Banking

April 19, 2024

The Commercial Bank of Ceylon has announced the integration of the Department of Commerce (DOC) with ‘ComBank Digital’ enabling online payments for services via LankaPay.

As a result, businesses or individuals can now make secure real-time online payments for services such as registration of exporters, issuance of certificates of origin and other facilities offered by the Department of Commerce.

The online payment option can be accessed on www.combankdigital.com and its iOS, Android or Huawei mobile applications. The platform is secured with industry-level security standards to provide a convenient, swift and safe digital banking experience to users wherever they are, the Bank said.

Customers simply have to login to the platform and select the ‘Bill payment’ section on the platform, select ‘Department of Commerce’ and make their payments. Once a payment has been successfully completed, the customer can download a cyber-receipt as payment confirmation.

As this is a paperless process that does not require customers to visit a bank branch or the Department of Commerce office, it further contributes to the sustainability initiatives of the Bank and enables customers to be more environment-friendly, the Bank said.

“The addition of the Department of Commerce to the ComBank Digital platform is just one step in our roadmap of updates and features, which are designed to offer seamless and personalised banking experiences for our Retail, SME and Corporate customers,” Commercial Bank’s Assistant General Manager – Digital Banking Mr Pradeep Banduwansa said. “With more than a million users already on the platform, these updates can make a very tangible contribution not only in terms of convenience but in encouraging pro-planet practices.”

ComBank Digital already enables payments to government authorities such as the Import and Export Control Department (IECD), the Inland Revenue Department (IRD), Sri Lanka Ports Authority (SLPA) for cargo, vessel, and entry permit payments, Sri Lanka Customs, Employees Provident Fund (EPF), Employees Trust Fund (ETF), Board of Investment of Sri Lanka (BOI), and the Sri Lanka Standards Institution (SLSI). These payments are routed through the LankaPay Online Payment Platform (LPPOP).

ComBank Digital is known as one of the top five financial apps in use in Sri Lanka, and was launched in 2020. The app has undergone numerous enhancements, and is now enabled for the Bank’s business clientele too. Positioned as Commercial Bank’s single omni-channel digital banking platform, it is powered by Fiserv, the US-based global provider of financial services technology.

Commercial Bank is the largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World. The Bank operates a strategically-located network of branches and 964 automated machines in Sri Lanka, is the largest lender to Sri Lanka’s SME sector, and is a leader in digital innovation in the country’s Banking sector. Commercial Bank has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.

April 19, 2024

DFCC Junior – the exciting children’s savings account from DFCC Bank – recently launched e-gift Vouchers as part of its benefits scheme in partnership with thyaga.lk, Sri Lanka’s largest electronic gift voucher platform. A special event was held recently to mark the launch of e-Vouchers, which add an innovative new way for DFCC Junior accountholders to claim their rewards, in addition to physical gifts and gift vouchers, value credit schemes and DFCC Junior Rewards. DFCC Bank’s partnership with thyaga.lk is aligned with the bank’s commitment to pioneering sustainable solutions that address customer requirements effectively.

Accordingly, DFCC Junior Accountholders can now enjoy their gifts and rewards through 110+ merchants across a range of categories on thyaga.lk, including supermarkets, fashion, food, accessories, adventure, automobile, baby items, books, and stationery, cinemas, electronics, fitness, florists, games, groceries, homeware, hospitals, hotels, medical services, opticians, personal care, pharmacies, and consumable goods.

April 19, 2024

Program focused on Colombo and Northwest regions
HNB TXB platform highlighted to assist businesses with seamless financial control

Sri Lanka’s leading private sector bank, HNB PLC, recently reaffirmed its commitment towards empowering MSMEs (medium, small and micro enterprises) with an awareness program on financial control and scaling their businesses.

Centred around their ground-breaking digital transaction banking platform, HNB TXB, the session educated the participants on how the platform could help them work towards seamless and efficient financial control, and subsequently how they could manage their payments, cash flow, and even tap into global trade.

“At HNB, we recognize the vital role SMEs play in driving economic growth, and we are committed to providing them with the tools and support they need to thrive in today’s digital landscape. SMEs are the backbone of our economy, and we as a nation would be remiss if we did not facilitate their growth, which is synonymous to the growth of the country’s economy. To that effect, aiming to empower SMEs with the latest digital banking technology is one of the things we strive for through HNB TXB platform, enabling them to streamline their financial operations and unlock new opportunities for growth and success,” said Rajive Dissanayake HNB DGM SME & Microfinance.

