBL’s foremost concerns, in our response to the pandemic, lay in ensuring the health & safety of employees, and ensuring food safety & security in fulfilling a large-scale responsibility to the country. We went to the extent of upgrading facilities in hostels where our employees were residing to ensure their health & safety and made certain that we cared for even the families of our employees who were impacted by the virus which enabled us to gain great trust amongst our employees. Furthermore, any changes to the manufacturing facility were done only with the approval and concurrence of the health authorities. We also ensured that our facilities and processes were always in conformance with the SLS and other standards making us ready even for unannounced compliance audits” said Nalin Karunaratne. He added that sticking to the basics and doing the right things, not taking short-cuts even in the most challenging times, and relying on wisdom which overpowers business rationale helped them to successfully face the pandemic.
In his closing remarks, moderator A. R. Rasiah said that the employee first approach including focus on employee health & safety, wellbeing and caring, and livelihood protection which helped to obtain the trust, support, commitment, and cooperation of their people was highlighted by all panelists as the key and foremost strategy that helped them successfully navigate their companies amidst the challenges of the pandemic.
Notes upcoming elections are for the people of Sri Lanka to decide
Puts the questions on Bangladesh and Sri Lanka in one basket
By Sanath Nanayakkare
Sri Lanka needs to allow reforms to continue for a period of time, Julie Kozack, Director of the Communications Department, IMF said on September 12, 2024, according to the transcript of an IMF press briefing.Notably she made this comment while taking questions on Sri Lanka and crisis-hit Bangladesh in combination, during the press conference.
“Okay. Any questions on Sri Lanka or Bangladesh?” she asked, upon which, a questioner posed her the following question.
Question: “I would like to ask about Sri Lanka and whether there is any possibility of reopening the programme negotiations based on the possible results of the September 21 presidential election, and what the elections implications could be for that $3 billion program existing currently with Sri Lanka?”
Julie Kozack: Okay, I’ll start with Sri Lanka. So, just stepping back for a moment. On June 12th of 2024, our Executive Board completed the 2024 Article IV Consultation and the Second Review of the EFF program. That provided the country with access of about $336 million U.S. dollars. Programme performance remains strong. Reform efforts are bearing fruit. Economic growth is starting to revive. Inflation is coming down. Reserves, international reserves are increasing, and revenue mobilization is improving. Nonetheless, important vulnerabilities do remain, and sustaining reform momentum is going to be essential.”
“Regarding some of the specific questions about the presidential elections, first, it’s very important to note, of course, that for the upcoming elections, this is really for the people of Sri Lanka to decide, right. Achieving the programme’s objectives is a key priority to give Sri Lanka a chance to emerge from one of its worst crises in history. As I’ve already noted, a lot of progress has been made, but the country is not out of the woods yet, and it is important to safeguard those hard-won gains,” she said.
Taking the question on Bangladesh she said,” First, I do want to say that we are deeply saddened by the loss of lives and injuries during the recent protests. It was very distressing to hear about those losses of lives. From the IMF side, we are working closely with the interim government. An IMF team will visit Bangladesh in late September for a fact-finding mission and to discuss recent economic developments, and further details about the Staff visit will be communicated in due course.”
“We remain fully committed to working with Bangladesh in support of the people within the context of the IMF program, we will continue to work closely with the authorities to help advance the reform agenda. And, of course, as part of the upcoming mission, the team will be assessing all of the economic developments and any potential financing needs in Bangladesh.”
Says it will revolutionise the financial landscape of Sri Lanka
Intellect Design Arena Ltd, the World’s only Enterprise Grade Financial Technology Leader in Composable and Intelligent solutions for progressive Global Financial Institutions, announces the launch of eMACH.ai tailored specifically for the Sri Lankan financial landscape. With an impressive array of 329 microservices, 535 events and over 1757 APIs, this First Principles Thinking-based Platform enables financial institutions in the Island Nation to build future-ready solutions, providing them with a global competitive edge. The platform keeps a bank’s customer in focus, be it Retail, HNI, SME, or Corporate, and the events in their financial journey, besides taking care of events created by banking operations or generated by regulatory and compliance mandates.
Sri Lanka is at a pivotal point in its digital transformation journey. The launch of eMACH.ai in Sri Lanka comes at a time when fintech innovation is rapidly reshaping the financial services landscape globally. Key trends such as the rise of digital payments, AI-driven banking solutions, Open Banking frameworks, and cloud-based infrastructure are redefining how financial institutions operate across the world. Sri Lanka, too, is witnessing this shift, with a growing focus on digital transformation to improve financial inclusion, streamline operations, and create customer-centric experiences. By investing in cutting-edge technologies, enhancing digital infrastructure, and fostering a conducive regulatory framework, Sri Lankan banks can improve financial inclusion and operational efficiency and attract foreign investments.
eMACH.ai simplifies technology for Sri Lankan banks, empowering them to create solutions that are not just optimised but transformative. Its composable architecture aligns with the financial sector’s future needs, ensuring that banks can meet evolving customer expectations while remaining resilient in the face of rapid technological change. It enables them to develop strategies centered around customer needs, focusing on creating substantial business impacts rather than optimising technology.
