Adaderana Biz English | Sri Lanka Business News

The Beijing Swift – By Prof. Samitha Hettige © China’s ancient maritime Silk Road reached South Asia, Africa and the Middle East through the South China Sea (SCS). The Suez Canal was not in existence in 1403 AD and therefore, the voyages of Chinese Admiral Zhen Ho ended in the Middle East. Since the Emperor recalled the Chinese naval fleet by around 1460 AD trade supply chains in Europe were affected. As China never maintained any colonies anywhere in the world the western traders had to sail towards Asia and the Far East through the SCS to get Chinese and other Asian products. During those journeys they started colonization. The global trade operations introduced by China during 1400s AD (the only naval and economic super power during the time) were reinitiated by the western powers using the maritime routes of China passing through the SCS. It is now estimated approx USD 3.5 trillion annually and most of world’s busiest sea routes also pass through SCS. There are many islands in the SCS which were occupied by the Chinese, Japanese, French, British, Dutch and the Portuguese from time to time and there have also been many disputes about occupations. Before World War II most of the islands were occupied by France as they were closer to the French Indochina which consisted of Cambodia, Vietnam and French occupied areas of imperial China. During WW II Japan occupied some of these islands and there were no issues about the occupation. During the cold war at the end of the Vietnam War the Peoples Republic of China (PRC) occupied some of the islands against Russian interests with an understanding with USA. China has three ocean fronts. They are the North China Sea (NCS), the East China Sea (ECS) and the SCS. The PRC was established in 1949 and had grown to become the 2^nd largest economy in the world. During these seven decades there have been many disputes about the resources in these ocean territories among the countries in the region. In 1995 when China discovered a large natural gas deposit in ECS Japan had issues with China. On another occasion India send a ship to SCS to support Vietnam’s oil drilling efforts and China objected. When China launched the 21^st century Silk Road (Belt and Road Initiative – BRI) few countries lead by USA including Japan offered an alternative to the BRI and influenced BRI partners to join. It gave more options to the BRI partner countries to benefit from the BRI and the alternative. So far the alternative doesn’t seem to be practical as BRI seems to be attracting more partners including European powers such as Germany and Italy. Around 2013 China started strengthening some small islands in the SCS which they claimed will be used to support BRI maritime operations. At a time when USA falls under the spot light with the upcoming Presidential vote, racial conflicts and post COVID recovery management, USA has imposed sanctions on some Chinese companies quoting their involvement in constructing the islands in SCS and related bad environmental practices. At the moment USA has pulled out of most of international environmental protection agreements and China is still a committed partner to those. It raises concerns as to why sudden sanctions. All the sanctioned companies are legally established listed companies with very high turnover figures. Most leading non Chinese investors have investment interests in these entities. It will be interesting for partners of BRI and its alternative to observe the impact on return on investments of the non Chinese investors. The writer is an Academic and a Broadcaster. Views expressed are personal and may not necessarily be the views of his affiliations.

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CEAT Kelani Holdings has announced the achievement of an 85 per cent increase in the production of tyres for the ‘two-wheeler’ segment over just three months, as a full-bodied response to the needs of the local market consequent to the temporary import restrictions introduced by the government. Maximising capacity utilisation at its manufacturing plants at Kelaniya and Kalutara, the Company pushed production of tyres for motorcycles and scooters from 27,000 units a month in June 2020 to 41,000 per month in July and August, and is on target to produce 50,000 tyres in September, increasing volumes by 52 per cent in the first step and by an incremental 22 per cent thereafter. The sharp increases in production of tyres for the two-wheeler segment follows similar ramping up of production of truck and bus tyres as well as passenger car radials by CEAT Kelani, which prior to these increases was producing half of Sri Lanka’s pneumatic tyre requirements. To achieve the increases in two-wheeler capacity, the Company said it had utilised available capacity at its three-wheeler tyre plant in Kalutara. CEAT Kelani currently manufactures 32 different types of scooter and motorcycle tyres in 43 varying specifications, and now caters to 37 per cent of local market requirements for two-wheeler tyres. “The import restrictions challenge domestic industries to show what they are truly capable of, and we are pulling out all the stops to fully utilise the capacity we have to support the government’s initiative of import substitution through increased domestic manufacturing,” CEAT Kelani Managing Director Mr Ravi Dadlani said. “We are continuing to look at ways of meeting demand for the most popular categories and sizes of tyres, and are keeping the government informed of the products that we are not equipped to manufacture, so that they can be imported.” CEAT’s increased production of truck and bus tyres has resulted in the Company producing 100 per cent of the segment’s requirements and enabled the government to make a saving of Rs 11 billion a year in foreign exchange. The Company’s latest initiative in the two-wheeler tyre segment is estimated to enable a further saving of Rs 350 million a year through import substitution, Mr Dadlani disclosed. The expansion of production capacity for this segment of tyres has resulted in a 100 per cent increase in the production of sizes 90/90-12 TL and 90/100-10 TL that fit popular scooter models such as Honda Dio, Yamaha Ray ZR, Honda Grazia, TVS Wego, and Suzuki Burgman. Meanwhile, CEAT’s production of tyre size 90/90-17 TL that fits motorcycle models such as TVS Apache, Bajaj Pulsar 160 NF and Bajaj Pulsar 180 has increased by 400 per cent, and the Company has achieved a 100 per cent increase in the production of the 100/80-17 TL tyre that is required for the popular Yamaha FZ. Production of tyres for Bajaj Pulsar 150, Bajaj CT 100, Bajaj Platina, and TVS Heavy Duty Super XL has also increased significantly, the Company said. Notably, CEAT Kelani Holdings has kept the prices of its tyres unchanged since December 2019 to support customers and the economy, despite the additional investments made in increasing capacity and an increase in market prices due to demand. CEAT Kelani Holdings is considered one of the most successful India – Sri Lanka joint ventures in the manufacturing sector. The joint venture’s cumulative investment in Sri Lanka to date totals Rs 8 billion, inclusive of Rs 3 billion committed in January 2018 for expansion of volumes, technology upgrades and new product development. The company’s manufacturing operations in Sri Lanka encompass pneumatic tyres in the radial (passenger cars, vans and SUVs), commercial (Bias-ply and radial), motorcycle, three-wheeler and agricultural vehicle segments.

