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March 6, 2024

Staying Ahead in Times of Change – PLC’s Remarkable Resilience & Vision for the Future

In an exclusive interview with the DailyFT, PLC’s Chief Executive Officer, Shamindra Marcelline, sheds light on the company’s exceptional performance amidst economic turmoil, revealing strategic insights and commitments to sustainability and innovation.

FY 2023/24 is turning out well for PLC, having posted a 30.8% growth in PAT YoY in the first 9 months alone. What factors do you feel were most important in achieving these results?

Our achievements are the result of well-thought-out strategic decisions made in the previous year. Our focus on liquidity during economic challenges has paid off, allowing us to safeguard our depositors’ interests.

One significant aspect is our unwavering dedication to our staff, particularly amidst the various challenges that have affected Sri Lanka. Despite facing hurdles such as the Easter Attacks, the subsequent period impacting tourism, the COVID-19 pandemic, political and economic challenges, our committed team has remained steadfast. Their resilience serves as a cornerstone of our success, as evidenced by the positive value we continue to deliver to our stakeholders.

Navigating through the economic challenges in 2022/23 required agility. I am pleased to say that we’ve achieved significant progress in adapting to the changing market environment—a notable accomplishment given the dynamic landscape. As we advance on our path towards growth, it’s crucial to emphasize our positive and accelerating momentum. We are dedicated to overcoming challenges and driving prosperity, positioning us for solid performance in the future.

In acknowledging the global nature of the crisis, we also recognize opportunities amidst challenges. As the world grapples with conflicts in Europe and the Middle East, we remain ready to capitalize on emerging prospects. Our readiness, aligned workforce, and robust business foundation position us optimistically for future growth.

As we weather the storms, we’re not just isolating ourselves to local issues but rather seeing local opportunities within a broader global context. This pivoting of strategy and reorientation of approach is, I believe, what has allowed us to make this quick but sustainable turnaround.

How are you adapting to the ongoing brain drain and talent crisis?

We have made their wellbeing a top priority. Upholding fairness and equality for all staff, we have provided protection from financial turmoil while ensuring minimal impact on our operations. This unwavering commitment to our workforce has yielded positive outcomes, empowering us to successfully navigate through this crisis.

Our commitment extends beyond finance and remuneration, with PLC investing significantly in the overall ecosystem of our team, focusing on health, promotions, and development. Emphasizing training and development, we identified and promoted emerging talent, at times providing double promotions to better align with their career aspirations and meet succession planning needs.

In the face of a prevalent flight risk across industries, our efforts to retain key staff have proven successful. Despite the tempting allure of competition and opportunities beyond our shores, our key team members have chosen to grow with PLC, a testament to the positive work environment and opportunities we provide.

Managing a business, especially during challenging times, hinges on a unified and well-supported team. Our key achievement lies not just in financial numbers but in the unity and commitment of our staff. Their loyalty and growth within the company reinforce our belief that a well-cared-for team is the cornerstone of exceptional excellence.

PLC’s commitment to sustainability is clear, particularly through its recent partnership with LEMS in a bid to bring battery swapping tech for three-wheelers to Sri Lanka. Can you discuss what sustainability means to you and how your initiatives are paying off?

The initiatives undertaken in 2023, including the collaboration with Lanka Energy Mobility Services (LEMS) and the inauguration of our exclusive Classique proposition and bespoke financial services hub, underscore PLC’s unwavering commitment to sustainability. It’s crucial to understand that sustainability, in our context, transcends traditional CSR. Our goal is not merely charitable contributions but a profound transformation in line with global best practices, where everyone wins.

As a state-owned enterprise, our objective is to emulate the success of models like Singapore’s Tamasek; as we aspire to be the most respected SOE. Acknowledging the global shift towards sustainability, we recognize the need to align with this trajectory. Our recent endeavours represent only a small spectrum of our broader strategy, however.

Sustainability, for us, is not a shortcut but a long-term investment in the future. We understand that economies and societies of the future demand a business model that incorporates environmental consciousness in a way that encompasses the entirety of our operations. Accordingly, our leadership is acting as the driving force, setting a strong example and advocating for best practices from within, through a top-down approach.

