Economy

Recognizing Excellence: Janashakthi Life’s Achievers Shine at Golden Night Event at Lotus Tower, Colombo.
Banking and Insurance, Economy

Recognizing Excellence: Janashakthi Life’s Achievers Shine at Golden Night Event at Lotus Tower, Colombo.

Janashakthi Life, a pioneering life insurance provider in Sri Lanka, recently hosted the 'Janashakthi Life Achievers Golden Night,' at the iconic Lotus Tower in Colombo. The event celebrated the outstanding performances of 300 highflyers who excelled in the first half of the year. Esteemed guests, including Janashakthi Life's Deputy Chairman, Prakash Schaffter, and Group MD/CEO, Ramesh Schaffter, graced the occasion alongside Janashakthi Life's Director/CEO, Ravi Liyanage, and the key management of the company. While the evening was imbued with a sense of accomplishment and camaraderie as the top achievers were recognized and rewarded for their exceptional dedication and contributions, the event also featured engaging presentations by Rehen Gunawardena (General Manager – Personal Lines...
First Capital Treasuries PLC appoints Sachith Perera as CEO and Dilshan Wirasekara to lead Group’s expansion strategy.
Business, Economy

First Capital Treasuries PLC appoints Sachith Perera as CEO and Dilshan Wirasekara to lead Group’s expansion strategy.

First Capital Treasuries PLC, Sri Lanka’s oldest operating non-bank primary dealer, announced the appointment of Sachith Perera as the company’s Chief Executive Officer with effect from 31st July 2023. Sachith is a financial market professional with a career spanning over 30 years primarily in Treasury and Balance Sheet Management and Financial Derivative Solutions. He is a respected professional in the banking industry, having served over 26 years at HSBC, 12 of which were in the capacity of Treasurer and Head of Global Markets for HSBC Sri Lanka and the Maldives. In this role, he was responsible for the bank’s forex and rates management, derivatives trading, balance sheet management and custodial services for foreign investors in local equities. Sachith also served as a memb...
Financial services industry veteran Sunimal Weerasooriya joins the advisory board of the global cybersecurity firm, Scybers
Economy, Finance and Leasing

Financial services industry veteran Sunimal Weerasooriya joins the advisory board of the global cybersecurity firm, Scybers

Scybers Inc, the global cybersecurity firm, today announced the addition of Sunimal Weerasooriya, a highly experienced financial services technology professional, to its global advisory board. With over 30 years of industry expertise, Sunimal brings a wealth of knowledge in financial services, electronic payments, automated clearing houses/payment infrastructure, information security, business process outsourcing, cash management, and investment banking. His specialized focus on technology strategy, digital transformation, business strategy, and innovation aligns strengthen Scybers' commitment to providing advanced cybersecurity solutions and advisory services for the banking, fintech and financial services industry. "We're thrilled to welcome Sunimal to the Scybers advisory board,...
Debunking a crypto myth: Is crypto really bad for the environment?
Economy

Debunking a crypto myth: Is crypto really bad for the environment?

The environmental impact of cryptocurrencies has been a widely-discussed topic in recent years, with many believing that the underlying technology is inherently bad for the environment – notably, the process of crypto mining. To address this misconception, it is essential to understand the reasons behind this belief, how blockchain networks compare to other systems on energy consumption. The Origins of the Misconception One of the main reasons people associate crypto with environmental harm can be attributed to the energy-intensive nature of the mining process. Bitcoin, as well as many other established and widely used projects, rely on the proof-of-work (PoW) consensus mechanism for maintaining the distributed ledger of transactions. This method of validation involves miners us...
First Capital Holdings PLC delivers Extraordinary Financial Performance, setting a New Benchmark in its Four-Decade Legacy.
Economy

First Capital Holdings PLC delivers Extraordinary Financial Performance, setting a New Benchmark in its Four-Decade Legacy.

