News & market updates

MediaFest 2026 brought together Sri Lankan and Indian media leaders who urged 'trust-first' journalism and using AI to strengthen verification while safeguarding editorial independence; India's High Commissioner pledged support for journalist exchanges and institutional partnerships.

Union Assurance PLC (UAL.N0000) was named a Celent Model Insurer for Customer Experience in 2026 for its Connected Life Initiative. The programme, driven by the Clicklife app and AI Suwamaga+, has 100,000+ downloads, 69% straight-through automated underwriting and cut claims handling time by over 80% to ~5 minutes.

Government will implement a phased, FATF-aligned AML regulatory framework for virtual asset service providers and has proposed the SEC as prudential regulator, while cryptocurrencies remain unrecognised and banks/cards are barred from facilitating crypto transactions. Talks to enable PayPal inward receipts continue and some banks already offer Wise/Payoneer for cross-border receipts.

Media Fest 2026, Sri Lanka's full-day media industry gathering, kicks off today at the Taj Samudra, Colombo focusing on 'Staying Relevant in a Changing World' and digital transformation. Sponsors include Commercial Bank PLC, Mahindra Ideal Finance, SriLankan Airlines and Taj Samudra.

The Ceylon Chamber's Commercial Documents Registration Division has introduced a Free Sale Letter for pharmaceuticals to help Sri Lankan pharma manufacturers and exporters meet export certification and compliance requirements. Its 24/7 e-service platform also certifies Certificates of Origin and other export documents for exporters, freight forwarders and logistics providers.

TruRout launched Sri Lanka's first zero-commission ride-hailing platform with a subscription model (daily fees: Rs.250 three‑wheelers; Rs.350 cars; Rs.400 SUVs; Rs.500 vans/lorries) allowing drivers to keep 100% of cash-ride earnings. The app also offers transparent fares with no surge, an integrated zero-commission cargo service (TruMove), and referral/loyalty incentives.

Dialog Enterprise (Dialog Axiata PLC) renewed its strategic partnership with the National Chamber of Exporters to accelerate digital transformation for Sri Lankan exporters. The collaboration will deliver converged connectivity, cloud, cybersecurity, data analytics, AI and IoT solutions and provide workshops targeting SME exporters.

Nations Trust Bank (NTB.N0000) appointed Ananda Jayawardana as an Independent Non-Executive Director; he brings 25+ years' experience in leveraged & structured finance, debt capital markets and corporate banking.

Colombo West International Terminal received two ship-to-shore electric cranes and seven cantilever rail-mounted gantry cranes as part of its Phase 2 expansion to boost capacity and automation. CWIT — a ~USD800m PPP including John Keells Holdings — handled 1 million TEUs in its first year.

Asian stocks rose sharply, led by chip and AI firms, as investors brushed off Middle East attacks; SK Hynix priced its ADR at $149, raising about $26.5bn. Brent crude was set for a 5% weekly rise to $76.03/bbl and Japan's yen firmed after finance minister comments.

Colombo Port City Economic Commission will invite RFPs for an international university, hospital and school as it shifts from real estate to building institutional foundations; the Commission permits transactions in 14 foreign currencies under a dollarised regime and flags IT talent shortages constraining investment.

Sri Lanka plans a Rs.3.5 billion global destination branding campaign by year-end or early 2027, with interim targeted digital marketing and PR campaigns to begin in August in Germany, the UK, Australia and New Zealand. Procurement is underway with World Bank technical assistance and staggered market rollouts planned.

The Parliamentary Committee on Public Finance approved a Customs Ordinance resolution and two EDB orders to implement a National Tariff Policy that will reset import duty bands to 0%, 10%, 20% and 30% from 1 April 2026. The reforms include cutting effective ceramic-tile import taxes to 20% by 2029, phasing out para-tariffs by 2029, and updating trade data to support export growth.

Global FDI rose 6% to $1.6 trillion in 2025, driven by a small number of megaprojects—notably AI-related data centres—while developed-economy inflows rose 11% and developing economies grew only 2% to $901bn. The recovery is narrow and concentrated, with risks from trade uncertainty, geopolitics and high financing costs for 2026.