Our commitment in this sphere also extends to our product range, with present and future offerings deeply rooted in sustainability. We acknowledge the challenges this poses for Sri Lanka but firmly believe that, given the right push, adaptation will follow. Financing in the future will be conditional, favouring green and sustainable initiatives. We are pioneering this shift, leveraging our unique position as a financier, which gives us the ability to influence sustainable development, positively.

Our partnership with Lanka Energy Mobility Services for electric three-wheel battery swapping technology thus aligns with our focus on sustainable transport. We are also actively exploring renewable energy financing products, recognizing the long-term cost-effectiveness of such ventures. Our buildings will undergo transformation into energy-efficient spaces, emphasizing digitalization to reduce reliance on traditional brick-and-mortar structures. We have seen the beginnings of this with our Classique Centre.

COVID-19 has also prompted us to rethink our business model, ensuring it aligns with the future. While maintaining a presence, our branches may also evolve into bespoke, boutique-style spaces. This strategic realignment not only reflects our commitment to environmental responsibility but positions us for a sustainable and successful future.

Tech is driving innovation in finance, and PLC is one of those leading the charge. What are some of the key achievements in this area and how is it transforming the space?

The events of 2020 made clearer than ever the need for a profound shift from our paper-driven processes. Thus, we embarked on a comprehensive digital transformation journey, which is now bearing fruit in 2024. The transformation began with a significant reduction in paper usage, down to 30% of previous levels. This translated to a 70% saving in paper costs and unlimited benefits in terms of efficiency and accessibility.

Our move towards digital signatures, e-memos, and the elimination of physical board meeting documents were then to follow. Amidst an inflationary environment, these changes also happily helped keep operating costs down through enhanced operational efficiency.

Transposing our internal digital transformation externally, we embraced digital platforms for vehicle auctions, eliminating the need for physical auction centres. Digitalization of branch processes drastically reduced the need for courier services, cutting down on both costs and carbon emissions.

In fact, our Classique Centre – a sustainable building – embodies this transformation and exemplifies our commitment to an ecofriendly future; with hybrid solar-powered and paperless operations, customer confirmations are sent through digital channels, contributing to reduced environmental impact. These kinds of innovations will soon rollout networkwide changing forever how we do things; and for the better.

Internally developed processes like Payments and Cash Management further streamlined our operations. Customers can now collect payments from any branch, for example, eliminating the need for physical cheques and multiple couriers. Our credit application process is now entirely phone-based, bringing further standardization and efficiency.

In fact, our efforts in this regard were recognized at the prestigious National Best Quality Software Awards (NBQSA), where PLC received the Special Award for Best Digital Process Enabler of the Year and a Merit Award for In-house Development for our “PLC TOUCH” integrated total solution—a seamless digital touchpoint addressing all customer needs. These achievements clearly demonstrate our commitment to digital process enablement, with a focus on streamlining operations and elevating service delivery.

Thus, our digital transformation has not only improved operational efficiency but also vastly improved customer experiences. Looking immediately ahead, our focus remains on successfully implementing eKYC (electronic know your customer protocols), reducing and even eliminating the need for physical branch visits, whilst collaborating with partners like Mobitel for efficient and reliable, seamless payment processes. This holistic approach to digital transformation positions us for a future where customer service, operational effectiveness, cost savings, and sustainability go hand in hand.

Amidst a challenging economic landscape and an ever-evolving financial services space how do you see PLC evolving and staying ahead?

We recognize the transformative power of AI and are keenly aware of its potential applications in areas such as insurance assessments and vehicle valuations. To stay ahead, we are committed to adopting AI-driven solutions to enhance services and bring greater efficiency to the industry.

Collaboration is also key in this journey. We aim to work closely with regulatory bodies, such as the Department of Registration of Persons, the Registrar of Motor Vehicles, the Department of Inland Revenue, Sri Lanka Customs, and emissions testing service providers, along with other partners, to ensure a seamless customer experience and a robust, transparent value chain. The goal is to ultimately create a shared database and a unified platform for seamless information flow between stakeholders in the space. This collaborative effort will not only ensure accuracy but also contribute to a cleaner and more transparent industry.

