Banking

April 25, 2024

In partnership with key vehicle dealerships in the Kohuwela area, DFCC Leasing launched its Mega Leasing promotion on the 22nd of March 2024, across multiple prominent locations. The promotion provides very competitive rates of LKR 1,699 for every LKR 100,000 leased, which is the lowest rental in the market. DFCC Leasing partnered with AA Automart, Nalin Auto Enterprises, Premier Auto Mart, and Ranasinghe Enterprises to conduct this promotion. The excitement and offers resulted in active interest from customers and helped DFCC Leasing to showcase its comprehensive leasing facilities while strengthening its partnerships with vehicle dealers.

Commenting, Aasiri Iddamalgoda, Senior Vice President of Retail Banking and SME at DFCC Bank, said, “We are pleased to note the success of this initiative. Our DFCC Leasing stalls were hubs of activity during the promotion, and we have been able to attract several interested customers. Furthermore, we are working to conduct many similar activations as part of our wider commitment to offering innovative and customer-centric financial solutions.”

April 24, 2024

The Commercial Bank of Ceylon has been named the ‘Best Bank in Sri Lanka’ for a remarkable 22^nd year in the ‘World’s Best Banks 2024’ list released recently by the US-based Global Finance magazine.

Global Finance said its Best Bank Awards recognise financial institutions that offer the broadest range of services, long-term reliability, and technological innovation.

“The winners of this year’s awards are those banks that attended carefully to their customers’ needs in difficult markets and accomplished strong results while laying the foundations for future success,” the magazine said. “Winning organizations managed their assets and liabilities in a savvy way in light of the fast-changing interest rate scenarios.”

The 2024 edition of Global Finance’s list of 28 Best Banks in the Asia Pacific region names Commercial Bank alongside leading banks of the calibre of CBA (Australia), China Construction Bank (China), HSBC (Hong Kong), ANZ (New Zealand), UOB (Singapore), Hana Bank (South Korea), MUFG Bank (Japan), and State Bank of India (India), which were adjudged the best banks in their respective countries.

These winning banks are to be honoured at an awards ceremony to be held during the IMF/World Bank annual meetings in Washington DC, on October 26, 2024.

Commenting on winning this prestigious accolade, Commercial Bank Managing Director/Chief Executive Officer Mr Sanath Manatunge said: “The last financial year saw the Bank achieve several milestones in performance and break new ground in sustainability, digitisation and initiatives to help SMEs and women entrepreneurs build their businesses. All of this was achieved while managing volatility in the market, and we have ended the year stronger, with our market leadership positions intact. This award is an excellent tribute to the strength and determination of the Commercial Bank team that made this possible.”

The largest private sector bank in Sri Lanka with Group assets of Rs 2.656 trillion, deposits of Rs 2.148 trillion, a loan book of Rs 1.296 trillion and gross income of Rs 341.566 billion as at 31^st December 2023, Commercial Bank was also the biggest lender overall, to the country’s Small & Medium Enterprise (SME) sector in 2023. The Bank continued to be the benchmark private bank in Sri Lanka with the highest market shares among private sector banks in deposits, loans, total assets, market capitalisation, gross income and total capital base.

In selecting the World’s Best Banks for 2024, Global Finance considered factors that ranged from the quantitative objective to the informed subjective. Objective criteria included: growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry. Award winners were selected by the editors of Global Finance after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts throughout the world.

A full report on the Best Bank selections will be published in the May issue of Global Finance, with winners chosen in over 150 countries across Africa, Asia-Pacific, the Caribbean, Central America, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe. This report will also feature selections for the Best Islamic Financial Institutions and the World’s Best Banks by Region. In addition, Global Finance will announce the Best Banks in the US Region shortly.

Founded in 1987, Global Finance has readers in 193 countries, territories and districts, and a circulation of 50,000 that reaches chairpersons, presidents, CEOs, CFOs, treasurers and other senior financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions. Global Finance is headquartered in New York and has offices in London and Milan.

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 Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.

April 24, 2024

24 April 2024, Colombo: The recently held Seylan Kedella Construction Expo 2024 came to a resounding conclusion, with several of the latest trends and innovations in Sri Lanka’s construction and home decor industries on display. With a footfall of over 12,000 attendees, this year marked the 12th consecutive year that Seylan Bank stood as the title partner for the event held at the Bandaranaike Memorial International Conference Hall (BMICH).

Seylan Bank, renowned for its diverse range of banking products and services, maintained a prominent presence throughout the event. Attendees had the opportunity to explore an extensive portfolio of offerings, including housing and personal loans, leasing facilities, credit cards, current and savings products, and more.