The bank also introduced the steps it is taking to ensure the HNB TXB on-boarding process is as frictionless and simple as possible. They offered pre-filled documentation, which requires only verification and a final sign-off to be activated.

Designed by the Bank’s Payment & Cash Management team to be the ultimate digital banking companion for businesses, HNB TXB enables enterprises of any size to gain complete visibility and management over payments, cash management, global trade, value-chain financing, treasury and settlements of foreign currency transactions. Built to international standards, and customizable to the needs of any business, TXB is capable of scaling up to fulfil any transaction banking requirement, all within a single, reliable, easy-to-use platform.

With 256 customer centres, HNB is one of Sri Lanka’s largest, most technologically innovative private banks. In addition to being among the Top 10 Best Corporate Citizens at their 14th time being honoured by the CCC BCCSA, HNB was also ranked Best Retail Bank in Sri Lanka for the 14th year at the Asian Banker Global Excellence in Retail Financial Services Awards 2024, as well as Best Service in Trade Finance (Asia Banks), Market Leader in Trade Finance (Asia Banks), and Best SME Bank at Asiamoney Awards 2023.

Furthermore, the Bank solidified its reputation in the sector by securing four prestigious awards at the renowned Euromoney Awards for Excellence in 2024, including being crowned as Best Market Leader in Trade Financial Services and receiving Best Service in Trade Financial Services in both Overall and Domestic categories.

April 18, 2024

Visa, the global payment solutions company, honoured Commercial Bank of Ceylon for ‘Excellence in Launch of Affluent and Mass Corporate Card Variants’ at a Visa Commercial Solutions Client Forum in Colombo recently, in recognition of the Bank’s commitment to the introduction of Visa’s Corporate Card series in the local market.

The Visa Commercial Solutions Excellence award was presented by Visa Country Manager for Sri Lanka and Maldives Ms Avanthi Colambage and was accepted on behalf of the Bank by Deputy General Manager – Corporate Banking Miss Tamara Bernard.

Visa’s Head of Commercial and Money Movement Solutions – India and South Asia Ms Shruti Gupta and Head of Visa B2B Connect – Asia Pacific Mr Qinwen Xiao were among the senior representatives from Visa at the event, while Commercial Bank’s representation included the Bank’s Assistant General Manager – Corporate Banking Mr Sidath Pananwala, Senior Manager Card Centre Mr Asanka Krishan and officers of the Card Centre and Corporate Banking Department.

Commercial Bank recently launched Visa Signature and Visa Platinum Corporate Credit Cards in Sri Lanka for employees of corporates and other business entities. This new product enables corporates to manage expenses of employees, and the card is linked to a corporate credit card account of each company. These cards can be used by employees of corporates to pay anywhere in the world for travel, entertainment and other expenses authorised by their respective companies, and the Visa Signature Corporate Credit Cards also offer their users complimentary benefits such as lounge access at international airports, and other travel-related support.

Commercial Bank cards are the market leader in Sri Lanka. The Bank offers global credit card brands in the Silver, Gold and Platinum tiers and a variety of cards in the premium segment. The cards are equipped with ‘Tap ’n Go’ NFC technology and are backed by a strong NFC Point-of-Sale (POS) network. ComBank Cards offer an exciting array of promotions and offers across all categories and also offer the Max Loyalty Rewards scheme for selected card categories covering both credit and debit cards.

Visa (NYSE: V) is the global leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Visa’s mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. The Company believes that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement.

April 18, 2024

17 April 2024, Colombo: Seylan Cards reaffirms its dedication to empowering customers through education by announcing its partnership with the British Council. Seylan Cards has introduced exclusive 0% instalment plans for 12 months, specifically tailored for IELTS and other educational courses provided by the British Council. This initiative aims to facilitate access to quality education for individuals seeking to enhance their skills and opportunities.

This initiative underscores Seylan Bank’s dedication to supporting the aspirations of the youth and facilitating access to quality education, Cardholders can now easily convert their payments into manageable interest free instalments by contacting the call centre at 011 200 888. This offer extends to a maximum conversion of Rs. 1 million and is valid for all courses conducted by the British Council until December 31.

Commenting on the collaboration, Ruchith Liyanage, Head of Cards at Seylan Bank, emphasised the bank’s commitment to nurturing the younger generations. “Seylan Cards identifies the heartfelt essentials of the people and caters to them. Through this partnership with the British Council, we aim to support the educational pursuits of our customers and empower them to achieve their dreams.”