We pledge our commitment to working towards this visionary future, and invite all stakeholders and participants to join us. Public-private partnerships will be key towards achieving this vision and we believe we are in an excellent position, having an SOE as our parent company, and being one of the largest player in the non-banking financial services space, to facilitate this transformation. We also take this opportunity to recognize the exceptional leadership the Regulator(s) are providing, to the industry as a whole, as we make this transformation.

Looking ahead, our primary strategic goal is to embrace fintech wholeheartedly. We understand that the future belongs to those who adapt, and migrating to fintech platforms is the next logical step. To thrive in a competitive global landscape, we must modernize our thinking, uplift our workforce, and be ready for the wave of technological advancements that are incoming.

Over the next 10 years, the financial services industry will witness a paradigm shift. Survival and success will hinge on our ability to accelerate towards embracing the digital future of finance. With our fantastic team as our strength, our professional and competent leadership as our lever, and our robust financial position as our fulcrum, we are confident of achieving these strategic goals in Sri Lanka’s ever-evolving financial services space.

February 29, 2024

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January 29, 2024

Colombo, Sri Lanka – In a bid to set new industry standards in customer service excellence, Seylan Bank partnered with Emojot, a global technology company specializing in advanced customer experience management solutions to provide a QR-based customer feedback and complaints management solution, for the first time in Sri Lanka.

This innovative initiative empowers Seylan Bank to attend to the concerns of their customers more effectively. Customers can effortlessly share their feedback by simply scanning a QR code, through Seylan Bank’s network of branches and ATMs. The real-time, paperless process offers a streamlined platform for customers to lodge their concerns in their preferred language, which will be directed promptly to the respective branches and the dedicated customer experience team of the Bank, ensuring swift resolution.

Asiri Abhayaratne, Assistant General Manager – Marketing & Sales, Seylan Bank PLC, expressed, “Our long-term success is built on a firm foundation of excellence in customer service, corporate governance, a well-developed culture of prudent risk management, accountability, and integrity. As a bank that enables customers with simplified solutions, we are going an extra mile to understand them even further. Listening to the ‘voice of customers’ and understanding their requirements, is an area of focus across our call centers, social channels, and branch network. Having the right teams in place internally and having an experienced technology partner such as Emojot to support us, is a critical success factor on our journey.’’

By adopting a QR-based customer feedback and complaints management solution, Seylan Bank is setting precedence in the banking industry, aligning seamlessly with the Bank’s mission to place customer aspirations at the heart of everything they do, and solidifying their position as “industry firsts” in delivering exceptional customer service.

Viraj Amarasekara, Head of Sales, Emojot, remarked, “This partnership shows the level of impact Emojot customer-centric solutions can make to help businesses gain a competitive advantage. It’s also a testimony to the level of scalability and agility Emojot’s platform offers. I am thrilled to see Seylan Bank leveraging Emojot’s innovative solutions to provide the best customer experience at their branches.”

This collaborative effort underlines Seylan Bank’s commitment to enhancing customer satisfaction and service efficiency. Leveraging Emojot’s visually engaging and intuitive Emotion Sensors™ and comprehensive workflow management solution, Seylan Bank is poised to raise the bar in delivering top-notch customer experience, setting a new industry benchmark for excellence.

December 22, 2023

Emirates SkyCargo, the cargo arm of the world’s largest international airline, wraps up a major year of growth and investment in both its current and future operations. Signalling its confidence in the essential role air cargo will continue to play in global trade, the airline has made significant leaps towards its long-term strategic growth plans to double capacity in the next decade, and further cement its leading position in global air logistics.

Nabil Sultan, Divisional Senior Vice President, Emirates SkyCargo said: “2023 was a pivotal year for Emirates SkyCargo. Despite ongoing fluctuations in air freight, long-term trends indicate that the industry is growing at a rate of 3 – 5% year-on-year. Emirates SkyCargo, however, continues to outperform the market growth, uplifting over 1,183,000 tonnes from January to mid-December, a solid 7% increase compared to last year. Looking to the future, we are well-positioned to steadily scale up operations in 2024, continuing our strategic growth to ensure we lead the industry in solutions that are fast, reliable, flexible, and efficient.”