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Microsoft Threat Protection Intelligence team warns that cybercriminals are taking advantage of COVID-19 concerns, adapting, and updating attack methods Microsoft recently unveiled Asia Pacific findings from the latest edition of its Security Endpoint Threat Report 2019 [1], which found that Sri Lanka experienced the highest cryptocurrency mining encounters across the region in the last year. Findings were derived from an analysis of diverse Microsoft data sources, including 8 trillion threat signals received and analyzed by Microsoft every day, covering a 12-month period, from January to December 2019. “As security defenses evolve and attackers rely on new techniques, Microsoft’s unique access to billions of threat signals every day enables us to gather data and insights to inform our response to cyberattacks,” said Mary Jo Schrade, Assistant General Counsel, Microsoft Digital Crimes Unit, Microsoft Asia. “The Microsoft Security Endpoint Threat report aims to create a better understanding of the evolving threat landscape and help organizations improve their cybersecurity posture by mitigating the effects of increasingly sophisticated attacks.” According to the report, Asia Pacific continued to experience a higher-than-average encounter rate for malware and ransomware attacks – 1.6 and 1.7 times higher than the rest of the world, respectively. Sri Lanka recorded the 2^nd highest malware encounter rate at 9.07 percent in 2019. Despite a 14 percent decrease, this was 1.7 times higher than the regional average. According to the report, Sri Lanka recorded the highest cryptocurrency mining encounter rate across the region. While a 45 percent decrease was recorded, from 0.46 in 2018 to 0.25 in 2019, this remained 5 times higher than the regional and global average. During such attacks, victims’ computers are infected with cryptocurrency mining malware, allowing criminals to leverage the computing power of their computers without their knowledge. “While recent fluctuations in cryptocurrency value and the increased time required to generate cryptocurrency have resulted in attackers refocusing their efforts, they continue to exploit markets with low cyber awareness and low adoption of cyber hygiene practices,” explained Hasitha Abeywardena, Country Manager, Microsoft Sri Lanka and Maldives. Businesses and individuals have a crucial role to play in navigating cyberspace securely and are encouraged to take the following steps:

Have strong tools to safeguard employees and infrastructure. This means looking into multi-layered defense systems and turning on multi-factor authentication (MFA) as employees work from home. Additionally, enable endpoint protection and protect against shadow IT and unsanctioned app usage with solutions like Microsoft Cloud App Security
Ensure employee guidelines are communicated clearly to employees. This includes information on how to identify phishing attempts, distinguishing between official communications and suspicious messages that violate company policy, and where these can be reported internally
Choose a trusted application for audio/video calling and file sharing that ensures end-to-end encryption

Guidance for individuals:

Update all devices with the latest security updates and use an antivirus or anti-malware service. For Windows 10 devices, Microsoft Defender Antivirus is a free built-in service enabled through settings
Be alert to links and attachments, especially from unknown senders
Use multi-factor authentication (MFA) on all accounts. Now, most online services provide a way to use your mobile device or other methods to protect your accounts in this way
Get educated on how to recognize phishing attempts and report suspected encounters, including watching out for spelling and bad grammar, and suspicious links and attachments from people you do not know

For more information on the findings published on the Microsoft Security Intelligence website, please visit: https://www.microsoft.com/securityinsights Research covered a total of 15 markets, which include China, India, Indonesia, Malaysia, Philippines, Sri Lanka, Thailand and Vietnam, Taiwan, Singapore, New Zealand, Korea, Japan, Hong Kong, and Australia.

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Banks are facing increased challenges in meeting heightened regulatory expectations
AML compliance is a board level issue with continuing operational challenges and investments not bearing fruit
Banks are following a risk-based approach for AML compliance, but more needs to be done to extend it to the enterprise level
Transactions monitoring, and sanctions screening processes need a re-design and increased use of technology to improve their conversion ratio and effectiveness

Deloitte Touche Tohmatsu India LLP (DTTILLP) released its “South Asia Anti Money Laundering Preparedness Survey report 2020” today. The survey conducted with leading banks and financial institutions in India, Sri Lanka, and Bangladesh earlier this year, highlights siloed risk management approaches across banking operations, customer due diligence, sanctions screening, and trade-based transactions as the root cause for systemic inefficiencies leading to fraud. According to the survey, meeting increased regulatory expectations and enforcing AML compliance pose key operational challenges to banks, even as 77 percent respondents indicated that their AML programme was compliant with all regulatory requirements. These challenges range from insufficient numbers of adequately trained staff, insufficient/outdated technology to manage AML compliance, and budget constraints to implement AML programs alongside increased scrutiny of third-party reviews. “Historically, AML programmes have been incident-driven with lean teams to manage response to events, or changes in regulatory developments. But that is no longer adequate today. With increased regulatory scrutiny, and expectations being “If you could have known, then you should have known”, banks need to move to a proactive approach to demonstrate their compliance to avoid fines, rather than rely on the traditional reactive approach. This calls for investments in an integrated enterprise wide approach to manage compliance and prevent failures. Such an approach that provides a comprehensive view of customers and transactions can make it difficult for criminals to exploit gaps between business systems, databases and countries,” said KV Karthik, Partner, Forensic – Financial Advisory, DTTILLP. Overall, survey respondents also highlighted technology-related challenges such as limited integration with core banking systems, incomplete coverage of all products and processes, too many false positive alerts, and issues around data accuracy and unstructured data. This lack of technological maturity, and data governance appears to have had a cascading impact on every aspect of the AML programme. In the area of sanctions screening, around 63 percent respondents indicated that they were struggling with issues posed by limited data structure and integration with core banking systems. Too many false positives, limited automation pertaining to the updation of regulatory lists and sanctions lists, and inadequate “fuzzy” name matching capabilities emerged as other major issues amongst the respondents. In the area of trade-based money laundering, 83 percent respondents indicated screening trade finance transactions against internal lists, regulatory lists, and sanctions lists. The respondents also pointed at challenges such as identifying hidden relationships between trade partners and ports, estimating pricing and invoicing of goods, and unavailability of a single automated system that can combine all screening data. “In the past, banks have made discretionary investments in technology to meet certain immediate concerns around AML compliance. These have created issues pertaining to the availability and quality of data, systems working in a siloed manner, and inherent module based limitations, leading to significant reliance on manual processes to close gaps in compliance. Regulators today expect banks to have a consolidated view of customer transactions across businesses and jurisdictions, to identify any unusual transactions and behaviours, or potential sanctions violations. The current technology frameworks may pose a challenge to doing that and banks need to take a strategic and longer term view of technology investments,” said Karthik.

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Pelwatte Dairy Industries Ltd., a leading manufacturer of locally produced dairy products, speaking on the current situation of the dairy industry in Sri Lanka stated that they have a surplus of milk and have already instructed the Export Development Board (EDB) to explore opportunities of exporting it as milk powder to China and as butter to Japan. “We have a surplus of milk. We have already instructed the Export Development Board ( EDB) to explore opportunities to export it as milk powder to China and as butter to Japan. Roughly, 20 to 25 tonnes of milk powder sold in the market, and around 75 to 100 tonnes in the store,” Ariyaseela Wickremanayake, Chairman of Pelwatte Dairy Industries Ltd said, whilst speaking exclusively to Ada Derana Biz. “When you go to the supermarket today, shelves filled with Local dairy milk products can be seen. We have more than enough. Hence, we don’t want to import even an ounce of milk”, he added.

