Completing three successful years in Sri Lanka, Daraz has announced a whole range of offers and promotions for online shoppers as they celebrate their anniversary this month. The birthday week, commencing from 10^th and continuing until 15^th October will enable shoppers avail exclusive offers and deals from some of their favourite brands spanning electronics, mobiles, lifestyle and latest fashion collections. Daily Flash Sales will be live on Daraz Mall from 10 am to 12 pm offering up to 70% discounts, while Shake Shake vouchers are available on the Daraz App daily from 7 to 8 pm. In addition, shoppers will find store-wide flash sales, special birthday vouchers, mega deals, countdown deals, voucher hunts, games and amazing rush hour deals, ensuring that the Daraz birthday will be a memorable shopping experience. Moreover, a novel Wish List concept has been introduced where buyers can chose items they wish to have, from a selected range, and Daraz will chose to make that wish come true. Furthermore, following the exclusive partnership with Samsung, Daraz shoppers are able to pre-order and get the Samsung M30s which is available only on Daraz. Adding to the excitement, shoppers can play Tutti Frutti and Space Blast games on the Daraz App and win a Skullcandy Hesh 2 wireless headphone and a Samsung A10s. Many bank partners are joining the celebration by offering easy installment plans, with some plans running up to 36 months. “Daraz turns three this month and we want to treat our customers while we celebrate our birthday. We have been growing over the years and expanded our operations in the areas of warehouse and logistics, as well as reaching out to areas that no other online platform has, through our Daraz Hubs, and introducing online shopping to ‘offline’ segments, through Daraz Stores”, commented Rakhil Fernando, Managing Director of Daraz Sri Lanka. Daraz boasts of over 26,000 registered sellers on the platform and around 650,000 products available, including leading global and local brands to shop from. Exciting offers and promotions will go live for the Daraz birthday celebration from 10^th to 15^th October, so you can join the celebration by visiting daraz.lk or by downloading the app.

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Organized by the SLASSCOM Quality Forum for the fourth time, the SLASSCOM Quality & Business Excellence Summit 2019 will be held on 14^th October at the Shangri-La Colombo. The conference will focus on the importance of enhancing quality across organizations through Quality Engineering and Business Excellence and revolve around the theme‘Accelerate End User Experience through Quality Engineering.’ The objective of the summit is to bring together CXOs and quality practitioners to position Sri Lanka as a destination for product engineering while developing enterprise capability through the adoption of international standards of quality, security and governance. This conference will provide the opportunity forattendees to obtain the latest industry insights on how to improve their quality assurance practices further. The SLASSCOM Quality Forum has been organizing the Quality and Business Excellence Summit since 2010, drawing over 300 participants from the corporatesector each year. Along with the Summit, SLASSCOM also organizes hands-on sessions to enhance the skills of professionals in the industry. In addition, sessions are also conducted at educational institutionsand universities to provide exposure for students and academia on opportunities available to them in the industry. The Summit this year will feature three key speakers spanning the IT and Service sectors. Dan Cuellar, creator of the open source mobile automation framework Appium, will speak on “Lessons Learned in Creating a Successful Open Source Project”, based on his personal experiences at Appium. Dr. Rainer Deutschmann, Chief Operating Officer at Dialog Axiata PLC will share on “Learnings about Learning, How to Realize Continuous Improvement.” The summit will also feature Manoj Kumar, Lead Technical Specialist and Evangelist at Applitools who will deliver his keynote on “A path to an Enchanting Experience: Testing for UI & UX”. Post lunch, the proceeding will be conducted across two tracks covering Process Excellence and Quality Engineering. The Process Excellence Track will feature Dushan Dayaratne, a Lean Six Sigma Master Black Belt, Heshan Perera and Kanishka Swarnaprabath who have been instrumental in the field of robotics as well as Sanjeewa Alwis who is a leader in Digital Transformation and Mahesh Rao who has an extensive history in building and transforming security programs for complex enterprises. The target audience for the Process Excellence Track are Process Managers, CXOs and Product Managers.The Quality Engineering Track will feature Dileepa Jayathilake, a pioneer in Blockchain based startups and products, Srinivan Sekar,a specialist in building automation frameworks, Christina Thalayasingam who is an active contributor for Test Automation and Dr. Rajitha Nawarathna,formerly at Walt Disney Imagineering. This event is made possible through support extended by event partners 99X Technology, DNV GL, ISM APAC and SLANSHEI. The event is also enabled by Hospitality Partner Shangri-La, Official Newspaper DailyFT, and Digital Media Partner ReadMe. SLASSCOM also appreciates the support from their Corporate Sponsors Dialog Enterprise, Hatch and Horizon Campus. The Sri Lanka Association of Software and Services Companies (SLASSCOM) is the national chamber for the knowledge and innovation industry in Sri Lanka and acts as the catalyst of growth for the Sri Lankan IT and BPM industry by facilitating trade and business, propagation of education and employment, encouraging research and innovation, and by supporting the creation of a progressive national policy. For more information about the summit and details on how to register, visit bit.ly/SLASSCOMQS2019