Reaching every corner of the globe

In line with the Dubai Economic Agenda (D33) Emirates SkyCargo is on a journey to grow Dubai’s position as the world’s largest logistics hub, expanding its fleet and network to better serve global customers. In Q1, Emirates SkyCargo leased two Boeing 747-400Fs, unlocking immediate additional cargo space in response to high customer demand. These aircraft join its fleet of 11 Boeing 777Fs and 251 passenger aircraft.

Further expansion is on the horizon, with four new 777-200Fs expected in 2024 and a fifth aircraft in 2025. This order is in addition to 310 wide-body passenger aircraft that Emirates has on the order book, which will see deliveries of new aircraft, and new cargo capacity, through to 2035.

Building on its competitive global connectivity, Emirates SkyCargo extended its reach in Canada and North America through a strategic interline cooperation with Air Canada Cargo. Customers are now able to book shipments that will travel on Air Canada Cargo flights via e-SkyCargo, expanding Emirates SkyCargo’s reach to over 60 cities in Canada and more than 150 cities globally.

Ever-evolving product portfolio

In May, Emirates SkyCargo reinforced its multi-vertical product portfolio, with the launch of two new bespoke products under its Life Sciences and Healthcare vertical. Addressing specific transportation challenges in healthcare, Emirates Vital is a specialist product designed to transport clinical trials, cell and gene therapies, and human samples, while Emirates Medical Devices enables the transport of everything from pacemakers to MRIs, following GDP specifications. Since launch, Emirates SkyCargo has uplifted almost 1,000 tonnes of highly sensitive cargo, using these two products alone.

Emirates Delivers expanded operations to Kuwait, providing door-to-door international delivery of items purchased from the UK and the US to savvy e-commerce shoppers. Recognising the opportunity in the wider Middle East region which has previously been underserved when it comes to e-commerce shipments, Emirates Delivers is preparing to significantly scale in 2024, offering fast, reliable, and cost-effective delivery solutions.

Advancing digitalisation strategy

Throughout 2023, Emirates SkyCargo helped shape the digital landscape for cargo operations. In addition to its own online booking platform on e-SkyCargo, the airline’s capacity is now available on two of the biggest digital marketplaces, CargoAi and WebCargo with plans to further expand its digital footprint in early 2024. In October, Emirates SkyCargo launched a landmark host-to-host connection with global freight forwarder, Kuehne+Nagel, providing direct access to its market-leading products and services on Kuehne+Nagel’s internal booking engine.

New brand umbrella

Reflecting Emirates SkyCargo’s wider contribution to global trade, the airline launched a new campaign showing how ‘The World Works Better with Emirates SkyCargo’. Disrupting the traditional USP-focused advertising of the cargo industry, The World Works Better has become the mantra by which Emirates SkyCargo operates, providing tangible impact to people and businesses all over the world.

Extending a lifeline to global communities

Committed to driving positive impact in the communities it serves around the world, Emirates SkyCargo is no stranger to humanitarian missions. Following the devastating earthquakes in Turkey and Syria in February, Emirates SkyCargo, in collaboration with the International Humanitarian City (IHC) swiftly established an airbridge to Istanbul. Dedicating cargo space on its daily flight to Istanbul across a two-week period Emirates SkyCargo and IHC ensured a steady flow of emergency supplies to on-ground NGOs.

More conscious operations

Emirates SkyCargo continues to focus on meaningful sustainable and environmental initiatives that drive impact, both in its own operations and across the industry. From on-ground programmes that ensure 75% of all plastic sheeting in the airline’s Dubai-based facilities is recycled through to optimizing the way aircraft is loaded, more environmental and sustainably conscious operations will remain a priority for Emirates SkyCargo through to 2024 and beyond.