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Moving towards a ‘Circular Economy’ is an action that many world business leaders, policy makers, academics and NGOs argue is necessary to help solve global environmental and economic challenges which directly link to Sustainable Development Goal (SDG) 12- sustainable production and consumption. Coming to local context, this is a must call to solve the national waste issues in Sri Lanka and the transition from a linear to a circular economy requires a joint effort by stakeholders from all sectors. INSEE Ecocycle, as a responsible corporate citizen collaborates with partners including government authorities, industries and communities to transform the economy to a sustainable green economy. With experience in waste management spanning over 17 years of handling diverse industrial waste of over 1,000,000 metric tons with 800 corporate customers and government institutions such as BOI, local authorities etc., INSEE Ecocycle Lanka is currently the country’s undisputed leader and pioneer in sustainable waste management. In the current expansion to resource recovery-based waste management solutions beyond existing cement kiln co-processing solution, the company will make greater contribution to the national waste management with its world-class resources and regional network of group companies in Thailand, Cambodia, Vietnam, Bangladesh and Indonesia specializing in industrial solutions of the region. “INSEE Ecocycle Environment Solutions” arm includes services such as, laboratory services, training and consultancy, industrial cleaning, specialized logistics service, environmental remediation, emergency response services, e-waste disposal and many more. By initiating the first-ever National Waste Management partners’ gathering for those sharing the same ideology from industries that deal with various waste categories such as, metal scrap recycling, electronic waste, glass recycling, pet recycling, soap/detergent recycling, plastic recycling, cardboard and paper recycling, yoghurt cups recycling, ship-based waste management, electronic waste, composting and pyrolysis, much interest was demonstrated to create a positive mind set in working collaboratively towards searching for sustainable solutions to the waste problem in Sri Lanka, together with INSEE Ecocycle. Commenting on the initiative, Sanjeewa Chulakumara, Director, Ecocycle stated, “As the first step of this Industry coalition in the waste management industry, led by INSEE Ecocycle, we are confident of developing a forum emphasising the timely need for a collaborative effort to manage the various waste problems in the country. The aim of this collaboration is to work toward capacity building and providing license to operate for partner members and services to the country holistically. We hope that by working together we can bring about a genuine change in sustainable Waste Management”. Achieving a sustainable green economy has always been at the forefront of INSEE Ecocycle’s purpose in working to improve the industrial environmental footprints across a wide range of industries in Sri Lanka. The national agenda of the President’s manifesto highlights the need for industries to shift from a linear economy to a circular one, promoting the use of waste from one industry as raw materials to another. INSEE Ecocycle shares the same ideology of the 3R concept; Re-Use, Re-Cycle, and Re-Purpose focusing on creating eco-industrial zones that ultimately paves the way for the green economy. Sanjeewa further said, “An excellent example of the positive impact created by this collaboration is the initiative carried out by Ecocycle in partnership with the other stakeholders in its ‘City Cleaning Project’ in Anuradhapura, which provided a solution for sorted non-recyclable municipal waste. This was another successful collaborative effort with different stakeholders including NGO, Urban councils, charitable organizations and Ecocycle.” Working towards the future of Integrated Waste Management Solutions (IWMS), Ecocycle works to optimise supply chains and provide solutions through partnerships that explore circular economy solutions. For example, rice husk was considered a waste until Ecocycle developed a solution for it, resulting in the rural communities of Anuradhapura, Kekirawa, and Puttalam being benefited by the rising demand for rice husks. INSEE Ecocycle has taken the first step to facilitate and support in the national waste endeavour with their stakeholders by providing sustainable waste management solutions to Central Environment Authority (CEA), Provincial Environment Authority (PEA), Marine Environment Protection Authority (MEPA), Office of the Registrar of Pesticides, Consumer Affairs Authority, Sri Lanka Standards Institution(SLSI), almost all government universities and national research institutions including coconut, rubber, tea and many more. Revolutionising waste management, newly inaugurated INSEE Ecocycle’s Resource Recovery Centre will ensure end-to-end solutions facilitating the systematic collection of FMCG and post-consumer waste through comprehensive steps including reverse logistics to collection of waste from general trade and modern trade, segregation, purification, reuse and recycle/upcycle. The cooperation of different recycling partners will secure an upcycling resolution for all discarded goods. Ecocycle focuses on improving to transform the FMCG industry and build a future for Integrated Waste Management Solutions (IWMS), with partnerships with Unilever and other Multinational Companies to promote corporate sustainability agendas contributing to SDG 12 – sustainable production and consumption. Ecocycle has tried many ways to support the national MSW issue since 2011 via public private partnership providing a solution to segregated non-recyclable polythene and plastics waste material that are processed through co-processing kiln waste management solutions and one of Ecocycle’s best achievements lies in its contributions for alternative fuels that have supported INSEE on its endeavours to reduce the dependency on fossil fuel. All Ecocycle services for corporations, local councils, urban councils, and municipal councils can be obtained with ease of speed and convenience through its digital platform. With experience and proven efficiency, Ecocycle has the capacity to manage 10,000 – 12,000 tons per year of sorted non-recyclable Municipal Solid Waste (MSW). Taking a step further, Ecocycle now promotes recycling and upcycling for recyclable materials – from industries and municipal solid waste management through the Ecocycle resource recovery centre. Ensuring high standards of professionalism and best practices, Ecocycle continuously works to develop the waste management industry along with the respective stakeholders to transform the country to a Circular Economy based integrated waste management solutions.

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Founded with the general public in mind and to take care of people’s health, MyMed has been certified as a ‘Covid-19 Control Environment’ by the SLSI. As a brave step forward in uncertain times, the Rotary has partnered with Sri Lanka Standards Institute (SLSI) to launch the first certification for a ‘Covid-19 Control Environment’ in Sri Lanka. The SLSI plays a key role in promoting Quality Assurance (QA) activities in all sectors of the economy and operates several certification schemes. The ‘Covid-19 Safety Management System Requirements for Organizations’ is one such scheme to recognize and certify corporates and organizations that follow safety guidelines for the wellness of everyone concerned. In the face of the Covid-19 second wave threat, the ‘Covid-19 Control Environment’ certification has ensured organizations to implement Covid-19 safety management systems. Implemented for the first time in Sri Lanka and online pharmacies on the island, the certification ensures that all stakeholders of an organization are safeguarded from any risk or threat due to potential exposure to Covid-19 through its products, services and operations. The key objective of implementing the Covid-19 Management System is to make the ‘new normal’ behaviour systematic and to create a risk-free environment for everyone in an organization including the staff and visitors by executing risk management protocols. This builds confidence and trust in the work environment whilst managing and mitigating the risks/ threats effectively. Staying true to its brand promise of ‘Trust, Convenience and Care’, MyMed has successfully adhered to the new normal by meeting and exceeding the required safety criteria. It is also one of the first online pharmacies to be certified with the ‘Covid-19 Control Environment’ by the SLSI. MyMed has transformed many lives and has become an integral part of customers’ advisory services and medicine purchase journey. Connecting patients/ customers to reliable healthcare services, MyMed has become a well-accepted service for the public by offering over 10,000 items including – over the counter medicines, surgical items, medical devices and cosmetics. MyMed not only ensures quick delivery but also the safety of medicine as they are sourced from trusted pharmacy retailers in Sri Lanka. To purchase your medical products and supplies today, visit www.mymed.lk