Orlando Edwards, Country Director of the British Council, echoed this sentiment, stating, “This partnership makes British Council offerings even more accessible, empowering the youth to chase their dreams and achieve their ambitions. We are excited to collaborate with Seylan Bank in facilitating this opportunity for students in Sri Lanka.”

The British Council Sri Lanka aims to build bridges of trust and understanding among people worldwide. With a comprehensive support system in place, including the Education Agents and Counsellors Hub, the British Council facilitates the growing interest in the UK as a preferred international study destination.

For more information on the 0% instalment plans and course offerings by the British Council, interested individuals are encouraged to contact the Seylan Cards hotline at 011 200 88 88.

April 18, 2024

DFCC Bank successfully launches online acceptance of the leading card scheme, UnionPay International (UPI). The partnership between DFCC Bank, UPI and Bancstac further enhances DFCC Bank’s Internet Payment Gateway Services (IPGS).

“DFCC Bank is committed to delivering convenient, ease-of-use, secure and cost-effective payment acceptance methods to support our customers towards achieving their business goals,” said Denver Lewis, Vice President, and Head of Card Centre at DFCC Bank, as he explained the strategic benefits of the partnership with UPI and Bancstac. “We aim to be the payment solution of choice for Sri Lankan businesses by helping them reach a significant new international customer base that otherwise would not be available to them, who prefer to pay for goods and services with their UnionPay debit, credit and pre-paid charge cards.”
Merchants can seamlessly integrate DFCC Bank’s IPGS into their website, mobile app, and other e-commerce platforms while creating a frictionless and secure digital payment experience. Additional value-added services available through DFCC Bank’s IPGS include merchant-branded payment pages, encrypted tokenization for recurring payments, e-commerce plugins, APIs for bulk payment processing, and e-payment links. Merchants will also receive access to an online administration portal, through which they can easily access transaction reports and manage other advanced payment features, such as creating transaction rules customized to business needs to help manage risk and reduce fraud.
Head of UnionPay International South Asia, Hu Binghan, added, “We are delighted to continue to support and help accelerate card-not-present UPI 3DS 2.0 acceptance capabilities for all our scheme members, including DFCC Bank. We see digital payments continue to grow rapidly to represent an increasing proportion of overall transaction volumes across the region. We are pleased with our strategic technology partner, Bancstac. We cannot speak highly enough about their proven technology, professionalism, reliability, and their team’s ability to consistently achieve speedy turn-key integrations with complex core banking systems for our valued scheme members. Bancstac is UPI’s technology partner certified to provide bank-grade 3DS 2.0 MPI server solutions with direct endpoint connection to our card scheme.”
Commenting on the partnership, Evan Lau, CEO at Bancstac, said, “It is with great pride that we are delivering payment innovations, and connecting the world’s largest card scheme, to one of the oldest banks in Sri Lanka with a rich history spanning over 68 years. Bancstac is committed to supporting its strong partnership with DFCC Bank. Looking forward to the near future, we are excited to be nearing completion of the development of DFCC Bank’s IPGS to display dynamic QR codes for all global apps that can scan UnionPay QR. This capability will enable cross-border bank-to-bank settlements from international third-party bank accounts to domestic merchant accounts approved by DFCC Bank.

April 18, 2024

Top investment banker Sharhan Muhseen and financial services professional Raja Senanayake to lead the Board of country’s largest private sector bank

Commercial Bank of Ceylon PLC has announced the appointment of top international investment banker Mr Sharhan Muhseen as Chairman, and financial services professional Mr Raja Senanayake as Deputy Chairman, effective Monday, 22^ndApril 2024.

Mr Muhseen, previously Deputy Chairman of the Bank, succeeds Prof. Ananda Jayawardane as Chairman upon the latter’s retirement, and Mr Senanayake, a non-executive director, fills the vacancy created by Mr Muhseen’s elevation to the position of Chairman of the Bank.

Mr Sharhan Muhseen is a senior Investment Banker with extensive experience in the areas of Mergers and Acquisitions, Corporate Finance and Capital Markets. He has served in senior capacities working with company boards and senior leadership teams of financial institutions across Asia to help drive their Strategic Corporate Agendas and Roadmaps. He previously worked in best-in-class global investment banks, Credit Suisse, Bank of America Merrill Lynch and JPMorgan in leading regional coverage roles. He was also an Associate Director of Deloitte.

