News & market updates

The Exporters' Association of Sri Lanka elected Nalaka Ratnayake as Chair at its 29th AGM; the World Bank country manager urged reforms to boost export competitiveness, including lowering business costs, expanding market access and fast-tracking the National Single Window digital trade platform.

Miwayz launched on July 12 with over 25,000 pre-registered drivers and passengers and announced strategic partnerships with Dialog Axiata (Dialog Touch payment integration and fuel vouchers) and TVS, plus a 0% commission driver model and passenger discounts.

NASSCOM launched its Disha Mentorship Program in Sri Lanka — its first international expansion — to mentor 48 Sri Lankan technology SMEs through structured guidance from industry leaders. The program aims to deepen India–Sri Lanka tech cooperation and support exports, jobs and digital transformation.

DMS Software Engineering implemented its DMS-IMAGO cheque image clearing platform at HSBC Sri Lanka, digitising cheque processing and improving controls, compliance and turnaround times.

Port City Colombo, a $15 billion SEZ, is placing India at the centre of its growth plan and aims to double annual Indian tourist arrivals to about 1.2 million by 2030. The development will add new attractions, convention facilities, duty-free retail and target Indian IT/GCCs as business tenants.

Sri Lanka aims to build a 200,000-strong digitally skilled workforce by 2030 and to grow a USD 15 billion digital economy. The article argues that human-capital investment and government–academia–industry collaboration are essential for AI to become a competitive advantage.

THASL CEO Priantha Fernando urges Sri Lanka to pivot from mass tourism to high-value experiential travel—targeting India and China—and backs a revised 2026 target of about 2.5 million arrivals and $3.5 billion in earnings. He calls for stronger destination marketing, MICE/wellness/sports focus, digital integration and restored airline capacity.

DMS Software Engineering implemented its DMS-IMAGO cheque imaging and truncation platform at HSBC Sri Lanka, digitizing cheque clearing to improve processing accuracy, reduce operational risk and shorten turnaround times.

Citrus Leisure (REEF.N0000) has partnered with RateGain to deploy the UNO Direct Stack across its hotel portfolio to boost direct bookings, improve conversion and increase direct revenue.

Ather, via distributor Evolution Auto, showcased the Ather 450X at the Colombo EV Motor Show 2026, drawing strong customer interest. The company introduced two new features for Sri Lanka — Infinite Cruise and Magic Twist — highlighting connected tech and battery/chassis design to boost premium EV adoption.

HNB General Insurance appointed Lakshman Silva as Non-Executive/Nominee Director and Sandra De Zoysa as Independent/Non-Executive Director to its board to strengthen its digital platforms and customer experience initiatives.

BrandRadar (Roar Global) released "The State of AI Visibility in Sri Lanka 2026", a three-month study of 198 brands across six industries showing editorial authority and third-party citations strongly predict AI visibility. The report finds Toyota and BYD scored above 89 across platforms while some brands (e.g., Ceylinco General Insurance) show large visibility variance between AI systems.

The National Chamber of Exporters renewed an MoU with Ernst & Young to expand support for Sri Lankan exporters on compliance, supply‑chain traceability, sustainability and digital transformation. The partnership will deliver workshops and advisory programmes to help exporters meet US/EU requirements as Sri Lanka pursues a US$36bn export target by 2030.

Sampath Jayasundara has been appointed SLASSCOM Chairman for 2026/27; he currently serves as CEO of hSenid Business Solutions PLC (HBS.N0000). He will prioritise AI-ready workforce development, curriculum reform and entrepreneurship to boost Sri Lanka's knowledge and innovation exports.

Sampath Jayasundara, CEO of hSenid Business Solutions PLC, was elected Chairman of SLASSCOM for 2026/27 and will prioritise AI upskilling, entrepreneurship and product-led growth to help scale Sri Lanka's knowledge and innovation exports toward a $5bn target.

Amana Bank (ABL.N0000) opened its 47th Self Banking Centre in Warakapola, offering 24/7 cash withdrawals, cash and cheque deposits and bill payments to the local community.