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Seylan Bank, the Bank with a Heart recently participated in the ‘Kedella Construction Expo 2020’, Sri Lanka’s premier Home Construction and Interior trade show, providing a wide range of banking services to customers visiting the show. The exhibition took place at the Bandaranaike Memorial International Conference Hall (BMICH) on the 14th, 15th & 16th of August. Organized by Asia Exhibitions & Conventions (Pvt) Ltd, the exhibition was the first event conducted in the country after the pandemic, according to the health and safety regulations. With a participation of over 40,000 people, the ‘Kedella Construction Expo 2020’ exhibition attracts visitors from across the island, featuring a wide range of exhibitors including Household Appliances, Home Decorations, Real Estate, Landscaping, Furniture, Tiles, Granite Traders, Bathroom Fittings, Kitchenware, Electrical Goods, Paints, Wall Design Traders, Ceiling Decorators, Lighting, Home Drapers and Banking and Insurance. Seylan Bank provided financial solutions and advice to eager consumers looking for financial assistance, allowing them to make their housing dreams a reality. The bank offered services ranging from Housing Loans, Personal Loans and Credit Cards with the most competitive interest rates and payment plans in the market. Apart from these, Seylan Home Loans specialists and advisors were available at the exhibition to provide solutions and customized financial propositions for free, to walk in customers. With a further drive to ensure customer convenience, Seylan Bank deployed a mobile ATM near the main hall of the event premises throughout all 3 days of the exhibition, ensuring customers had easy access to carry out cash withdrawals and check their account balances at any given time during the 3 day long exhibition. Seylan Bank, the Bank with a Heart, operates with a vision to offer the ultimate banking experience to its valued customers through cutting-edge technology, innovative products, and best-in-class services. The Bank has a growing clientele of SMEs, Retail and Corporate Customers and has expanded its footprint with 173 branches across the country and an ATM network of 216 units. Seylan Bank has been endorsed as a financially stable organization with performance excellence across the board by Fitch Ratings, with the bank’s national long-term rating revised to ‘A (lka). The bank was ranked second among public listed companies for transparency in corporate reporting by Transparency Global and is now part of the S&P Dow Jones SL 20 Index. These achievements are a testament to Seylan Bank’s financial stability and unwavering dedication to ensuring excellence across all endeavours. For more information on products and services please visit www.seylan.lk.

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~ Facilitates Card Payments through Mastercard, Visa Credit & Debit Cards and Installment Payment Plans for Sampath Credit Cardholders~ SampathCards recently joined hands with General Sir John Kotelawala Defence University (KDU), one of the country’s premier higher education institutions, to facilitate payments for course fees through Mastercard & Visa Credit & Debit Cards, helping students to peruse their dream careers without having to worry about finances. In addition, Sampath Mastercard and Visa Credit Cardholders will now be able to avail themselves to 12 months 0% interest instalment payment plans on any payment that they make to KDU. Students, guardians and parents can apply for a Sampath Card in order to enjoy amazing benefits in addition to the above. This is part of SampathCards’ ongoing efforts to drive electronic payment acceptance and introduce convenient payment options to educational institutions around the island. Considering the current global health and economic crisis, SampathCards has been offering 0% interest extended settlement plans on a wide range of essential expenses including utilities, education, healthcare, insurance, and vehicle servicing. Established as the ‘General Sir John Kotelawala Defence Academy’ by the Parliamentary Act No. 68 of 1981, General Sir John Kotelawala Defence University (KDU) was subsequently elevated to University status by the amendment Act No. 27 of 1988. It is a member of the Association of Commonwealth Universities (UK). Awarding Bachelors’ and Postgraduate degrees in Defence Studies, the University continues to educate and groom Officer Cadets to meet the challenges of modern defence management. KDU is now open to civil students who wish to continue their higher studies in the fields of Engineering, Law, Management, Social Sciences as well as IT. Officers with exceptional performance in reputed universities or institutions can pursue postgraduate studies in accordance with the requirements of the Service to which they belong. Civil professionals are also offered a place in the University’s postgraduate programs. SampathCards continues to stand by its Cardholders, rolling out more benefits and privileges to offer them greater value and added support. Image Caption: Kusal De Silva, Assistant General Manager – Operations & Card Centre, Sampath Bank (5^th from left) handing over the agreement to Major General Milinda Peiris RWP RSP VSV VSP, Vice Chancellor of General Sir John Kotelawala Defence University. Others in the picture are (From left) – Prasanna De Silva – Senior Marketing Officer, Chaminda Samarajeewa, Assistant Manager -Sales & Merchant Relationships, Card Centre, Sampath Bank, AKD Imalie – Acting Bursar, KDU, Darshin Pathinayake, Head of Card Centre, Sampath Bank and Chirath Samarasekara, Manager – Card Promotions, Loyalty & Product Strategy, Card Centre, Sampath Bank.

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A recent entrant in to Colombo’s property development arena, The Flemington recently celebrated 5 years in the industry. During the past 5 years, The Flemington has maintained an active presence in Colombo’s property development industry. Since their opening in 2015, The Flemigton’s success in the community has continuously grown with an expanding property portfolio, client database and a track record that places a high value on integrity and commitment to their clients. The Flemington offers elegant condominiums designed by award-winning architects and each project is designed and built with convenience in mind, situated in close proximity to leading supermarkets, hospitals, schools and restaurants in Colombo and Rajagiriya. Founded by Managing Director, Mr. Shamitha Ganegoda, The Flemington is a passion project which reflects his experience in the real estate market in Australia, where he lived for 18 years. Working as a Financial Controller for a few Australian property development firms, Shamitha developed a passion for creating modern condominiums influenced by Australian concepts that provide spacious interiors with unparalleled privacy amidst the convenience of city living. He then established his own company, EliSh Development Pty Ltd, an innovative property developer in Melbourne Australia and Colombo, Sri Lanka. Beyond offering beautiful condos in convenient locations, Shamitha prides himself in holding The Flemington to the highest standards of integrity and commitment, which as a result has earned the developer a high level of trust and reliance from its clients. In an industry where property developments spring up almost daily and tenants do not always have a seamless experience from the point of investment to moving in, The Flemington stands out due to the importance placed on ensuring that a client’s investment is handled carefully and with integrity, having open lines of communication throughout the process and ensuring appropriate paperwork is handed over, thereby transforming a property investment into a reliable asset for the client “It is important to me that The Flemington stands for trust and integrity. We value the investment that is placed with us for a tenant to secure a home to increase their convenience and quality of life as they move into the city. Our commitment to our clients remains steadfast from the point they sign with us to the time when we hand over their keys and Deeds to their home.” Said Mr. Shamitha Ganegoda, Managing Director of The Flemington. To date, The Flemington has successfully completed and handed over two projects situated in Rajagiriya and 103 Campbell. A third property development project is currently underway. For more information on The Flemington, visit their website on www.theflemington.com.au Photo Caption: Mr. Shamitha Ganegoda, Managing Director of The Flemington