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Informatics Institute of Technology (IIT), the pioneer in British higher education in Sri Lanka and the country’s premier IT and Business campus, celebrated its 30^th anniversary this year, consequently hosting its annual convocation at the BMICH recently. The Chief Guest for the event was Dr. Peter Bonfield OBE – Vice-Chancellor and President of the University of Westminster (UOW). The convocation witnessed over 200 students of IIT obtain globally-renowned undergraduate and postgraduate degrees in the field of IT and Business offered by the University of Westminster – United Kingdom. During the ceremony, degrees were conferred to students who had successfully completed the Master of Science in Advanced Software Engineering, Bachelor of Engineering (Hons) in Software Engineering, Bachelor of Science (Hons) in Computer Science and Bachelor of Science (Hons) in Business Information Systems degrees. The degrees were conferred by Dr. Peter Bonfield OBE – Vice-Chancellor and President of the University of Westminster (UOW). Prof. Alex Hughes – Deputy Vice Chancellor (Global), Prof. Stephen Brookhouse – Associate Head (External Relations) and several other academics of the University of Westminster graced the occasion together with a large gathering of IIT staff and parents. Dr. Gamini Wickramasinghe, Founder, Informatics Institute of Technology, stated, “We are extremely proud of our students who have performed remarkably throughout their years at IIT. IIT goes beyond theoretical knowledge and gives real world, on-hands experience while setting students up for a great career path. Informatics Institute of Technology celebrates its 30^th anniversary this year as we strive to utilize the best practices and measures in delivering superior education to our students. The perseverance and hard work of all employees at every level of the organization stands as the pillar of strength in all our successes. We will continue to improve and maintain the highest quality in the services we provide and the courses we deliver to our students.” Numerous awards were presented to students who performed exceptionally during their time at IIT.  Gold medals were awarded to Ishanka Lakshan Wasalage – M.Sc. in Advanced Software Engineering, Nagarajah Thiloshon – B. Eng. (Hons) Software Engineering, Christine Laurie Melissa Diaz – BSc (Hons) Computer Science and Sudhara Vinodi Karagampitiya – B.Sc. (Hons) Information Systems with Business Management. The University of Westminster award went to Brion Mario Piumal Silva – B. Eng. (Hons) Software Engineering, Nethmi Venu Jayawardena- B.Sc. (Hons) Computer Science and Sukith Charutha Atulugama – B.Sc. (Hons) Information Systems with Business Management. Additionally the Best Final Year Project was awarded to Nagarajah Thiloshon – B. Eng (Hons) Software Engineering, Nuwan Stanislaus Gomis Abeysingha Jayawardene and Sudhara Vinodi Karagampitiya – B.Sc. (Hons) Information Systems with Business Management. IIT, a strong-standing pillar for education in Sri Lanka, also celebrated its 30^th year of proffering excellent higher education. IIT’s success is seen in over 3000 graduates practicing globally within the industry and beyond. The IIT campus is currently affiliated to the University of Westminster UK which is an acclaimed modern university that has won the prestigious Queen’s Award for Enterprise for two years consecutively. In the past, IIT has also delivered internal degree programs of Manchester Metropolitan University and Keele University. Informatics Institute of Technology (IIT) was established in 1990 as the first private higher education institute that awards reputed British degrees in the field of ICT and Business. IIT is an award-winning campus offering internal postgraduate and undergraduate degrees from the University of Westminster, UK and Robert Gordon University, UK. IIT has played a pivotal role in strengthening the IT and Business sectors in Sri Lanka over the years by producing world-class graduates. These graduates have gone on to become successful entrepreneurs and IT/Business professionals in both local and international corporate and government entities. Since its inception, IIT has produced thousands of graduates who have excelled in hundreds of organizations around the globe.

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Pearson Lanka officially announced the launch of ‘Pearson Tech Summit’, a high-powered conference featuring many local and international speakers from the Information Technology space. Themed ‘’ignite. inspire. transform”, the tech summit will attract more than 1,000 IT professionals, academics and undergraduates under one roof in a bid to refresh and enhance the knowledge of the Sri Lankan IT industry. The Pearson Tech Summit will be held on Tuesday 29^th October at the BMICH and will feature a series of high-powered sessions encompassing areas such as Software Development and Architecture, Quality Engineering, Technology Operations, Project Management and more. “Pearson Tech Summit 2019 will be the biggest technology event in history hosted in Sri Lanka by Pearson Lanka” said Diyath Ariyaratne, General Manager of Pearson Lanka. “With the attendance of both local IT industry experts and international speakers from Pearson’s global technology and product organizations, the Summit will give 1,000 cross functional techies and students a platform to engage, share knowledge, showcase expertise and learn about leading-edge technologies and ways of working.” Some of the speakers at the event include Chinthi Weerasinghe – CEO of Mitra Innovation, Ruwindhu Peiris – Managing Director of Stax Inc., Prashan De Visser – Founder of Global Unites, Gehan Dias – Executive Director at Crossbrand Investments and Motivational Speaker and Consultant Rashitha Delapola. Pearson is the world’s leading learning company, with more than 24,000 employees in more than 70 countries worldwide, working to help people of all ages to make measurable progress in their lives through learning. Pearson Lanka is the largest Pearson owned technology center with over 800 employees providing software development and remote infrastructure management services to multiple technology groups, across Pearson. The company builds and manages industry-leading, cloud-based learning platforms that serve millions of people across the world using leading-edge technology. Entrance to Pearson Tech Summit is free of charge but through exclusive invitation only. For more details and registrations, contact Sharmali on 0767405194.    