HNB Life PLC won three Gold awards in the Quality Improvement Project Category at the National Convention on Quality and Productivity 2026. The recognised projects target customer experience, operational efficiency and workforce empowerment using technology-driven innovation.

The Sri Lanka Institute of Directors will hold the Sri Lanka Corporate Director Summit 2026 on 22 July at Cinnamon Grand Colombo featuring a session 'Talent and Culture – What Boards Can No Longer Ignore' with international speakers; Hemas Holdings PLC's Chief People and Corporate Affairs Officer Ravi Jayasekera will join the panel.

Bank of Ceylon launched BOC Flex Tap & Pay on 9 July 2026, introducing Sri Lanka's first mobile banking wallet-based contactless payment solution with virtual cards for NFC POS and online payments and features like auto top-up and card management.

Sri Lanka Customs collected 125.2 billion rupees in the first 14 days of July, more than 65% of its 192.4 billion-rupee monthly target and on track to outperform the target for a seventh consecutive month. Stronger enforcement, digital scanning, improved valuation and a rebound in imports have driven collections, boosting Treasury revenue.

Sri Lanka held the inaugural Development Partner Working Group on Digital Transformation on 13 July to align institutional frameworks and human-capacity building for national digital public services. The session, co-chaired by the Deputy Minister of Digital Economy and the UN Resident Coordinator, prioritized coordination with international partners and public-sector upskilling.

Asian stocks rallied after U.S. CPI fell 0.4% in June and annual core inflation eased to 2.6%, cutting rate-hike odds and sending two-year Treasury yields down 11bp to 4.19%. Oil steadied around $85.80/bbl and China's Q2 GDP slowed to 4.3%.

Three correspondent banks in the US, UAE and Vietnam rejected a fraudulent $1.3m government debt payment before scammers' revised instructions enabled part of a $2.5m Treasury phishing fraud to succeed, MPs heard. The Central Bank said it alerted the Treasury each time but had no statutory duty to file suspicious-transaction reports; the committee is probing payment governance and the PDMO handover.

Outgoing Swedish Ambassador Jan Thesleff said Sri Lanka's improving policy stability is restoring international investor confidence and named renewable energy, ICT, apparel, healthcare and food processing as key growth sectors; a Swedish business delegation will visit in January 2027.

Logical, a Sri Lankan-founded AI startup, was accepted into Y Combinator and raised over Rs. 150 million in initial funding. The company is building a proactive desktop AI copilot that transfers context across apps to help knowledge workers take action with fewer prompts.

SLIIT Business School published an international study introducing a new digitalisation index covering 71 countries (2010–2022) that classifies nations as Digital Pioneers, Adapters, or Followers. The research finds digital competitiveness depends on innovation, human capital, cybersecurity, R&D and institutional readiness, not just technology adoption.

Sri Lanka stocks closed flat as the ASPI rose 0.01% to 21,426.43, with banks leading turnover at 327.4 million rupees. Haycarb, John Keells and Ceylon Cold Stores were top gainers while HNB, Central Finance and Commercial Bank were top decliners; Digital Mobility Solutions disclosed ESOP allotments and its shares closed down 0.30%.

Outgoing Swedish Ambassador Jan Thesleff said he is optimistic about Sri Lanka's recovery and rising investor confidence, noting about 80 Swedish companies operate in Sri Lanka. He highlighted opportunities in ICT, apparel exports, renewable energy, healthcare and tourism, and cited Port City progress and the need for direct flights.

The Sri Lanka Institute of Directors will host the Sri Lanka Corporate Director Summit 2026 on 22 July 2026 at the Cinnamon Grand Colombo, bringing international and local governance leaders to discuss moving Boards from compliance to sustainable growth with a focus on AI, cybersecurity and sustainability.

SLIIT Business School study finds many Sri Lankan shoppers still prefer cash-on-delivery due to security, privacy and payment concerns, creating a digital trust gap that may hinder e-commerce growth. The study urges stronger payment security, data protection, authentication and multi-stakeholder collaboration.