President Anura Kumara Dissanayake said the 2027 Budget will prioritise strengthening public healthcare and reducing private treatment costs. Measures include recommencing 26 suspended hospital projects (48 projects now under way), new primary-care 'Arogya Suwa Seva Centres', technology upgrades for state hospitals, ambulance improvements, digital health systems and pharma procurement reforms.

The Employees' Trust Fund Board will require employers with 15 or more employees to submit ETF contributions and monthly returns electronically for contributions relating to July 2026, due on or before 31 August 2026. Payments must be made via designated banks' internet banking or by direct debit; cash, cheques and printed returns will no longer be accepted.

TikTok removed 441,089 videos in Sri Lanka in Q1 2026 (about 0.5% of uploads), with 99.1% removed proactively and 95% of those taken down within 24 hours. Globally the platform removed 184,012,576 videos and 86,288,705 fake accounts in the quarter.

Dialog Enterprise (part of Dialog Axiata PLC) renewed its strategic partnership with the National Chamber of Exporters to provide digital transformation tools — including cloud, cybersecurity, data analytics, AI and IoT — to strengthen Sri Lankan exporters, with a focus on SME exporters.

Commercial Bank of Ceylon (COMB.N0000) was ranked No.1 banking brand in the Service Brands category and No.2 among all service brands in LMD Magazine's 2026 Most Loved Brands survey for the third consecutive year. It was also voted People's Private Banking Services Brand of the Year for the fourth consecutive year at the SLIM Kantar People's Awards 2026.

DFCC Bank PLC has entered a strategic partnership with MyFees.lk to expand digital payment and settlement capabilities across Sri Lanka's education sector. MyFees.lk serves 180+ institutions and over 650,000 students; the tie-up aims to simplify fee collection and develop further education-focused digital financial solutions.

Dialog Axiata's Dialog Enterprise renewed its partnership with the National Chamber of Exporters to provide digital tools — including connectivity, cloud, cybersecurity, data analytics, AI and IoT — and training to help Sri Lankan exporters, especially SMEs, boost competitiveness.

Colombo Stock Exchange closed up on Friday as the ASPI rose 0.31% (67.84 pts) to 21,765.56, ending a week-long losing streak; turnover was 2 billion rupees. Top positive contributors were Ceylon Cold Stores, Haycarb and Dialog Axiata.

Bank of Ceylon launched BOC Flex – Tap & Pay on 9 July 2026, Sri Lanka's first mobile banking wallet‑based contactless payment solution enabling virtual cards for NFC-enabled POS and secure online payments.

Commercial Bank of Ceylon PLC participated in a seven-day Professional Development Program on Women Leadership in Banking (22–28 June 2026) run by BIMT Campus with AIT Extension in Thailand. The programme covered strategic leadership, AI, cybersecurity and digital transformation.

Hayleys PLC's subsidiary Hayleys Aventura commissioned Sri Lanka's first outdoor automated rotary parking system. The system rotates platforms to retrieve vehicles within a maximum of 2.5 minutes and complements the firm's portfolio of automated parking solutions for urban developments.

TiE Colombo has partnered with Stanford Seed to offer the five-month Stanford Seed Spark program to Sri Lankan entrepreneurs to sharpen strategy and scale globally; applications are open until 25 July 2026 (places limited, reviewed rolling).

Sri Lanka Insurance Corporation General Ltd launched Beechat, Sri Lanka's first generative AI‑powered trilingual insurance assistant offering 24/7 policy access and real-time claim updates in Sinhala, Tamil and English. The assistant is available via SLICGL's website and customer portal to streamline customer service and digital engagement.

Singapore FinTech Festival 2026 will be held 18–20 November 2026 at Singapore EXPO, focusing on translating fintech ideas into action with emphasis on AI, tokenisation and digital finance. The Fintech Association of Sri Lanka is an official Community Partner for the seventh consecutive year.

The 13th CFA Society Sri Lanka Capital Market Awards will be held on 10 September 2026 at the Oak Room, Cinnamon Grand, Colombo, recognising excellence in investment research, investor relations and corporate governance across Sri Lanka's capital markets.

Bank of Ceylon launched BOC Flex – Tap & Pay, Sri Lanka's first mobile banking wallet-based contactless payment solution on 9 July 2026. The wallet uses virtual cards, auto top-up and NFC support to enable contactless POS and online payments, boosting digital payments and competitive pressure on other banks.