In August, the Emirates Group achieved the IATA Environmental Assessment (IEnvA) Stage One and the IEnvA Illegal Wildlife Trade module certifications, an achievement that Emirates SkyCargo contributed to significantly. Already a global leader in the prevention of illegal wildlife trafficking, the certification is an acknowledgement of the company-wide commitment to taking action.

As 2023 draws to a close, Emirates SkyCargo shows no signs of slowing down. Reflecting its confidence in the future of air logistics, and to serve its customers in a dynamic landscape, Emirates SkyCargo has laid out ambitious growth plans, including investments in digital capabilities, adding 20 new destinations to its freighter network, and doubling existing capacity over the next decade.

November 22, 2023

Marking a new chapter in the leadership of the respected BCI, Rev. Fr. Dr. Camillus Fernando was formally installed as the 2^nd Rector/Vice Chancellor of the Institution at a ceremony held recently.

In his inauguration speech, Rev. Fr. Dr. Camillus Fernando expressed his gratitude and a deep sense of responsibility towards BCI. He acknowledged the foundation laid down by His Eminence Malcolm Cardinal Ranjith and emphasized the importance of consistency and progress. He affirmed BCI’s identity as a Catholic University committed to Christ-like service.

Rev. Fr. Dr. Camillus Fernando concluded his speech by calling for teamwork and collaboration among the Governing Council, Academic Senate, professors, and staff for the development and progress of BCI to take the institution to new heights. He expressed conviction in the uniqueness of each individual’s contribution and concluded with a heartfelt acknowledgment of his family.

He said, “I plan to give my heart and soul and all my energy to the service of BCI, which enables me to look to the future with optimism. I know how much BCI already does for the world, the country, and the region through academic excellence. I believe that BCI can do even more because I cannot imagine an institution that is better equipped to contribute to the society in real and meaningful ways.”

He was also the Director of the Colombo Catholic Press, editor of several Catholic weekly newspapers, and the media spokesperson of the Archdiocese of Colombo. He also served as the Rector of St. Nicholas’ International School, Colombo and Parish Priest of St. John Dal Bastone Church, Thalangama.

Academically, Fr. Camillus holds a Doctorate in Science of Education from the Urbanian University in Rome, a Master’s Degree in Social Sciences from the University of Kelaniya and a Postgraduate Diploma in Buddhism from the University of Kelaniya. He has published extensively and served as Executive Secretary of the Federation of Asian Bishops’ Conference (FABC) for Evangelization, Bible and Liturgy.

BCI Campus, Negombo was opened in 2015 and focuses on providing affordable, high quality tertiary education with a values-based approach. Under the leadership of Rev. Fr. Dr Camillus Fernando, BCI aims to expand its programmmes and community impact, paving a new era, continuing its commitment to academic excellence and Christ-like service.

November 20, 2023

Colombo, 20 November 2023 – The Food and Agriculture Organization of the United Nations (FAO) together with the Department of Agriculture and the Mahaweli Authority of Sri Lanka with funding from the European Union (EU) recently launched a Farmer Field Schools Programme to train 6,000 smallholder paddy farmers across four key rice-growing districts on sustainable approaches to paddy cultivation.

The 6,000 farmers from Ampara, Badulla, Hambantota and Polonnaruwa districts will be trained by Agriculture Extension Officers on applying the Integrated Plant Nutrient Management (IPNM) approach in their paddy cultivation to promote the efficient use of fertilizers, water and other inputs. By adopting IPNM and more efficient use of chemical fertilizers, smallholder paddy farmers can reduce costs and improve productivity, leading to better profitability and resilience to future shocks.

Many paddy farmers in Sri Lanka rely on traditional cultivation methods, often exceeding the recommended amounts of fertilizers provided by the Department of Agriculture without a full understanding of the respective soil nutrient requirements of their fields.

To address these challenges, the Farmer Field School programme will facilitate soil testing and efficient fertilizer use through IPNM practices, emphasizing soil management, compost, and biochar production. The programme will also focus on implementing good agronomic practices including using high-quality seeds, proper land preparation, the parachute method for seed broadcasting, efficient water management, and effective weed, pest, and disease management, all integral components of IPNM practices.