Mr Muhseen’s most immediate previous role was as Managing Director, Head of South East Asia Financial Institutions Group (FIG) and Head of Asia Insurance at Credit Suisse based in Singapore. In his Investment Banking career spanning over 20 years, Mr Muhseen has completed landmark mergers and capital raising transactions in excess of USD 100 billion. The Asia FIG sectors team at Merrill Lynch and Credit Suisse has won the “FIG Asia House of the Year” awards from the Asset magazine for several years under his leadership. Multiple transactions he led have been awarded as best country deals and best financial sector capital raise transactions.

Mr Muhseen is credited with several leading research reports including reports on Banking sector efficiency, currency depreciation and budget deficit in his role as Head of Sri Lanka Banking Sector Research Coverage and Lead Economist at Jardine Flemming. He has also worked at Standard Chartered Bank in the Corporate Banking Division, where he started out as a Management Trainee and at Rodman and Renshaw Stock and Commodities Broker based in Chicago. He has also acted as senior advisor for TPG and BNP Paribas.

He has experience at the policy level, working as a Team Leader at the National Council for Economic Development (NCED) under the Ministry of Finance as well as a Director at the Task Force to Rebuild the Nation (TAFREN), the Presidential Task Force for rebuilding the economy after the 2004 Tsunami.

Mr Muhseen holds a Masters in Economics from the University of Colombo and a Bachelor of Business Administration (Hons) from Western Michigan University. He has completed the Corporate Finance training program with JPMorgan in New York and board leadership training from the Singapore Management University.

An independent non-executive director of Commercial Bank since September 2020, Mr Raja Senanayake is a Fellow Member of CA Sri Lanka with over 30 years of post-qualifying experience and holds a B.Com (Special) degree from the University of Sri Jayewardenepura and a Postgraduate Diploma in Business Management from the PIM of the University of Sri Jayewardenepura. He has also undergone training on banking and finance with Euromoney and on general management with the National University of Singapore.

Having completed his articles at Ernst & Young and qualifying as a Chartered Accountant, Mr Senanayake joined Singer Industries (Ceylon) PLC in 1991 as the Financial Accountant and moved on to Commercial Bank as the Senior Manager Finance in 1994. In January 2004, Mr Senanayake assumed the role of Assistant General Manager (Finance & Planning) of the Bank and held this position until February 2007. He joined Nations Trust Bank PLC in March 2007 as its Chief Financial Officer. He was also a non-executive director of CBC Finance Ltd., a fully owned subsidiary of Commercial Bank.

Mr Senanayake currently serves as the Chairman of Senkadagala Finance PLC, where he has been an independent/non-executive Director since April 2017. He is a Director of Virtual Capital Technologies (Pvt) Ltd., a software development company that caters to the New Zealand and the Australian markets, since August 2017. He is also an Advisor to Unicorn Hatch Limited, a SaaS AI-powered applications builder incorporated in New Zealand, with effect from March 2024. Presently he works at Smart Media – The Annual Report Company, and currently heads the Smart Academy, an IFRS Accredited Training Partner.

Mr Senanayake is passionate about and possesses extensive domain knowledge on the financial services industry, financial management and corporate reporting in particular, including aspects such as risk management, capital management, corporate governance, compliance, sustainability and integrated reporting.

The largest private sector bank in Sri Lanka, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the country’s first 100% carbon neutral bank, Commercial Bank operates a strategically-located network of branches and 964 automated machines island-wide, and is the largest lender to Sri Lanka’s SME sector. Commercial Bank has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.

April 18, 2024

DFCC Bank, a pioneering financial institution that empowers women through financial inclusion, proudly supported the prestigious WCIC Prathibhabhisheka Women Entrepreneur Awards 2023 as the Diamond Sponsor and Banking Partner recently. This partnership underscores DFCC Bank’s unwavering commitment to nurturing entrepreneurship and innovation, particularly the pivotal role of women in Sri Lanka’s economic landscape. The Awards Ceremony was successfully held recently amidst plenty of glitz and glamour, providing a platform of recognition for inspirational women entrepreneurs in Sri Lanka and across the SAARC region.