Intellect already works with several prominent financial institutions in Sri Lanka, including HDFC Sri Lanka, Regional Development Bank (RDB), Cargills Bank, Commercial Development Bank (CDB), Central Finance, Seylan Bank, and Union Bank of Colombo. These institutions have been at the forefront of adopting digital transformation strategies to enhance their operational efficiency and customer experiences. With the introduction of eMACH.ai, Intellect is poised to strengthen its partnership with several other leading financial institutions in Sri Lanka, helping them deliver innovative financial services to a broader customer base.
With eMACH.ai, the banks and financial institutions in Sri Lanka can now have a global edge. The platform will,
Empower banks with 329 Microservices, 1757 APIs and 535 Events, enabling them to design future-ready technology solutions
Act as a Catalyst for Enterprise Connected Intelligence by signifying the shift with Intellect’s leadership guiding banks to stay ahead
Foster financial innovation and redefine the future of financial technology in the Sri Lankan market, giving the region its global edge
Discover new growth avenues by transforming enterprise with this composable and intelligent open finance platform, elevate experience with iTurmeric, a MACH composable platform and enhance operations with decision-grade intelligence platform, Purple Fabric
Ramanan SV, CEO-India & South Asia of Intellect Design Arena Ltd, expressed his excitement about launching eMACH.ai, stating, “With eMACH.ai, we are not just introducing a platform; we are unlocking the future of banking in Sri Lanka. We aim to empower financial institutions to lead with intelligence, agility, and innovation. Built on First Principles Thinking, eMACH.ai is engineered to transform the entire financial ecosystem—driving transparency, accelerating digital adoption, and fostering resilience. This platform is not only a game-changer for banks but also a catalyst for Sri Lanka’s journey towards becoming a financial powerhouse in the global arena.”
Robust framework adopted by the company to boost its export volumes
Pelwatte Dairy Industries Ltd. has strengthened its commitment to promoting a culture of safety and environmental sustainability. The company has dedicated itself to fostering a safe workplace while ensuring its operations align with both local and international standards for health, safety, and environmental protection.
As part of its overarching safety strategy, Pelwatte Dairy has adopted ISO 45001, the global standard for Occupational Health and Safety (OH&S). This certification establishes a framework to enhance employee safety, reduce workplace risks, and create better, safer working conditions. The main objectives under this standard include promoting a safety culture by encouraging leadership and employee participation, ensuring legal and regulatory compliance with local laws such as the Factory Ordinance and international standards like those from the International Labour Organization (ILO), and preventing workplace injuries through robust risk assessments aimed at achieving a zero-accident environment.
In addition, Pelwatte Dairy Industries highlighted its ongoing efforts to improve environmental performance through the adoption of the ISO 14001 framework. This internationally recognized standard provides a structured approach to managing and reducing environmental impact, enhancing sustainability across the company’s operations. In line with the ISO 14001 objectives, Pelwatte Dairy is committed to preventing harmful environmental impacts through diligent impact assessments. The company integrates sustainable practices across its operations by optimizing resource use, reducing waste, and improving energy efficiency.
The FSSC (Food Safety System Certification) is another critical framework adopted by Pelwatte Dairy, ensuring that all products meet global food safety standards. The company also promotes a culture of continuous improvement in food safety practices through regular assessments and audits, ensuring that their operations consistently meet international standards.
Akmal Wickramanayake, Managing Director of Pelwatte Dairy Industries Ltd., emphasized the need for leadership to take charge in setting safety standards and for employees at all levels to actively participate in creating a safer workplace. “At Pelwatte, we believe that safety is everyone’s responsibility. By encouraging leadership, fostering employee participation, and prioritizing continuous improvement, we aim to embed safety into the core of our operations,” stated Wickramanayake.
“Our goal is simple but critical—zero accidents and a hazard-free environment. Safeguarding the environment is a priority at Pelwatte Dairy, not just for compliance but as a key part of our sustainable growth strategy. As we expand into export markets, maintaining these high standards will ensure we remain competitive globally while upholding our commitment to safety and environmental responsibility. Pelwatte’s commitment to FSSC reinforces consumer and business partner confidence by maintaining the highest levels of food safety and regulatory compliance.”
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