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EFL Global Freeport (Pvt) Ltd, a member of Expolanka Holdings PLC, a leading logistics conglomerate in Sri Lanka has recently reached two key milestones of being recognized for their superior process discipline by winning a Merit Award at the Taiki Akimoto 5S Awards as well as being inducted in to being a Member of the World Free Zones Organization (World FZO). EFL Global Freeport is the only logistics service provider to have achieved this Merit Award at the Taiki Akimoto 5S Award awarded by JASTECA, which was held at The Galadari Hotel recently, and was awarded in view of their adherence to 5S disciplines. Taiki Akimoto has become synonymous with 5S in Sri Lanka and this award is known as the Annual National Competition for 5S in Sri Lanka. Companies take part in this competition in order to obtain an independent assessment of their superior disciplines and adherence to benchmarked practices. A multitude of applications have been received for the Taiki Akimoto 5S Awards from both the Public & Private Sector Organizations. Subsequently, EFL Global Freeport has also been inducted as a Member of the World FZO, which is the largest, most active Free Zone organization in the world with over 620 members from all parts of the globe. World FZO brings together free zones from all over the world and promotes their positive impacts by providing guidance, knowledge and services to its members, so as to enhance free zones’ contribution to economic prosperity and social development. EFL Global Freeport is the first private company to set up free zone operations in Sri Lanka. Occupying 240,000Sqft, the facility is equipped with state-of-the-art infrastructure along with a Tier 1 Warehouse Management System (WMS), HighJump to provide seamless services. EFL Global Freeport provides real time visibility and increased efficiencies through advanced analytics, business intelligence (BI), robotic process automation (RPA) etc. EFL Global Freeport is backed by EFL’s international presence in 21 countries across 60+ offices globally and can provide end to end solutions to all client requirements whatever and wherever they may be. With a global network and international affiliations, which are supported by adherence to processes and disciplines, EFL Global Freeport is able to provide a seamless and global logistics experience and solutions to its clientele around the world. Photo Caption: EFL Global Freeport team; Damayantha De Alwis (Sector Business Head) and Binara Wijesuriya (Business Head) accepting the Taiki Akimoto 5S Award from Sunil Ratnayake (General Secretary – JASTECA), Dr. Anil Munasinghe (General Manager: Marketing – Kelani Cables) and Nirosh De Silva (Assistant General Secretary – JASTECA)

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In a historic first ever partnership between Rotary District 3220, The local partner for Care International affiliate in Sri Lanka Chrysalis, SLSI together with Rotaract Digital Experts embarked on a novel SME livelihood development project in the UVA Province on the area of Exports and Tourism. The MOU was signed between the two organizations recently under the leadership of Past Rotary International President K.R Ravindran. The project has identified 7 SME’s in the UVA region in Industry and they will be certified by the Sri Lanka Standards Institute( SLSI) for Covid -19 control environment certification. There after the Rotaract Club of Colombo West and Uvawellassa will develop the digital marketing campaign targeting the local and export market. The project will then expand to the Tourism sector covering 12 hotels in the Uva province where internaries for 2,3 and 5 days will be developed by the Rotaractors and linked to the 12 hotels so that the region will be developed for domestic tourism. Once again the certification for Covid-19 Cover will be done by SLSI in partnership with Chrysalis said Ashika Gunesena the CEO of Chrysalis. We are very excited about the total value chain development as it will help the country in the thrust to a V shape recovery commented the District Governor Rotary Ajith Weerasinghe. Based on the test project of 7 SME’s we will extend the Programme to all 500 SME’s that we currently support in the Programme already in Sri Lanka voiced the determined Ashika Gunesena the CEO of Chrysalis.The internaries that we will develop in the tourism project the iternaries will sketch out with the Tourism Organizations and the different stakeholders of the area, so that we build the overall sector and related industries rather than just one entity said the District Rotaract Representative Kasun Segera. To support the project Jayomi Lokuliyana was appointed to be the mentor for the digital Programme for the two Rotaract Clubs. Jayomi, was the only Sri Lankan entrepreneur to be given this title by Campaign Asia for 2020. She has been building Sri Lanka’s first Programmatic ecosystem- Adstudio. Jayomi was appointed by the Sri Lankan Chamber of Commerce to its working committee consulting for policy-level intervention for digital communication. The Director Stop the Spread Dr Rohantha Athukorala said that this project in Livelihood development space is only the start of Rotary supporting the economic development agenda of the country. Photo Caption: District Governor Rotary- Sri Lanka & Maldives Ajith Weerasinghe and CEO Chrysalis Ashika Gunesena signing the historic agreement in the presence of Past District Governor Krish Rajendra, Project Director Rotary Dr Rohantha Athukorala, Rotaract District Representative Kasun Segera and CEO/DG of SLSI Sr Siddhika Senaratne.