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VMware, Inc. (NYSE: VMW), a leading innovator in enterprise software, has signed an agreement withSri Lanka Telecom (SLT), one of the leading information and communications technologysolutions providers in Sri Lanka, to drive cloud adoptionand accelerate digital transformation journeys for Sri Lankanenterprises. The new partnershipis part of the VMware Cloud Provider Program, which enables SLT to offer premium cloud services through an “as-a-service” business model to enterprises seeking flexibility, agility and streamlining of workflows. This partnership will help spur future-forward innovation among local enterprises(large, mediumand Government institutions), empowering them with quicker go-to-market strategies through a seamless cloud platform. With the new state-of-the-art cloud platform powered by VMware, SLT will be able to offer next-generation cloud services to their customers across multiple physical locations, providing enhanced availability options to businesses with mission critical requirements, compliance requirements and businesses that demand proximity to end-customers. On top of this, the provision of infrastructure-as-a-service (IaaS), disaster-recovery-as-a-service (DRaaS), cloud migration solutions and data backup solutions in VMware NSX will provide a more secure environmentwhere businesses can build and roll out new innovations to meet the dynamic demands of Sri Lanka’s fast growing digital economy. The best-in-class cloud platform also delivers the best of underlying VMware technologies through full compatibility with core VMware software-defined data center (SDDC) technologies exposed in a policy-driven approach.Cloud provider-specific features such as multi-tenancy, elasticity, self-service, platform extensibility and more are offered in an intuitive, modern UI. To deal with modern challenges and availability requirements, SLT’s cloud platform provides multiple geographic locations, providing the customer with the opportunity to manage cloud services in multiple locations, a first of its kindin Sri Lanka. Moreover, the provision of stretched clusters and disaster avoidance services will ensure the highest possible availability for mission-critical services and offer an added layer of protection against outages. “SLT is honored to partner with VMware, one of the world’s leading providers of virtualization and cloud solutions, to propel local enterprises to the next stage of their transformation journeys with VMware’s industry-leading, unified cloud platform. Demand for our cloud services has grown in recent years, and our customers have sought to increase their IT agility, operate more cost-effectively while also supporting their business expansion. At SLT, our unparalleled footprint of secure, certified Tier III data centers in the local Sri Lankan market, in addition to strong regional and global networks makes us the ideal ICT partner for enterprises seeking geo-redundant cloud points, be they local enterprises looking at global expansion, or global enterprises looking to enter the Sri Lankan market. Our partnership with VMware will enable them to make the seamless migration from legacy on-premise to modern hybrid cloud deployments, thereby facilitating a smarter, more streamlined digital infrastructure to power the innovations of tomorrow,” said Kiththi Perera, CEO at Sri Lanka Telecom. “While Sri Lankais still in the early stages of digitalizing its economy, organizations here are eager to embark on their digital transformation journeys to prepare for a digital future. It is encouraging to see that the government and business community are making a concerted effort to elevate the country’s economy by developing its digital capabilities. The big shift to the cloud will not only catalyze next-generation innovation among local enterprises, but also plug Sri Lanka into the wider region’s and global digital economy,” said Daniel Choo, Country Manager, Nascent Markets at VMware. Photo Caption From left: VMware Nascent Markets Daniel Choo, VMware Vice President and Managing Director, Southeast Asia and Korea Sanjay K. Deshmukh, Sri Lanka Telecom Group Chairman P.G. Kumarasinghe Sirisena, Sri Lanka Telecom CEO Kiththi Perera

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Hutch Sri Lanka, one of the leading mobile telecommunication providers in the country introduced the “Hutch Super 340,” a bundle pack designed to cater to smartphone users who look for the convenience of purchasing and managing their mobile communication needs from a single monthly payment befitting their budget. What makes this product strikingly convenient is that the Hutch Super 340 offers calls and SMS quota that can be used for any network together with a data quota that can be used at any time without time band restrictions. Iranga Amandakoon, Senior Manager Marketing, Hutch states “Hutch Super 340 gives customers the ultimate experience without conditions and total freedom to use their connections with simplicity”. The Hutch Super 340 offers 750 on-net minutes, 250 any-net minutes, a 1000 any-net SMS quota and 1GB data that can be used anytime, valid over 30 days. Any prepaid 078/072 customer can activate this package by reloading Rs. 340 or simply dialling *340#. Hutch is rolling out massive network infrastructure across the country with the latest 4G technology and is always looking to enhance customer convenience by continuing to offer great experiences.