The Women’s Chamber of Industry and Commerce (WCIC) is the apex body supporting and representing women entrepreneurs and professional businesswomen in Sri Lanka. The WCIC Prathibasheka Awards, organised by the Women’s Chamber of Industry and Commerce (WCIC), aims to recognise and celebrate the achievements of outstanding Female entrepreneurs in Sri Lanka. DFCC Bank’s ALOKA association as the Banking Partner further strengthened the event’s credibility and provided valuable support to the nominees and winners. DFCC Bank’s support for the event went beyond financial assistance and included knowledge sharing with the nominees and winners, enabling them to obtain professional advice and access bespoke financial solutions. This initiative embodies DFCC Bank’s commitment to fostering an inclusive business ecosystem conducive to sustainable growth. The event also served as a powerful platform for networking, creating invaluable opportunities for future collaborations and business ventures, thus reinforcing the bank’s dedication to sustainable development and economic prosperity in Sri Lanka.

Commenting on the partnership, the CEO of DFCC Bank, Thimal Perera, said, “Our partnership with the WCIC Prathibhabhisheka Awards symbolises our deep-rooted commitment towards empowering women entrepreneurs across Sri Lanka. As we celebrate the remarkable women recognised on this platform, we are reminded of the essential role women play in our economy and society. Our support for initiatives such as this reflects our belief in the need for a more inclusive, sustainable future where every woman has the opportunity to achieve her potential. This need is also reflected across our service propositions and broader efforts to facilitate financial independence and prosperity among women. On behalf of DFCC Bank, I take this opportunity to congratulate all the winners of WCIC Prathibhabhisheka and appreciate all women who are striving to make a real difference.”

By aligning with the WCIC Prathibhabhisheka Awards, DFCC Bank celebrated the exceptional talents and achievements of women entrepreneurs across various sectors and spotlighted the importance of diversity and inclusion in propelling economic advancement. This is further reflected in DFCC Bank’s empowering, female-centric banking proposition, DFCC Aloka, which continues to promote financial literacy and inclusivity among women. Tailored to cater to the unique needs of women at different stages of life, DFCC Aloka is an ideal solution for every woman’s journey towards financial independence and prosperity.

April 9, 2024

Sri Lanka’s leading private sector retail bank, HNB PLC, announced two strategic additions to its Board of Directors with the appointment of distinguished banking industry luminaries, S. Renganathan and Nanda Fernando as Independent Non-Executive Directors, marking a significant enhancement to the Bank’s governance and strategic direction.

Both Renganathan and Fernando possess over four decades of experience and extensive track-records as transformative leaders in the banking industry. Renganathan is the former Managing Director/CEO of Commercial Bank of Ceylon PLC, where he was renowned for spearheading international acquisitions and expansions. Previously he has also served as a Director of the Lanka Financial Services Bureau Limited and the Sri Lanka Banks’ Association (Guarantee) Limited.

He has also served as a Council Member of the Employers Federation of Ceylon, Executive member of the Council for Business with Britain, Vice Chairman of the International Chamber of Commerce Sri Lanka, and Executive Member of the Ceylon Chamber of Commerce. Renganathan currently serves as a Member of the International Chamber of Commerce Sri Lanka Policy Advocacy Committee, Sri Lanka Institute of Directors and the Vice President of the Sri Lanka India Society.

He is also an Independent Non-Executive Director at Sunshine Holdings PLC, Sunshine Healthcare Ltd., Agility Innovations (PVT) Ltd, Janashakthi Insurance PLC, Ceylon Hospitals PLC, Lina Spiro (PVT) Ltd, Lina Manufacturing (Private) Ltd., Healthguard (Pvt) Ltd., Deputy Chairman of Damro Holdings Ltd and Chairman of Marino Leisure Holdings Ltd. He is a Fellow of the Chartered Institute of Management Accountants, UK (FCMA), Chartered Global Management Accountant (CGMA), Fellow of the London Institute of Banking & Finance, UK (FLIBF) and a Fellow of the Institute of Bankers Sri Lanka (FIB), and had received extensive Leadership, Management and Banking training locally and in overseas.

Nanda Fernando, known for his visionary role as the Managing Director of Sampath Bank, compliments the board with his in-depth knowledge and innovative approach to banking. Fernando has been instrumental in implementing cutting-edge banking technologies and customer service paradigms.

Currently, Fernando is the Managing Director of Professional Business Consultants, a company engaged in providing financial planning and advisory services. He is also a Director of Haycarb PLC, Dipped Products PLC, Hayleys Fabric PLC, Lanka Bangla Finance PLC, and Lanka Bangla Securities PLC. He is a Senior Fellow of the Institute of Bankers Sri Lanka and possesses a Master of Business Administration from Sikkim Manipal University, India.