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Colombo’s premier medical clinic Healthy Life Clinic, is fortifying its commitment to excellence in personalized healthcare with its move to a brand new purpose-built space at No 139, Dharmapala Mw, Colombo 03. Founded in 2005, the boutique clinic has grown to specialize in personalized, comprehensive diabetes management and family medicine, in addition to a broad portfolio of diagnostic and proactive health management solutions in paediatrics, physiotherapy, mental health, geriatrics, optometric care, podiatry and nutrition. “We are delighted to move into a new purpose-built space which will help us fortify our deep commitment to offer healthcare that is comprehensive and individualized. We are confident that our expansion to a bigger space in Colombo 07 will bolster our efforts to provide patients with the highest quality healthcare in a comfortable, safe environment, stated consultant physician and Head of Healthy Life Clinic Dr. Kayathri Periasamy. With aesthetically pleasing, well-lit interiors, the boutique medical facility houses a number of capacious diagnostic and therapy spaces fitted with up to date diagnostic and treatment tools. It is also home to a well-stocked optometric corner by the regarded ‘6 by 6 Optics’ as well as to ‘Evolve Centre’; a modern, speech & language therapy and learning unit for both adults and children. “At Healthy Life Clinic, we always promote a problem-solving, holistic approach that focuses on the person, not the disease, so that both the patients and their families can participate in a healthy and productive lifestyle. Our multidisciplinary team of experienced and qualified consultants and staff strive hard to create a comfortable setting where patients can meet all their healthcare requirements in one space to greatly reduce the stress and pressure that comes with the diagnosis of a chronic, non-communicable disease such as diabetes. This is one of the key factors why so many of our long-standing patients are able to lead active, fulfilled lives beyond the typical constraints of their medical conditions” she further commented. Healthy Life Clinic’s highly-regarded, patient-centric approach to diabetes care has successfully managed the health of numbers of patients patronizing the establishment for years. The clinic’s care packages are carefully structured by expert diabetic consultants to ensure the holistic wellbeing of patients using a multidisciplinary approach in a single setting, where educating and empowering patients to take care of themselves is a prominent component. This includes condition-focused check-ups, regular consultations with specialists in endocrinology, nutrition, ophthalmology and podiatry, treatment options, diagnostics, diabetes education and awareness as well as access to dietitians and diabetes-focused products. Among the clinic’s several package-based offerings, is its most popular – Smart D; an annual care package for diabetes patients which includes a full screening solution, quarterly blood tests, doctor visits, regular reminders from the clinic as well as a free glucometer to monitor blood glucose levels from the comfort of home. The clinic’s secondary area of focus, family medicine, drives a comprehensive healthcare agenda for families and individuals to help proactively maintain their health and wellbeing. Healthy Life Clinic has grown to be a staunch, experienced advocate for the necessity of a family practitioner in the life of all individuals, to help reduce the financial and mental stress of everyday healthcare while acting as a primary point of advice on treatments, referrals, diagnostics and preventive measures. Every patient that walks into the clinic for consult will trigger the opening of a personal health record, which will be regularly updated with the patient’s family health history, lifestyle preferences, prior consultation details, mental health status. This has come to become an integral part of the diagnostics procedure at the clinic. Additionally, Healthy Life Clinic offers a diverse scope of corporate health packages geared at taking a preventative approach to healthcare through educating and advising those working in the corporate sector; elderly care services and solutions, physiotherapy sessions, weight management solutions, investigations & diagnostic options, and optometric solutions. Patients can either walk in or call the clinic for an appointment on 0114700700 or 0773511511. Founded in 2005, Healthy Life Clinic is a well-established medical centre situated in the heart of Colombo. Specialising in diabetic care and family medicine, the clinic also offers a comprehensive range of personalised solutions for corporate wellness, physiotherapy, wellness, diagnostics and eldercare. Photo Caption: [From Left to Right] Consultant Physician and Head of Healthy Life Clinic Dr. Kayathri Periasamy together with Head Speech Therapist of ‘Evolve Center’ Mrs. Narayani Sathasivam.

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Axiata Digital Labs announced that they have entered into a partnership with LK Domain Registry to sponsor the BestWeb.lk Awards 2020. The partnership results in Axiata Digital Labs being crowned as the Exclusive Technological Partner of the 2020 Awards. The Awards, originally commenced in 2009, is considered as Sri Lanka’s only web design competition. As one of Asia’s fastest growing and most innovative software and IT service providers, the trailblazing partnership also cements Axiata Digital Labs’ position as a regional IT powerhouse. Spread across seven countries, Axiata Digital Labs – the technology hub of Axiata Group Berhad Malaysia – is an innovative software service provider offering telco focused digital and IT services. Its range of IT software, solutions and services include IoT, Cloud Computing, API Management & Microservices, Data Analytics & AI, and UI + UX Consultancy. “The website’s design should satisfy the goals you set and the message should come across loud and clear, but more importantly, the site should be straightforward and easy to use for everyone” said Thushera Kawdawatta, CEO of Axiata Digital Labs. “LK Domain Registry recognizes and celebrates the best Sri Lankan designed websites and we are very excited to partner with them to sponsor the BestWeb.lk Awards in 2020” adds Kawdawatta. The BestWeb.lk Awards 2020 will be held on September 9 at the Shangri-La Hotel. “We are delighted to bring on Axiata Digital Labs as the Exclusive Technological Partner for BestWeb.lk 2020,” said Professor Gihan Dias, CEO of LK Domain Registry. “LK Domain Registry has conducted the BestWeb.lk competition annually since 2009 and has recognised the most attractive and effective websites in Sri Lanka over the years. Axiata Digital Labs shares our vision of enriching and celebrating the efforts of Sri Lankan web designers and developers and we look forward to a long and fruitful partnership with Axiata Digital Labs.” Founded in 2019, Axiata Digital Labs is an innovative software service provider offering telco focused digital and IT services and solutions that enable individuals, enterprises, associates and society as a whole. With over 800 professionals spread across 7 countries, ADL helps global customers in the space of telecommunications, digital services & financial services. Axiata Digital Labs is the technology hub of Axiata Group Berhad Malaysia, one of the leading telecommunication groups in Asia. The LK Domain Registry was established in 1990. Since its inception, it has served the country not only by providing a professional domain registration service, but also by facilitating development of Internet infrastructure to improve the Internet in Sri Lanka. The LK Domain Registry is the sole administrator for web addresses that end in “.lk” in Sri Lanka. As the national-level domain name, a “.lk” domain provides Sri Lankan organizations and individuals with their unique brand identity on the Internet. We register a wide range of domain names including the top-level domains. .lk,. com.lk, .org.lk and .edu.lk. In addition to English, domain names can also be registered in the Sinhala and Tamil language top-level domains. Its clientele spans all countries, with a majority residing in Sri Lanka. Photo Caption: CEO of Axiata Digital Labs, Thushera Kawdawatta and CEO of LK Domain Registry Professor Gihan Dias

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Airline makes solid progress on customer promise with 90% of refunds backlog cleared
Empowers trade partners to accelerate refund processing