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The Rotary Club of Colombo Metropolitan in partnership Dialog Enterprise, the corporate solutions arm of Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, presents the Par 3 Golf Classic for the 2^nd consecutive year, set to be held on October 26^th 2019. This year’s event promises to be a day of competitive golf for the members of the Royal Colombo Golf Club (RCGC) with the golfers set to tee-off at 7 AM and in the afternoon at 1 PM. The Dialog Enterprise – Rotary Metro Par 3 Golf Tournament is a unique event, where the entire course is converted to a par 54 course, the only one of its kind in Sri Lanka. With the holes being of various lengths but all playing to a par 3 each, this tournament presents a challenging yet fun outing for the players. This annual golfing event is held with the objective of collecting funds to aid multiple community development projects initiated, monitored and managed by the Rotary Club of Colombo Metropolitan. The partnership of Dialog Enterprise reiterates the company’s commitment to the advancement of the sport in Sri Lanka, but also in the enrichment of local communities. Jehaan Ismail, President of The Rotary Club of Colombo Metropolitan (RCCM) said, “We are excited once again to organise the Dialog Enterprise Rotary Metro Par 3 Golf Classic 2019, which has become a much anticipated event at the Royal Colombo Golf Club. This is the fourth consecutive year the Rotary Club of Colombo Metropolitan has presented the Par 3 Golf Classic, one of our main fundraising projects for the year and we are very appreciative to our title sponsor and other sponsors for coming forward to help us in our various projects. This year the theme for our club is ‘Connecting Children for a Better Future’ and with that in mind we have identified some key areas of focus on to serve our community. Some of the funds will go towards the up keep and maintenance of the Sri Lanka’s first Child-Friendly Police Station that includes a separate building in Ragama built entirely with funds raised by our Club” “Other projects we are managing and supporting include Lama Piyasa facility for the treatment of abused and neglected children at the Ragama Rehabilitation Hospital, the Sunshine Games a sports meet and carnival for a 1000 differently able children. Little Minds/Strong Values”, a library of videos using songs, short stories and idioms targeted at preschool children highlighting strong positive values The maintenance and teach of English, IT and dancing at Gamini Vidyalaya, in Kelaniya and Methsewana –Thanamalwilla, a home for differently abled and intellectually challenged children, that houses over 100 children and to help the minor children of caddies and minor staff of the Royal Colombo Golf Club,” added Jehaan. Group Chief Officer of Dialog Enterprise, Jeremy Huxtable said, “Dialog Axiata PLC as a responsible corporate, is honoured to have stepped in to sponsor this prestigious tournament that is played in the best spirit of the game, in order to assist the less privileged and uplift communities. Furthermore, Dialog Enterprise has been a continuous supporter of the sport in the country, sponsoring Sri Lanka’s main golf clubs, promoting golf for school children and sponsoring leading golfers from Sri Lanka amongst others.” The platinum sponsor for the day of golf and fun is Dusit Thani Beachfront Balapitiya. The gold sponsor for the event is Peoples Bank, with over five decades of operations, its Sri Lanka’s premier banking institution and the . The Airline partner for the event is Sri Lankan Airlines – you’re our world.  Other partners for the event include Softlogic Life, NDB, Park Street Gourmet and the Favourite Group. The Dialog Enterprise Rotary Metro Par 3 Golf Classic 2019 is set to be a memorable day of top quality golf at the Royal Colombo Golf Club. This, shotgun Par 3 tournament is a popular event amongst club members and is held in a fun atmosphere with live music and entertainment at the Gala award ceremony held on the evening of the event.

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After UNIDO’s successful training sessions in bamboo based production for Sri Lankan artisans, the next phase of the pioneering series is now scheduled to start next week. The latest round in the pioneering UNIDO series of trainings, called Prototyping, will be unveiled in Colombo on Wednesday 16 October. This series is part of Bamboo Processing Sri Lanka (BPSL) project of UNIDO. BPSL project aims at developing Sri Lanka’s bamboo supply chain and production industry.

The previous bamboo product and furniture making training for Sri Lankan artisans by UNIDO took place in July 2019. UNIDO’s BPSL project is funded by Global Environment Facility (GEF) and is run in collaboration with Sri Lanka’s Ministry of Industry, Commerce, Resettlement of Protracted Displaced Persons, Cooperative Development, Skills Development & Vocational Training.

UNIDO, in collaboration with the Industrial Development Board (IDB), has launched the bamboo training series in Sri Lanka in early 2019. The objective was to build local capacities and transfer the necessary knowledge needed to work with bamboo, develop its sector, and create an eco-friendly practice in bamboo processing.  The bamboo items and furniture creation workshops were conducted thereafter in July 2019. They focused on building an industrial approach to bamboo product and furniture making, where trainees learned the skills of preservation while launching a value-added product to the market. Following these successful workshops, UNIDO and IDB have decided to continue building local capacities by advancing to the next step. The next step-the fourth session that commences next week (16 October) -focuses entirely on “Bamboo Product and Furniture Making/Prototype” where the skills of the artisans on bamboo furniture making will be upgraded greatly, culminating in the creation of a designated furniture line by participants. The training session to be held at IDB will conclude on 25 October. The participants will be the successful course members who have completed the Phase III training on bamboo craft techniques and furniture making. As in the previous training session, on 16 October too, the training will be guided by URAVU India (Indigenous Science & Technology Study Centre-India).

The July 2019 UNIDO workshop provided an in-depth preparation in design for international projects in creative industries, where design is considered as a key driver of economic and social development.

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Munchee, the flagship brand of Ceylon Biscuit Limited celebrated World Children’s Day 2019 in a new and innovative way by organizing some exciting activities for kids including the launch of a special story book. The company organized a number of events across the island to celebrate this day and the main event and launch of the book was held at Ape Gama, Battaramulla. Munchee also organized numerous fun activities to entertain the large number of children who participated at this event. Similar events with many entertaining activities were held island–wide to celebrate this special day with the participation of more than 30,000 children. The book titled ‘Wonder Crystal’ is the first of its kind, initiated by world – renowned Sri Lankan Children’s story writer Sybil Wettasinghe and was launched with the objective of encouraging children to use their imagination and explore their creativity and thus complete the story by contributing through their writings, drawings and poetry. The book which has been shared with schools in all 3 languages, may be one that could well be on its way for a Guinness record with the multitude of endings it would attract. Children are requested to forward their entries to CBL. The event was graced by guest speaker Dr. Asanga Wijeratne, a specialist in Human Kinetics and Sports Substantiated, who elaborated on the importance of helping and encouraging children to think freely and to thus develop their individual personalities and creativity. Ceylon Biscuits Limited CEO Nalin B Karunaratne said: “Munchee is committed to finding new ways of nurturing and encouraging children to develop their creativity and harness talents and imagination. At Munchee we constantly strive to focus on the development of children’s ability and has launched many programmes for the benefit of the younger generation of the country. We are determined to help develop a creative generation.” CBL began its operations over 50 years ago with the manufacturing of nutritious biscuits for school children. Since then its  focus  on children by  way  of  introducing  new  products  and  children oriented  CSR  initiatives  has  been growing  continuously  with  utmost care. Munchee has offered seminars for students facing the Grade 5 scholarship exams and O/L exams and aims at minimizing school drop-outs rate through the ‘Munchee Tikiri Shishyadhara’ programme. They further sponsor and conduct edutainment programs, teacher trainings and workshops for preschool children and parents. Munchee will continue to focus on initiatives that will benefit the children of the nation. Photo Caption: Ceylon Biscuits Limited CEO Nalin B Karunaratne and Director/Group General Manager – Sales I M Khan ceremonially presenting the first copy of the book ‘Wonder Crystal’.