At the heart of Seylan Bank’s participation was its commitment to empowering homeowners. The bank deployed a team of dedicated home loan specialists to provide expert guidance and assistance on securing home financing with competitive interest rates. Through personalised support and proactive communication, customers were guided through the loan application process, ensuring a seamless experience.

Additionally, Seylan Bank introduced Seylan Solar Loans at the expo for the first time since its launch in November 2023. With approximately 35 merchants already onboard, Seylan Bank onboarded new merchants, including Sinhagiri Solar, Elcardo Solar, and CameraLK Solar, at the event. The Seylan Solar Loans initiative aims to address concerns over power consumption and escalating electricity bills. Attendees were offered reduced interest rates to invest in solar energy solutions, aligning with sustainability efforts while realising long-term cost savings.

Reflecting on the enduring partnership, Asiri Abhayaratne, Assistant General Manager, Marketing & Sales, Seylan Bank PLC, stated, “Seylan Bank takes great pride in its longstanding collaboration with the Kedella Construction Expo. Our continued presence underscores our commitment to providing tailored financial solutions that empower individuals and businesses alike, whether it’s fulfilling the dream of homeownership or embracing sustainable energy alternatives.”

The Kedella Construction Expo 2024, organised by Asia Exhibition and Conventions, boasted an extensive showcase of over 200 trade stalls, featuring a diverse range of construction-related products and services. From building materials and home appliances to architectural consultancy and financial solutions, attendees had access to everything required to realise their construction and home decor projects.

April 22, 2024

John Keells Properties partnered with Union Bank to offer flexible mortgage solutions for its ‘Viman’ Ja-Ela project. John Keells Properties further strengthened its relationship with the Bank’s customers by hosting an exclusive event for them on 6^th of March, to tour the Viman model apartment at the John Keells Properties head office in Vauxhall Street, Colombo 2. The event provided an opportunity for customers of Union Bank to tour the model apartment and to engage with the experienced sales team from John Keells Properties to understand how owning a home at ‘Viman’ Ja-Ela can fulfil their aspirations. The innovative mortgage packages provided by Union Bank in collaboration with John Keells Properties enable prospective homeowners to access customized financing options, making Viman Ja-Ela’s residences more accessible. Sprawling across 6 acres in the heart of Ja-Ela, Viman offers a harmonious blend of modern comforts with 418 apartments and is designed to provide a secure, family-friendly environment with convenient access to Colombo city, while retaining the charm of a small-town setting.,

Engaging closely with the customers, the Head of Sales and Marketing at John Keells Properties and Vice President of the John Keells Group, Nadeem Shums, along with the John Keells Properties sales team, explained the various benefits offered by investing in ‘Viman’ Ja-Ela and why it makes for a compelling investment. “We are pleased to partner with Union Bank to offer attractive mortgage packages to our customers. Ensconced within a lush central garden, Viman boasts a range of amenities, including a swimming pool, gymnasium, meditation courts, clubhouse, a kids play area, cycling and walking spaces, and a multipurpose outdoor sports court, in addition to electric vehicle charging. These features create a peaceful sanctuary for residents to reconnect with themselves and provide an ideal space for families to thrive. Importantly, Viman will feature energy-efficient solar-powered homes, abundant green spaces and foster a strong sense of community, exemplifying John Keells Properties’ commitment to prioritize both modern comforts and a sustainable lifestyle.”

Chaya Jayawardane, Senior Vice President Retail Banking at Union Bank stated, “We are pleased to partner with John Keells Properties on their latest project, Viman Ja-Ela. At Union Bank, we are committed to assisting aspiring homeowners and investors, and our collaboration with John Keells Properties has enabled us to offer flexible mortgage solutions tailored to suit the needs of our customers. Hosting our valued customers at the event at the Viman model apartment was a fantastic opportunity for them to explore the possibilities this project offers.”

Prospective buyers interested in learning more about Viman can now visit the model apartment at the John Keells Properties office in Colombo and have all their queries answered by their professional team. To learn more about Viman Ja-Ela and available home loans, contact John Keells Properties on 0706 062 062 or visit www.viman.lk.

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.

Older Posts

DFCC Mega Leasing Promotion Kicks Off, Attractive Rates on Offer

ComBank crowned ‘Best Bank in Sri Lanka’ by Global Finance for 22nd year

Seylan Kedella Construction Expo 2024 a resounding success

John Keells Properties Hosts Union Bank Customers at its ‘Viman’ Ja-Ela Model Apartment

‘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