Emirates reveals that is has returned over AED 5 billion (US$ 1.4 billion) in COVID-19 related travel refunds to date, making strong and steady progress on its commitment to customers to complete pending refunds. More than 1.4 million refunds requests have been completed since March, representing 90% of the airline’s backlog. This includes all requests received from customers around the world up until the end of June, save for a few cases which require further manual review. Since the pandemic hit, Emirates has invested additional resources to ramp up its processing capability. The airline also continues to work with industry partners to facilitate refunds for those who have booked their Emirates flights through travel agents, this includes enabling direct refunds processing via global booking systems (GDS). Sir Tim Clark, President Emirates Airline said: “We understand that from our customers’ standpoint, each pending refund request is one too many. We are committed to honouring refunds and are trying our utmost to clear the massive and unprecedented backlog that was caused by the pandemic. Most cases are straightforward, and these we will process quickly. But there are cases which will take a bit more time for our customer teams to manually review and complete. We are grateful to our customers for their patience and understanding.” As global travel markets slowly re-open, Emirates has gradually restarted its passenger operations around the world, always ensuring that it provides customers with a safe and smooth travel experience. The airline has introduced a series of industry-leading initiatives to provide customers with additional reassurance and confidence when they travel – from bio-safety measures at every step of their journey, to free COVID-19 medical cover, and flexible booking policies. Emirates currently offers flights to over 80 cities. Customers can stop over or travel to Dubai as the city has re-opened for international business and leisure visitors. Ensuring the safety of travellers, visitors, and the community, COVID-19 PCR tests are mandatory for all inbound and transit passengers arriving to Dubai (and the UAE), including UAE citizens, residents and tourists, irrespective of the country they are coming from. Destination Dubai: From sun-soaked beaches and heritage activities to world class hospitality and leisure facilities, Dubai is one of the most popular global destinations. In 2019, the city welcomed 16.7 million visitors and hosted over hundreds of global meetings and exhibitions, as well as sports and entertainment events. Dubai was one of the world’s first cities to obtain the Safe Travels stamp from the World Travel and Tourism Council (WTTC) – which endorses Dubai’s comprehensive and effective measures to ensure guest health and safety. Flexibility and assurance: Emirates’ booking policies offer customers flexibility and confidence to plan their travel. Customers who purchase an Emirates ticket by 30 September 2020 for travel on or before 30 November 2020, can enjoy generous rebooking terms and options, if they have to change their travel plans due to unexpected flight or travel restrictions relating to COVID-19, or when they book a Flex or Flex plus fare. More information here. Free, global cover for COVID-19 related costs: Customers can now travel with confidence, as Emirates has committed to cover COVID-19 related medical expenses, free of cost, should they be diagnosed with COVID-19 during their travel while they are away from home. This cover is immediately effective for customers flying on Emirates until 31 October 2020 (first flight to be completed on or before 31 October 2020), and is valid for 31 days from the moment they fly the first sector of their journey. This means Emirates customers can continue to benefit from the added assurance of this cover, even if they travel onwards to another city after arriving at their Emirates destination. For more details: www.emirates.com/COVID19assistance. Health and safety: Emirates has implemented a comprehensive set of measures at every step of the customer journey to ensure the safety of its customers and employees on the ground and in the air, including the distribution of complimentary hygiene kits containing masks, gloves, hand sanitiser and antibacterial wipes to all customers. For more information on these measures and the services available on each flight, visit: www.emirates.com/yoursafety. Photo caption: Emirates returns AED 5 billion (US$ 1.4 billion) to customers in refunds

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Designed to offer supreme customer experience and holistic telecommunication solutions Sri Lanka Telecom (SLT) together with its Mobile arm- Mobitel, opened the first regional flagship store (Teleshop) at Panadura, offering customers the opportunity to experience and purchase 360 degree telecommunication solutions. Conceptualised to provide best in class service and latest technological solutions, the regional store will empower customers in and around the area with fully-fledged telecommunication and mobile solutions, ranging from Ultra-fast broadband connections, Smart home solutions, automated bill payments, home entertainment services, state of the art mobile and telephone equipment and many more telecommunication accessories. The regional flagship store will also enable SLT and Mobitel customers to avail great benefits on a range of product and services coupled with faster service and prompt delivery. The opening of the store was graced by Mr. Rohan Fernando – Chairman of SLT Group, Mr. Lalith Seneviratne –Director & Group Chief Executive Officer, Mr. Mohan Weerakoon PC – Director, Mr. Kiththi Perera – Chief Executive Officer of SLT, Mr. Priyantha Fernandez – Chief Operating Officer of SLT and other officials of both SLT and Mobitel. Photo Caption: From left :Mr. Rohan Fernando – Chairman of SLT Group and , Mr. Lalith Seneviratne –Director & Group Chief Executive Officer at the opening ceremony

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HCL Technologies (HCL), a leading global technology company, Monday (07) announced the official opening of its Global Development Center in Colombo, Sri Lanka. The new development center was officially inaugurated by the Honorable Prime Minister of Sri Lanka, Mahinda Rajapaksa and His Excellency Gopal Baglay, Indian High Commissioner to Sri Lanka in the presence of Shiv Nadar, Founder, Managing Director and Chief Strategy Officer, HCL Technologies and C. Vijayakumar, President and Chief Executive Officer, HCL Technologies via a virtual ceremony. HCL’s office in Colombo will be home to world-class infrastructure, multi-layered data & physical security protocols, and high-end systems to support its global customer base. From its new state-of-the-art office, HCL will primarily focus on offering next-generation solutions to serve major blue-chip organizations. Commenting during the virtual inauguration event, Honorable Prime Minister of Sri Lanka said, “It gives me great pleasure to join you on the occasion of HCL Technologies inaugurating its first global delivery centre in Sri Lanka. As a nation, we are not only honoured to welcome a multinational technology giant such as HCL but we are also thankful for the opportunities the centre will offer our youth. Presence of a global ICT leader such as HCL technologies is not only an asset to Sri Lanka but also sends a strong message to the entire world that Sri Lanka is back in business, having successfully contained the global pandemic. I take this opportunity to congratulate the management of HCL Technologies and extend my very best wishes”. The inauguration was also attended by Srimathi Shivashankar, Corporate Vice President, HCL Technologies, Susantha Ratnayake, Chairman Board of Investment (BOI), HCL partners from PwC, Board of Investment (BOI), Sri Lanka Association for Software and Services Companies (SLASSCOM), ESOFT and other leading business dignitaries. The office in Colombo which currently has a seating capacity for more than 650 employees, already has over 100 new HCL local recruits. By the end of November 2020, it hopes to further add 600+ seats at this centre. HCL plans to deploy about 3,000 people in the coming three to five years and of which 1,500 employees will start working in Sri Lanka in the next 18 months. “We have a strong cultural link up with Sri Lanka. India and Sri Lanka have contributed to each other’s growth and prosperity. Our efforts are focused on creating employment and we plan to establish a very large presence here. I am looking forward to seeing motivated and energized young lankans join HCL and help us deliver on our promise – both to our clients and as well as to the country” commented Shiv Nadar, Founder and Chief Strategy Officer, HCL Technologies. The company would help the local workforce ‘stay rooted’ in their native place and invite Sri Lanka expats to come back home and be a part of this transformational journey. HCL will also implement its Work Integrated Education Program to foster growth by actively cooperating with local ICT and engineering institutions in order to develop and train the local talent pool. For freshers, HCL will focus on hiring A Level, Higher National Diploma (HND) students through skills training & hiring program. HCL joined hands with the Board of Investment (BOI) of Sri Lanka in February 2020 to launch its local entity — HCL Technologies Lanka (Private) Limited and set up its first delivery center in the region. Through this entity, HCL will provide services to global clients in the areas of Applications & System Integration Services and Infrastructure Services.

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State Minister of Finance and Capital Markets Ajith Nivard Cabraal told stockbrokers that “Sri Lankan investors who acquire shares now would make substantial capital gains very soon”. Cabraal made these remarks when he addressed Sri Lanka’s Stockbrokers at the Finance Ministry last Friday, 4th September.

Cabraal explained that the Colombo Stock Exchange’s All Share Price Index was at around 7300 points by end December 2014 and the market cap was around USD 25 billion. However, the ASPI has now shrunk to about 5300 points with the market cap down to about USD 12.5 billion, even though most companies had accumulated reasonable profits over the past 5 years and their balance sheets had grown.