All the above-mentioned activities are being implemented through the project titled ‘RiceUP’, an innovative project launched by FAO together with the government of Sri Lanka with €4 million in funding from the EU to tackle the vulnerability of the food security system in Sri Lanka. The project aims to respond to the economic crisis in Sri Lanka by protecting smallholder farmer livelihoods through the safe and efficient use of fertilizer along with boosting the production of quality paddy seeds for better productivity in paddy farming.

The launch of the Farmer Field Schools comes after 289 Agriculture Extension Officers were trained with the necessary skills and knowledge to guide 6,000 paddy farmers on IPNM practices to enhance yields while reducing dependency on chemical fertilizers. The Agriculture Extension Officers will act as facilitators and work with the selected farmers to adapt appropriate exercises relevant to their local conditions.

Through the implementation of sustainable farming practices, including the safe and efficient use of fertilizer and quality seeds, RiceUP aims to enhance productivity, food security, and livelihoods in Sri Lanka’s paddy farming sector. Together with its partners, FAO remains dedicated to ensuring the long-term sustainability and resilience of Sri Lanka’s agriculture sector.

August 9, 2023

Great Place to Work®, The global authority on workplace culture, proudly commemorates its 10-year anniversary in Sri Lanka this year.

“We believe that Work has the power to transform society and our mission is to help every place become a great place to work for all. From the beginning our focus has been to empower organizations to foster a workplace culture that put their people first by prioritizing positive employee experience that maximizes human potential and driving organizational success,” stated Kshanika Ratnayaka, Co-founder and Director/CEO of Great Place to Work Sri Lanka.

She added that one of the first organizations to recognize their value proposition was John Keells Holdings, which adopted the Great Place to Work® methodology and assessment even before they had set up operations in Sri Lanka. ‘This laid a strong foundation for our future endeavors as it proved to be a testament to the value and impact of our assessments, analytics, and later the recognition program in enhancing employee engagement and transforming workplace cultures. Soon after, we received another significant boost when Brandix, one of the largest apparel manufacturers came on board. This collaboration further solidified our reputation and paved the way for future partnerships with other prominent companies, which lead to the birth of Great Place to Work Sri Lanka in 2013. While starting at 30 companies in the first year, over a decade we have engaged with a diverse range of nearly 500 organizations, including MNCs, large corporations and SMEs across many industries.

Kshanika further explained that they expanded their network by establishing valuable partnerships with associations such as The Ceylon Chamber of Commerce, SLASSCOM as study partners and LMD, Daily FT and Echelon as media partners, leveraging the power of communication to promote the significance of great workplace culture.

Ruwani Alwishewa , Head of Assessment Business at Great Place to Work Sri Lanka said that the team continuously works on building leaders’ awareness around the concept and giving an understanding of the impact of workplace culture on achieving organizational objectives and constructively utilizing employee feedback in organizational action planning. Educating organizations about the importance of investing in benchmarking their workplace experience and cultivating a culture that sustains long-term employee engagement she said is an ongoing endeavour.

Upon utilizing the comprehensive and independent assessment model, organizations have gained valuable insights into their strengths and areas for improvement, fostering a culture of continuous improvement. Over the years Great Place to Work has worked closely with consulting clients to understand their unique needs and challenges and provide tailored solutions to nurture exceptional workplace environments.

To create greater awareness and attract organizations to join the movement, Great Place to Work has globally introduced certification and Best Workplaces^TM lists recognition programmes that highlight great workplaces obtaining employee perception ratings above the global threshold. The status has become a differentiator for organizations to be recognised as employers of choice. The programme energizes organizations to start or continue their journey in achieving sustainable success through building a High-Trust High-Performance™ culture that attracts and retains great talent while fostering collaboration and innovation by all.

Great Place to Work in Sri Lanka offers a wide range of services around culture, including certification and list recognition programmes, survey assessments and post-assessment services, customized consulting, workshops, conferences, research, and insights tailored to different industries and demographic groups such, Women, and Millennials.

As they celebrate their 10th anniversary in Sri Lanka, Great Place to Work reaffirms its dedication to transforming workplace cultures and continues to drive positive change in organizations across the country.