The appointments are expected to enhance HNB’s leadership and fortify the Bank’s commitment to excellence and innovation.

April 9, 2024

‘ComBank Digital’ – Sri Lanka’s most-used digital banking platform – has significantly enhanced mass access by going trilingual, promoting greater inclusivity and even higher usage.

Announcing the development, the Commercial Bank of Ceylon said the platform’s multilingual capability is expected to expedite adoption of digital banking in rural areas and more traditional customer segments.

Commercial Bank’s Assistant General Manager – Digital Banking Mr Pradeep Banduwansa also expressed the hope that with its multilingual functionality, ComBank Digital would help extend access to financial services to the un-banked and under-banked, providing them the benefits of digital transformation.

“With 1.2 million users, ComBank Digital is already a significant element of our sustainability roadmap, but there are still demographic as well as geographic gaps in terms of usage, which we are addressing by providing users the option to choose to perform transactions in Sinhala or Tamil,” Mr Banduwansa said. “This will make usage easier for some customer segments and encourage larger numbers to register on the platform.”

He said the launch of the Sinhala and Tamil platforms can also be considered an early gift in anticipation of the upcoming Sinhala and Tamil New Year.

The Bank has also announced that ComBank Digital will offer an additional 1% on the interest rates applicable to 300-Day and One Year Fixed Deposits (Interest at maturity) opened on 14^thand 15^thApril via the platform. Additionally, new users who successfully register on 14^thApril 2024, will receive a cash reward of Rs 250/- solely for their registration, the Bank said.

An integration of all online and mobile banking channels on a single omni-channel platform, ComBank Digital is offered via a responsive web application and three native mobile applications (iOS, Android and Huawei), enabling access across all devices such as desktop PCs, laptop computers, tabs and smart phones.

Commercial Bank customers enjoy the convenience of self-registration for ComBank Digital, gaining instant access to a banking platform that is secured with industry-level security standards to provide a convenient, swift, and safe digital 24×7 365-day banking experience, wherever they are in the world.

Enhancing user convenience, ComBank Digital features a range of built-in options that allow users to customise their digital banking preferences on their own without the assistance of a bank agent. They can increase the security level of ComBank Digital by enabling biometric login access, device registration for secure login and device management, selection of alerts with One Time Passwords (OTPs) and setting up of alert delivery methods via push notifications.

Designed to offer seamless and personalised banking experiences for Retail, SME and Corporate customers, ComBank Digital offers services such as checking balances of Current Accounts, Savings Accounts, Investments, Loans and Credit Card accounts and transactional activities such as applying for Fixed Deposits, instant payments to any account across the banking network, share trading settlements and more. ComBank Digital also supports bill payments to nearly 100 entities in nine categories such as Telephone, Electricity, Water, Credit Cards, Insurance, Pay TV, Education, Schools and Rates.

For corporate customers, ComBank Digital already enables payments to government authorities such as the Department of Commerce (DOC), Import and Export Control Department (IECD), the Inland Revenue Department (IRD), Sri Lanka Ports Authority (SLPA) for cargo, vessel, and entry permit payments, Sri Lanka Customs, Employees Provident Fund (EPF), Employees Trust Fund (ETF), Board of Investment of Sri Lanka (BOI), and the Sri Lanka Standards Institution (SLSI). These payments are routed through the LankaPay Online Payment Platform (LPPOP).

Commercial Bank has expanded its digital platform to include its overseas operations in Bangladesh and Maldives as well.

The largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World, Commercial Bank is the largest lender to Sri Lanka’s SME sector, and is a leader in digital innovation in the country’s Banking sector. Commercial Bank has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.

Older Posts

‘ComBank Digital’ links Dept. of Commerce for online payments with LankaPay

DFCC Junior Launches e-Gift Vouchers for 1st time in Sri Lanka in Partnership with Thyaga.lk

HNB facilitates growth of SME business banking customers with HNB TXB awareness program

Visa recognises ComBank for excellence in the launch of Corporate cards

Seylan Credit Cards Partners with British Council to Offer 0% Instalment Plans for IELTS and Other Courses

DFCC Bank Launches UnionPay International Online Acceptance in Partnership with Bancstac

ComBank appoints new Chairman and Deputy Chairman

DFCC Bank Champions Women Entrepreneurs as Diamond Sponsor of WCIC Prathibhabhisheka Awards 2024

HNB gears up for growth with two strategic appointments to its Board of Directors

‘ComBank Digital’ goes trilingual to enhance inclusivity