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Banks have a critical role to play in supporting remittances that can fuel growth beyond consumption, and help Sri Lanka leapfrog into the digitally-supported growth of tomorrow, Dr.Idah Pswarayi-Riddihough, the World Bank Country Director for Sri Lanka, said. She  also noted that banks have a critical role to play in financial inclusion, as well as in increasing access to financing for Small and Medium Enterprises (SMEs). “We believe that banks have a critical role to play in financial inclusion, as well as in increasing access to financing for Small and Medium Enterprises. Banks also have a critical role to play in supporting remittances that can fuel growth beyond consumption, and help Sri Lanka leapfrog into the digitally-supported growth of tomorrow.” Dr. Pswarayi-Riddihough, said while Delivering the keynote speech on the theme “Challenge of disruptive change: Together Towards Tomorrow” at the 31st Anniversary Convention of Association of Professional Bankers of Sri Lanka in Colombo. The banking sector is one of the industries that could have a strong leapfrog effect on development, if it acts adequately as both driver and enabler. As a driver the banking industry is rapidly evolving as new trends and disruptive technologies continue to reshape the sector. Fintech players are challenging the status quo with new operating models. They are leveraging digitalization in different areas (compliance, accountability, transparency, and risk management) to provide a tailored client-experience for their customers. As an enabler, banks are critical actors for financial inclusion and, in Sri Lanka, banks have done a tremendous job in promoting it, Dr.Pswarayi-Riddihough said. The density of bank branches in the country currently stands at 18.6 branches for every 100,000 adults. And about 83% of the adult population has a bank account, with women recording a similar penetration rate, unlike many other South Asian countries. “We often hear that, in the case of Sri Lanka, old habits die hard. While banks are pushing the digital transformation in their sector, it seems that Sri Lankans still prefer to bank at their local branches, which are often a part of their own communities. This should come as no surprise in a country where over 80% of the population lives in rural areas,”Dr. Pswarayi-Riddihough, added. Speaking further she noted that having a bank account isn’t enough; it must be used. “The challenge in Sri Lanka is less about the unbanked; it is more about the underbanked, especially the women.” According to the International Finance Corporation (IFC), the number of individuals who reported no deposits and no withdrawals in 2017 was 31%. And only 17% of the women were successful in borrowing from financial institutions while, in the formal market, about 80% of the borrowers have been women. Moreover, less than 15% of SMEs and less than 1% of MSMEs use any form of insurance, which leaves businesses and individuals at greater risks.” In this challenging and changing environment, banks should be seen as development enablers, Dr.Pswarayi-Riddihough said. “Banks can enable development through different means, such as: designing innovative loan schemes for entrepreneurs;supporting financial literacy and digital ecosystems in the development of new data-driven business models; and  adopting exemplary sectoral guidelines and best practices regarding data governance and cybersecurity in order to improve trust in the digital economy.In other words, in times of disruptive change, we should rely on strong and agile institutions to help society transition in the best possible way. At the World Bank, we believe that the private sector has a critical role to play in supporting this transition, and that disruptive technologies can help accelerate development in the 21st century,” Dr.Pswarayi-Riddihough added.  

