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Softlogic Life launches ‘Dollar Saver’: Sri Lanka’s first foreign currency insurance solution



Affirming its indelible reputation as Sri Lanka’s fastest growing life insurer, Softlogic Life goes beyond borders with the introduction of a powerful new USD savings life insurance solution, ‘Dollar Saver’ that will be offered to Sri Lankans working and living overseas.

Setting yet another benchmark in the country’s highly competitive insurance sector, the two-year savings plan enables Sri Lankans residing overseas to enjoy a 6.5% guaranteed annual return on their savings in dollars, while also benefiting from a life insurance cover equal to the maturity benefit. Softlogic Life’s Dollar Saver makes its mark in Sri Lanka as a first of its kind solution offered by a life insurance company within the nation. The product will be offered in full accordance with Sri Lanka’s Forex Regulations.

Dollar Saver was launched in a virtual setting signifying the tech-based approach that has been adopted to ensure anytime anywhere take up of this policy. Highlighting the significance of the launch, Chief Guest Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka stated, “To keep Sri Lanka’s growth momentum, it is vital to attract foreign investments and one such key method in which savings can be generated is in the form of insurance and innovative financial instruments. The penetration of the insurance market is important and significant towards driving the country’s economy. I congratulate Softlogic Life on designing this innovative product which will now create a way for Sri Lankans who are working and living overseas to be part of a savings community in Sri Lanka.

Softlogic Life’s Dollar Saver addresses both the protection and investment needs of Sri Lankans domiciled overseas with a foreign income. The product is open for dual citizens as well as Sri Lankan residents who earn income from an overseas source. Customers can start with a minimum of 5,000 USD and go up to a maximum of 100,000 USD with just a one-time premium payment.

“In today’s context, with the competition and what’s going around the world, it is best for companies to evolve. Especially with the pandemic, it is key to evolve with technological advancements. Softlogic Life has always been an early adopter of technology even before the pandemic which has helped the company grow by 43% in the first half of 2021 amidst everything. With a clear advantage over the competition, we were ready to move forward and extend our insurance services to over 2 Mn Sri Lankans living beyond borders while giving an opportunity to bring in more dollars to Sri Lanka,” remarked Ashok Pathirage, Chairman of Softlogic Holdings PLC.

Customers can sign up to the Dollar Saver Plan through Softlogic Life’s highly secure, 100% paperless, digital onboarding process. They are also offered the convenient options of making their premium payments through any credit or debit card that are subject to limits, or fund transfers.

“As Sri Lanka’s fastest growing insurance company with a revenue growth (GWP) of 43% in the first half of 2021 and a 5 year CAGR of 30% which is almost double the industry, we are proud to have launched Sri Lanka’s first ever foreign currency insurance product that combines the elements of protection and investment returns in a meaningful manner. While this product is fully in accordance with the Central Bank forex and other regulatory requirements, the proceeds will be invested in government securities and similar risk instruments avoiding currency exposure to maintain all the liquidity on behalf of our policyholders. We extend a very warm welcome to all Sri Lankans earning a foreign income to join us online with a Dollar Saver policy so that you can earn a guaranteed return on your dollar savings and we can protect everything that is precious to you,” commented Iftikar Ahamed, Managing Director of Softlogic Life Insurance PLC.

Innovation, agility and a strong passion to protect the best interests of Sri Lankans have always lead the agenda for success within Softlogic Life.

These traits have helped the company forge even through the pandemic-induced volatile business environment resiliently because every industry-first initiative Softlogic Life launched was able to truly elevate the lives of many Sri Lankans from various backgrounds. This includes the one-day claim payment process, the disruptive postal and mobile insurance solutions, and more to traverse beyond the norms of the life insurance industry to ensure world-class service standards that secure the safety and wellbeing of their customers.

Softlogic Life is currently ranked third in the life insurance market, known for overtaking much older players with their strong and sustainable growth momentum. Keeping alive its commitment towards enhancing life insurance penetration and quality of lives within the country, the company currently extends their protection to over 1.5 million Sri Lankan lives.

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Money launderers would be brought to justice regardless of social standing – CBSL Governor



Central Bank Governor Ajith Nivard Cabraal

By Steve A. Morrell

Money-laundering and related financial frauds would be intensely investigated and those suspected of such financial crime would be brought to j1ustice regardless of social standing. The law would be enforced stringently on those who engage in these malpractices, Central Bank Governor Ajith Nivard Cabraal said.

The CBSL Governor made these comments in response to questions posed by the press at the media briefing addressed by him on December 4 at CBSL’s Atrium complex. At the head table with Governor Cabraal were Deputy Governor Dr. K.M.M. Siriwardena, Deputy Governor Ms. T.M.J.Y.P. Fernando, Deputy Governor Dr. N.W.G.R.D. Nanayakkara and Deputy Director of the Foreign Remittances Facilitation Department Dr. B.H.P.K. Thilakawardena.

It is of importance that banks have assured the Central Bank that such suspect transactions would be closely monitored. The receipt of large parcels of funds that raise suspicions would be thoroughly probed. Banks would be empowered to investigate the origins of such funds. If valid explanations are not forthcoming as to how such moneys were amassed, action would be taken following intense investigations to bring wrong-doers to justice, the CBSL Governor said.