From this information, it is very evident that the ASPI today should be at a much higher value and the market cap too should be substantially higher. Accordingly, it is clear that there is a huge potential for the valuations of the shares to increase in the near future, since confidence is returning to the markets and economic activity is likely to pick up in the near term.

Cabraal said stockbrokers must therefore try and persuade Sri Lankan investors to invest in the stock market before trying to get foreigners to come to the Sri Lankan bourse.

Cabraal further pointed out that the money markets are quite liquid now and that the total deposits in Banks and Finance Companies exceed Rs.10,000 billion. He therefore urged stockbrokers to try to collectively attract at least 1% of such deposits, which would amount to a sizable Rs.100 billion, and that it would be quite possible to do so in the current low interest regime.

Cabraal stressed that such an investment wave would be a huge boost to the stock market which would also provide a very sound platform for the share investors to take up some useful positions in the stock market as well.

Cabraal also urged the stockbrokers to get out from their comfort zones and become more active. He said, “it’s now time for you to go across the country and explain these opportunities to potential Sri Lankan investors and encourage them to enter this market. Don’t passively wait for the foreign investors to return, but proactively engage the local investors”.

Cabraal added, “in that way, local investors could gain from the current depressed market, particularly in the light of the reduced interest rates”. He also asserted that those who invest now will definitely be at an advantage over those who invest later.

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Brush manufacturer and exporter of sanitary maintenance tools, BPPL Holdings PLC announced plans to exit the Indonesian market, due to on-going losses from heavy competition amongst established brands in that country. “Our JAB branded goods in Indonesia, however, did not perform as expected due to heavy competition amongst established brands in that country. We, therefore, have taken a decision to cease activities effective from 1st April ’20 due to on-going losses,” BPPL Managing Director Dr. Anush Amarasinghe, told shareholders in the annual report 2019/20. The company had limited success in its strategy of supplying own-branded cleaning tools to household market in the South- East Asian region. Nevertheless, their ‘Tip Top’ branded goods sold in Sri Lanka performed reasonably well with a 7% increase in revenue compared to the previous year. “The growth would have been higher if not for pandemic related closures in March ahead of the traditional April New Year holiday buying season,” Amarasinghe stressed. For the year ended in March 31, 2020, the United States continued to account for a dominant 73% share of Group revenue; same as in the previous year. Australia was next with a 7% share (up from 6%) followed by UK; 6% (up from 3%). India’s share of sales fell in the year due to the absence of excess waste bottle/flake sales. Under its diversification programme BPPL Holdings PLC has diversified its production into the two categories of brushes and filament extrusion, supported by the commissioning of a synthetic yarn spinning facility and expansion of the synthetic filament production facility. The Group has also entered new markets and currently caters to the apparel sectors in Sri Lanka, in addition to the North American region, which is the primary market for its brushware. Due to the manufacture of recycled products, the filament extrusion business offers many new opportunities for the Group. The Company is already the leading plastic recycler in Sri Lanka.

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Strengthens collaboration with PMsquare in Data and Analytics to help customers in the country Emerge Smarter from the pandemic

IBM today outlined a comprehensive strategy for Sri Lanka driven by Hybrid Cloud, and Artificial Intelligence (AI), underpinned by Cybersecurity at a virtual round-table meeting.

As organisations are beginning to reset, recover and revive their business to emerge smarter from the pandemic, IBM will focus on helping them adapt to the new normal by infusing AI into their workflows, shifting to hybrid cloud, strengthening cybersecurity and automating IT processes.

As part of this strategy, IBM today announced the extension of its global partnership with PMsquare, a Platinum IBM business partner in Sri Lanka. PMsquare will collaborate with IBM on Data & Business Analytics solutions to co-create and co-innovate with, and for clients in the market. IBM has been a key partner in the technology-driven development of Sri Lanka’s business & industry for over 58 years.

Sandip Patel, Managing Director, IBM India/South Asia said, “Sri Lanka has managed to successfully navigate one of the most difficult crises in recent human history and turn around its biggest challenges. The move to Digital has accelerated in the new normal and IBM is leading the way in helping our clients build resilience through a technology driven business transformation. With a strong channel ecosystem, a robust hybrid cloud capability and deep cybersecurity expertise, we are poised to take the lead in helping Sri Lankan enterprises emerge smarter in their digital transformation journey.”

IBM works with several partners in Sri Lanka, helping clients leverage technology in their digital transformation journey. IBM’s strong ecosystem strategy in Sri Lanka enables it to reach out to companies across different sectors, regardless of their size and revenue models.

“IBM nurtures an ecosystem of global business partners that operate in more than 170 countries. Sri Lanka’s partner ecosystem plays an important role in IBMs business strategy as we build deep engagements with our partners to co-create and co-innovate for our customers. Post pandemic, businesses will turn to solutions like Watson AIOps and Cloud Paks to future proof their business. As a global partner, PMsquare’s entry into the Sri Lankan market will make these technologies more accessible and easier to implement for customers,” stated Riza Wadood, Country General Manager, IBM Sri Lanka

Reinforcing IBM’s ecosystem commitment, IBM recently announced a new PartnerWorld programme that provides clear pathways for business partners to create applications, develop code, integrate their intellectual property (IP) or deliver services with the IBM Cloud. This includes helping clients with their hybrid multicloud strategies, which is not limited to just solutions but also services to deliver them successfully.

PMsquare, a leading data analytics consultancy combining international reach with experience across Asia. PMsquare has been an IBM business partner for over 13 years. The company has offices across APAC with representative offices in Europe and North America. It has delivered over 300 performance management and Business Intelligence implementations across the globe. PMsquare Sri Lanka office is located in Colombo.

“PMsquare Sri Lanka already has a customer base of large companies whose combined revenue figures are close to USD 88bn –the annual GDP of Sri Lanka.” said Jason Rankin CA, Regional Director Asia and Group CFO, PMsquare. “After developing the team in Sri Lanka, PMsquare has partnered with IBM to promote IBM Business Analytics solutions to Sri Lankan businesses. IBM is well known for its technology capabilities and now with PMsquare, clients can focus on improving their collaborative planning by using AI powered solutions such as IBM Planning Analytics© and IBM Decision Optimization©.”

PMsquare provides AI-powered IBM Business Analytics solutions that can help companies tackle complex tasks like production optimization, scheduling, routing, demand management and improve their strategy planning with forecasting and advanced predictive capabilities. Many companies have strong ERP tools, but when it comes to strategic planning most still use single user applications that do not have features to support actual planning functions such as stress testing, scenario planning, sensitivity analysis, what-if analysis, simulations, discovering trends/correlations, etc. PMsquare will leverage solutions like IBM Planning Analytics© to streamline, automate and enhance the capabilities of current tools and provide a collaborative planning platform for multiple departments to work together.

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