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Standing testimony to its outstanding contribution to technological innovation in Sri Lanka, Sampath Bank once again made history by clinching the highest number of awards at the recently concluded LankaPay Technovation Awards 2019. Sampath Bank was adjudged the ‘Most Innovative Bank of the Year’ and the ‘Overall Winner for Excellence in Interbank Payments’ (Banking Category) in addition to winning 6 coveted awards. Sampath Bank won a remarkable 8 awards at Technovation 2019, comprising 5 Gold and 3 Silver awards. In recognition for its unparalleled performance by effectively leveraging technologically innovative solutions, Sampath Bank was awarded the prestigious ‘Most Innovative Bank of the Year’ award at Technovation Awards 2019. Apart from the Overall Winner and the Most Innovative Bank titles, Sampath Bank also clinched the Gold award for ‘Bank of the Year for Excellence in Customer Convenience’ in recognition of maintaining the highest growth percentage (compared to the previous year) for electronic fund transfers via Sri Lanka Inter-bank Payment System (SLIPS), Common Electronic Fund Transfer System (CEFTS) and USD Online (for USD payment transfers). Sampath Bank was adjudged the winner of a Gold for ‘Best Common ATM Acquirer of the Year’ for recording the highest acquiring volume growth per ATM in comparison to the previous year. Sampath Bank was also presented a Gold award for ‘Best Bank for Retail Payments’ in recognition of recording the highest number of interbank ‘JustPay’ issuer transactions during the year. Through JustPay Issuer, Sampath Bank facilitates its customers with the convenience of making payments on other bank merchant applications. Clinching the Silver award for ‘Best Bank for Seamless Back-end Operations,’ Sampath Bank won the recognition of being the best bank with on time delivery and connectivity uptime in back-end operations of Cheque Image Truncation System (CITS), Sri Lanka Inter-bank Payment System (SLIPS), USD Online, Common ATM Switch, Common Electronic Fund Transfer System (CEFTS) and the USD Draft System. The bank also secured the Silver award for ‘Best Payment Application of the Year,’ recording the highest number of interbank transactions processed through the Sampath Vishwa Retail application. Recording the highest transaction acquiring volume through Lankapay Online Payment Platform (LPOPP) designed for government payments (including custom payments), Sampath Bank also received the Silver award for ‘Best Acquirer on the LankaPay Online Payment Platform (LPOPP). Technovation Awards 2019 was steered by LankaClear Ltd., operator of LankaPay national payment network, with the aim of recognising innovative frontrunners in Sri Lankan payment technologies. The awards ceremony was held following a stringent competition where banks, non-banking financial institutions and FinTech service providers in the country vied for the prestigious titles under 15 categories. Sharing his views on this memorable occasion, Mr. Ajith Salgado – (Group Chief Information Officer) of Sampath Bank PLC noted, “We are truly elated by the massive recognition gained by Sampath Bank at the recent LankaPay Technovation 2019. Winning multiple prestigious awards at Sri Lanka’s only annual payment technology innovation awards ceremony has once again testified to the commitment of Sampath Bank towards providing an outstanding service to its customers by incorporating the most modern and advanced technological practices in the industry. This recognition will no doubt imbue us with greater confidence to stay abreast of the competition and effectively meet the rising demands and requirements of the new generation of consumers.” Sampath Bank has developed an insight into digital consumerism with an in-depth understanding of the modern day demands of consumers. Serving the growing numbers of tech-savvy consumers, particularly those from ‘Generation Z,’ requires a bank to be in the forefront of digital breakthroughs and futuristic innovations in IT and mobile technologies. The future leadership of Sampath Bank intends to further enhance its digital innovation through all platforms, with the aim of taking its digital banking experience to new heights. Sampath Bank wishes to extend its sincere gratitude and appreciation to all customers island-wide for being a part of their journey for many years.

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(Reuters) – ** Sri Lankan stocks rose for the fifth straight session on Thursday to hit their near four-week high led by beverage shares, but foreign investors exited from the risky assets with the start of presidential poll campaigning. The rupee currency ended steady. ** Local investors picked up select shares, with one of the two presidential frontrunners, former wartime defence chief Gotabaya Rajapaksa, possibly getting the broader support of other smaller parties after President Maithripala Sirisena’s center-left Sri Lanka Freedom Party (SLFP) pledged its backing for his candidature in the election scheduled for Nov. 16. ** Rajapaksa started his campaign on Wednesday, while the other strong candidate Sajith Premadasa, the housing minister who has the backing of most of the rural poor, kicked off his campaign on Thursday. ** The benchmark stock index ended 0.08% firmer at 5,814.44, rising for the fifth straight session to its highest close since Sept. 19. The bourse fell 1.42% last week. So far this year, the index has dropped 3.9%. ** Equity market turnover was 1.12 billion rupees ($6.20 million), nearly double of this year’s daily average of about 657 million rupees. Last year’s daily average was 834.0 million rupees. ** Foreign investors were net sellers for the seventh straight session. They sold a net 276.8 million rupees worth of shares, extending the year-to-date net foreign outflow to 3.7 billion rupees of equities, according to index data. ** Meanwhile, the rupee ended steady at 180.50/65 per dollar compared with Wednesday’s close of 180.50/60. The currency is up 1.2% so far this year. ** Foreign investors bought government securities on a net basis for the first time in seven weeks, buying 522 million rupees worth of government securities in the week ended Oct. 2. ** The foreign outflows, which are one of the major reasons behind the rupee’s recent weakness, may not abate until after a parliamentary election in 2020, some analysts said. ** The central bank does not release foreign trade numbers on a daily basis, but weekly data in the past five weeks through Sept. 25 has shown a steady outflow. ** Sri Lanka has seen a net foreign outflow of 54.8 billion rupees through Oct. 2, according to central bank data. 