On the subject of Sri Lankan migrant workers, Cabraal said that the number of workers who departed this year was comparatively low. Some 20,000 left for employment. This figure was nowhere near the annual departure rate. Before the pandemic, about 96, 000 or more Sri Lankan migrant workers were employed in other countries.

Cabraal added:

‘The low worker departure numbers this year meant dollar remittances this year were also low.

‘However, such remittances attracted duty free concessions, which encouraged migrant workers to send back earnings.

‘In exchange rates, the dollar was now Rs.210. This meant that depreciation of the rupee was stalled.

‘Inflation is subjected to global prices of oil, coal and other goods Sri Lanka imports. Based on such international prices, import value of such commodities was beyond the control of the local authorities and did influence the inflation that was experienced by Sri Lanka.

‘Departure to other countries for employment by Sri Lankans was now facilitated to ensure such departures were not stalled in any way because of the importance of forex remittances.

‘There was also now a useful pension scheme in addition to the duty- free allowance; mainly to encourage inward remittances.’

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Alliance Finance expands its sustainability drive through island wide branches



Alliance Finance Dehiattakandiya Branch Donated an Oxygen Concentrator Machine to the Dehiattakandiya Base Hospital on 19th June, 2021

Alliance Finance Co. PLC, (AFC), Sri Lanka’s oldest finance company with over 65 years of expertise in offering affordable and inclusive sustainable finance solutions to empower the nation. AFC has taken a step forward to expand its sustainability drive through its island wide branch network, launching AFC branch sustainability programme, known as the “AFC helping hand” with an aim to help uplift the lives of Sri Lankans and lend a helping hand to the fight against the pandemic. This initiative has several competed projects to date and over 30 project implementations are in progress, despite the challenges from the Covid-19.

The branch network following in the footsteps of AFC, have embraced the opportunity to serve the communities in their respective regions. AFC donated a vast array of medical equipment to hospitals, lending a hand towards the ongoing battle against COVID-19 including formal reliefs to affected clients & staff. To date the company has supported hospitals in Northern, Uva, Eastern, Southern, Western, Sabaragamuwa and North Western Provinces and many projects are progressing in other provinces as well.

Commenting on the AFC helping hand programme, Deputy Chairman and Managing Director Romani de Silva said, “It is with great enthusiasm we embark on these projects to support our own communities. All of the AFC’s branches have rallied behind this programme to fulfil the most pressing needs of their respective locations. We are in the midst of a highly challenging period with the pandemic.”

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Leading Singaporean edtech platform Tutopiya provides Sri Lankan tutors with global teaching opportunities



Tutopiya CEO Nuha Ghouse

Tutopiya, a Singapore-based edtech platform, announced the official launch of its tutor recruitment drive in Sri Lanka. This drive comes at a time when online tuition is necessary amidst the pandemic and social distancing measures across the globe.

Tutopiya works with a network of experienced tutors to bring online tuition to students at home. Tutopiya specialises in teaching international school students from grades 1-12 focusing on the IGCSE and A levels by Cambridge & Pearson Edexcel Examination Boards and the International Baccalaureate (IB).

Nuha Ghouse, CEO of Tutopiya said, “We are excited to launch our tutor recruitment campaign in Sri Lanka and have already seen a lot of interest from tutors looking for global teaching opportunities which are not disrupted by the COVID-19 pandemic. We want to offer students access to quality online education, which is crucial at this point, so we have one of the largest and thoroughly vetted active databases of quality teachers to ensure we provide the highest standard of online tuition.”

A growing interest in global online teaching opportunities

Developed and honed in-house over a three year period, Tutopiya’s proudly owns its advanced web-based platform and mobile app which completely equips tutors to offer a high quality online learning experience with absolute convenience in lesson scheduling, joining and teaching. In addition, tutors are provided with teaching resources and ongoing continuous training and webinar series to ensure the tutors are fully supported and up-to-date with the latest international curricula and the best online teaching techniques.

Tutopiya’s faculty of internationally-qualified subject specialist teachers ensures the students have access to advanced standards of knowledge and skills for every subject offered. Tutors are selectively and privately-screened to ensure that they provide students with the best education possible.

Private live and interactive lessons without leaving home

Through Tutopiya’s advanced mobile app and web-based platform, students and teachers have a range of features which provide a complete solution for online learning – live lessons, practice

assignments, progress tracking, feedback, lesson recordings, to name a few. This makes online learning most effective, efficient and best of all, convenient.

Becoming a Tutor with Tutopiya

If you are someone who is passionate about teaching and would like to work with students from different parts of the world, visit and submit your online application under the ‘become a tutor’ section.

Traditionally, students who enroll in tuition outside of school have to travel to their tutor’s homes or vice versa. However, with more restrictions due to the COVID-19 pandemic, this is not a viable option for many.

By removing the physical barrier, learners and tutors will have more opportunities and chances for exploring new and qualified educators. Tutors can gain a better understanding of each student through one-on-one time. Through this communication, tutors can deliver customised lessons that suit their individual needs and learning styles for the best outcomes.

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