First Capital Holdings PLC (the Group), a member of the Janashakthi Group, announces its impressive financial results, and a remarkable turnaround from the previous year, marking the year ended 31st March 2023 its most successful in its 40-year history. The Group's financial results exhibit an impressive feat, with a Total Comprehensive Income of Rs. 2.71Bn, showcasing a significant improvement from the previous year's Total Comprehensive Loss of Rs. 640Mn. This extraordinary performance demonstrates the Group's resilience, strategic initiatives, and effective risk management which have turned the tide in their favour. The Primary Dealer division reported a Profit after Tax of Rs. 2.88Bn for the year ended 31st March 2023. This is a substantial improvement from the Loss after Tax o...
Binance Renews Commitment to Support Women in Tech
Business, Economy

Binance Renews Commitment to Support Women in Tech

With an increased focus on women-focused education, mentorship and scholarships, crypto exchange aims to level its industry’s gender gap Ahead of International Women’s Day, Binance, the world’s largest cryptocurrency exchange, is renewing its commitment to increase the number of women active and employed in Web3. Through women-focused education and mentorship initiatives, Binance to date has invested more than $2 million to support women in more than 10 countries around the world and will increase those efforts in the year ahead.  Binance is committed to creating and funding Web3 education for women. Binance Charity donated $2 million to fund over 36,000 dedicated Web3 scholarships for women in 2022, and will continue funding courses, programs and scholarships in 2023 wi...
Binance Academy Reinforces its Commitment to Increasing Crypto Literacy
Economy

Binance Academy Reinforces its Commitment to Increasing Crypto Literacy

Unique views on the Binance Academy website increased by 204% in 2022. Changpeng Zhao or CZ, CEO and Founder of Binance, said in a keynote speech at Blockchain Week in Busan (BWB): “Education is the best consumer protection measure.” Given the disruptive power of blockchain technology and crypto, Binance is a strong advocate for increasing global crypto and blockchain literacy as part of our user protection efforts. Binance Academy, a leading blockchain and cryptocurrency education platform, has been working closely with the local communities to increase crypto literacy and ramp up educational efforts globally. To reaffirm our ongoing commitment to boost Web 3.0 literacy in 2023, Binance Academy kick-started the year by teaming up with Edukasyon.ph, Philippines’ largest educatio...
Binance’s Predictions for the Year 2023, the Year of the Rabbit
Economy

Binance’s Predictions for the Year 2023, the Year of the Rabbit

The year 2023 is the year of the Rabbit according to the Chinese Zodiac Calendar. The rabbit is known to be the harbinger of good luck and fortune, so there’s plenty to look forward to this year! We hereby suggest that the RABBIT of 2023 are Regulatory Framework, Accessibility, Borderless, Binance, Innovation, and Transparency. Regulatory Framework Some people believe that those born in the Year of the Rabbit are known to display exceptional organizational and planning skills. This serves as a good reminder that as the crypto industry continues to grow and scale in 2023, it is essential for the industry as a whole to be proactive in planning and developing clear, transparent regulatory frameworks and standards. In 2022, more countries have committed to building clear regulator...
Sri Lanka’s oldest NBFI – Alliance Finance delivers a robust performance despite challenging economic conditions
Economy

Sri Lanka’s oldest NBFI – Alliance Finance delivers a robust performance despite challenging economic conditions

Alliance Finance Company PLC ( AFC), the First Company in South Asia to achieve the prestigious endorsement of “a holistic sustainability certified value driven financial institution” concluded the first quarter of the Financial year 22/23 with a  resilient performance amidst inimical domestic and external environs which impacted the country. The first quarter of the financial year severely impacted the business climate due to the increase in market interest rates, lower credit demand, increased fuel prices and shortages in supplies. The country also defaulted its foreign debt payments resulting in the country being downgraded by external rating agencies.  Sharp depreciation of the Sri Lankan rupee and a significant increase in headline inflation also negatively impacted the ...