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The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 10 October 2019, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 7.00 per cent and 8.00 per cent, respectively. The Board arrived at this decision following a careful analysis of current and expected developments in the domestic economy and the financial market as well as the global economy. The decision of the Monetary Board is consistent with the aim of maintaining inflation in the desired 4-6 per cent range while supporting economic growth to reach its potential over the medium term. Monetary policy stances of many economies have increasingly become accommodative The global economic outlook continued to deteriorate largely on account of trade tensions and geopolitical uncertainties, while the global inflation outlook remained subdued with weak demand and low commodity prices. The weak global growth momentum and dampened inflation dynamics have paved way for central banks of many advanced as well as emerging market economies to become increasingly accommodative. Economic growth is expected to recover gradually According to provisional estimates published by the Department of Census and Statistics, the Sri Lankan economy grew by 1.6 per cent (year-on-year), in real terms, during the second quarter of 2019, following the growth of 3.7 per cent recorded in the first quarter of 2019. A notable slowdown was observed in the performance of the Services related activities, which were impacted severely by the Easter Sunday attacks. Agriculture and Industry related activities are also estimated to have grown sluggishly during the second quarter of 2019, compared to the previous quarter. Accordingly, economic growth is likely to remain subdued in 2019, and a gradual recovery is expected over the medium term. Inflation to remain at desired levels despite transitory supply side pressures Headline inflation, as measured by the year-on-year change in the Colombo Consumer Price Index (CCPI) accelerated in September 2019 driven by increased prices of domestic food supplies. Headline inflation based on the National Consumer Price Index (NCPI), which attributes a larger weight to food items, is also likely to accelerate in September. Food inflation is expected to cause headline inflation to remain somewhat elevated during the remainder of 2019. However, with these transitory supply side price pressures easing, inflation is projected to stabilise well within the desired range of 4-6 per cent thereafter, supported by appropriate policy measures and well anchored inflation expectations. Amidst subdued demand conditions, core inflation is expected to revert to low levels from January 2020, mainly with the dissipation of the effect of the one-time large adjustment to house rentals in early 2019. External sector remains resilient amidst global headwinds Trade performance during the first eight months of 2019 recorded an improvement over the previous year, supported by a notable contraction in the growth of imports and a modest growth of exports. Tourist arrivals continued to improve, recovering gradually from the effects of the Easter Sunday attacks, while workers’ remittances moderated. Outflows of foreign investment in the Government securities market experienced in August 2019 have ceased thereafter, while the equity market recorded a modest net inflow so far during the year when both primary and secondary market transactions are considered. Although the Sri Lankan rupee depreciated against the US dollar in September partly driven by adverse speculation, this trend reversed in October with continued inflows to the foreign exchange market. The Sri Lankan rupee remains appreciated against the US dollar by 1.3 per cent thus far during the year, while gross official reserves are estimated at US dollars 7.6 billion by end September 2019, providing an import cover of 4.5 months. Growth of monetary and credit aggregates continued to moderate The year-on-year growth of credit extended to the private sector by licensed commercial banks continued to decelerate in August 2019, amidst subdued economic activity, weak investor sentiments, and elevated lending rates. In absolute terms, although credit extended to the private sector expanded during the month of August 2019 as well as during the first eight months of 2019, this expansion was far below the levels recorded in the corresponding period of 2018. Driven by the slowdown in the growth of private sector credit, the year-on-year growth of broad money (M2b) also decelerated during the first eight months of 2019. In view of the ongoing reduction in market lending rates and the expected revival of economic activity, credit expansion is expected to accelerate gradually in the period ahead, thus supporting economic activity further. Faster reduction in lending rates is expected, responding to the measures already taken The Central Bank took a number of policy, operational as well as regulatory measures during the past twelve months to ease monetary policy and monetary conditions. Deposit interest rates have declined notably with the imposition of caps on deposit rates of financial institutions in April 2019. In order to induce a faster reduction in market lending rates and enhance efficiency of the transmission of recent policy measures to market lending rates, the Central Bank imposed caps on lending rates while withdrawing caps on deposit rates of licensed banks in September 2019. These regulatory measures, which are to be reviewed by March 2020, together with reduced policy interest rates and the Statutory Reserve Ratio (SRR), are expected to result in a sizable and speedy reduction in lending rates, which will enhance the demand for credit, going forward. Policy interest rates maintained at current levels Considering the current and expected conditions in the economy and the financial market, the Monetary Board at its meeting held on 10 October 2019, was of the view that, at present, the measures that have been put in place during the past twelve months are sufficient to achieve the desired outcomes, given adequate time for their transmission through the financial sector. Accordingly, the Monetary Board decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 7.00 per cent and 8.00 per cent, respectively.

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Issuing a notice the Director-General of the Security and Exchange Commission of Sri Lanka (SEC) warned the public with regard to a  growing number of unsolicited phone calls from persons claiming to be agents of international stock broker firms, offering to facilitate investment in the share of companies traded on offshore jurisdictions with a promise of guaranteed high returns. Adding to the notice the Security and Exchange Commission of Sri Lanka further stated that; “The SEC as the apex regulator of the capital market in Sri Lanka is legally empowered only to issue licences to stock broker firms to operate in Sri Lanka. The list of stock broker firms licensed by the SEC is available on our website, www.sec.gov.lk or the website of the Colombo stock exchange, www.cse.lk. The SEC does not grant licences to agents to operate in other jurisdictions or act as agents of international stock broker firms.”

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Central Bank Governor Dr. Indrajit Coomaraswamy is optimistic that the confidence and sentiments will gradually pick up after the election. Speaking further governor defended the monetary authority’s decision to impose caps on interest lending rates, insisting that it was an effort aimed at giving a strong boost to the economy to grow once the election cycle is over. “Since the time that the deposit rate caps were introduced at the end of April. We have seen the average rated new deposit rates come down by 284 basis points. In that same period the average rated lending rate has come down by 87 basis points. Now of course banks can’t immediately pass on the new deposit rates because the stock of deposits that were in existence at the end of April take time to mature. Which is why in the direction issued by the Central Bank to banks to bring down lending rate caps gives some time to bring these rates down gradually,” he said whilst addressing the media at the Central Bank today (11). “So what we are saying is basically to pass on the reduction in the deposit rates that were generated by the imposition of the deposit cap to pass the loan to the bank customers and in an ideal world after the elections when confidence and sentiments will pick up, we will have a lending rate structure which can boost growth,” Governor added.  

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In a world engulfed in corporate world stress and everyday monotony, professionals including Chartered Accountants feel depleted, which stops them from being goal-oriented strategists with the power to drive businesses forward. To counter this drift, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), will take the lead at the 40th National Conference to revitalize the confidence and restore the spark amongst Chartered Accountantsto help them regain their passion and purpose. The conference, dubbed Sri Lanka’s biggest business summit will be held from 14th to 16th October 2019 at Waters Edge, Battaramulla on the theme “Finding your Mojo: A Journey of Self Discovery”. The theme of the conference was unveiled at a press conference held on Saturday, in the presence of CA Sri Lanka President Mr. Jagath Perera, Chairman of the National Conference Committee Mr. Dulitha Perera, Chairman of the National Conference Technical Committee Mr. MoizRehmanjeeand CEO Ms. Dulani Fernando. MOJO is defined as the internal magic that translates to external success. It is the passion and focus professionals have that will help them reach the highest percentiles in their lives and professions. However, anyone can fall victim to circumstances and therefore need to recover from forces that are out of their control. The conference which will also attract some of the country’s well-known business leaders and c-suite executives will provide an important platform for participants to explore how to rediscover that spark of magic as well as passion and purpose within themselveswhich will ultimately help them drive value to themselves, their companies and to the country as a whole. The conference will be inaugurated on 14th October followed by two days of technical sessions on 15th and 16th Octoberfeaturing a high-profile panel of speakers and panelists who have created an important niche due to their unorthodox methodologies, which havehelped them propel themselves to the highest pinnacle of success, in an otherwise predictable world. Delivering the welcome speech, Mr. Jagath Perera said that the conference reaches an important milestone as it celebrates its 40th anniversary this year. “Not only members of our institute, but the business and finance leadership of this country have also been enjoying this flagship even for the last 40 years. I am confident that this year’s conference will be an inspiring platform for accounting professionals,” he said. Meanwhile, to accommodate the growing number of participants and due to limited seating at the primary venue, organisers have also scheduled to hold a live telecast of the technical sessions at Galadari Hotel, Colombo. The 3-day event is also offered via webcast for the benefit of Chartered Accountants and other professionals who live overseas and are unable to attend the event in Colombo. Last year, the conference attracted over 2000 participants. Mr. Dulitha Perera emphasised that in the current context where Chartered Accountants are facing multiple challenges in performing their roles in and outside boardrooms, the Institute has taken the lead for in keeping Chartered Accountants updated on all developments taking place globally as well as locally. “The National Conference is an event Chartered Accountants look forward to participate every year, as it is an important platform which updates their knowledge on what’s happening around the globe, as well as what’s impacting the profession and their day to day work,” he added. Giving an overview of what’s in store during the two days of technical sessions, Mr. MoizRehmanjee said that this year the technical committee decided to focus on a very unorthodox theme as the conference celebrates its 40th anniversary. “At this year’s conference, we want to talk of Mojo we as individuals, as employees and as businessmen possess. We want to explore what it means, whether we have it, or have we lost it and if so, how do we regain it,” he added.

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Reuters – ** Sri Lankan stocks rose for the sixth straight session on Friday to hit their five-week high led by banking and beverage shares, but foreign investors exited from risky assets with the start of presidential poll campaigning. The rupee currency ended weaker. ** Sri Lanka’s central bank left its key rates unchanged on Friday after loosening policy earlier this year, although growth is likely to remain subdued as the economy faces rising global risks. ** Local investors picked up select shares, with one of the two presidential frontrunners, former wartime defence chief Gotabaya Rajapaksa, possibly getting the broader support of other smaller parties after President Maithripala Sirisena’s center-left Sri Lanka Freedom Party (SLFP) pledged its backing for his candidature in the election scheduled for Nov. 16. ** Rajapaksa started his campaign on Wednesday, while the other strong candidate Sajith Premadasa, the housing minister who has the backing of most of the rural poor, kicked off his campaign on Thursday. ** The benchmark stock index ended 0.35% firmer at 5,834.66, rising for the sixth straight session to its highest close since Sept. 5. The bourse rose 2.54% for the week. So far this year, the index has dropped 3.6%. ** Equity market turnover was 1.13 billion Sri Lankan rupees ($6.26 million), nearly double of this year’s daily average of about 659 million rupees. Last year’s daily average was 834.0 million rupees. ** Foreign investors were net sellers for the eight straight session. They sold a net 46.4 million rupees worth of shares, extending the year-to-date net foreign outflow to 3.7 billion rupees of equities, according to index data. ** Meanwhile, the rupee fell 0.1% weaker at 180.65/75 per dollar compared with Thursday’s close of 180.50/65. The currency is up 0.4% for the week and 1.1% so far this year. ** Foreign investors bought government securities on a net basis for the first time in seven weeks, buying 522 million rupees worth of government securities in the week ended Oct. 2. ** The foreign outflows, which are one of the major reasons behind the rupee’s recent weakness, may not abate until after a parliamentary election in 2020, some analysts said. ** The central bank does not release foreign trade numbers on a daily basis, but weekly data in the past five weeks through Sept. 25 has shown a steady outflow. ** Sri Lanka has seen a net foreign outflow of 54.8 billion rupees through Oct. 2, according to central bank data. 

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