Finance and Leasing

Dr. Gehan Gunatilleke Appointed to Janashakthi Life Board
Finance and Leasing

Dr. Gehan Gunatilleke Appointed to Janashakthi Life Board

Janashakthi Insurance PLC, a member of the Janashakthi Group, announces the appointment of Dr. Gehan Gunatilleke as an Independent, Non-Executive Director to the Company’s Board of Directors, effective from 24th January 2024. Dr. Gehan Gunatilleke is an attorney-at-law and a founding partner of LexAG, a law firm based in Colombo. He has previously served as an advisor to Sri Lanka’s Ministry of Foreign Affairs, where he provided counsel on international treaty compliance and facilitated access to the European Union’s GSP+ trade concession scheme. Additionally, he has contributed to several legislative drafting committees in Sri Lanka. Currently, Dr. Gunatilleke holds positions as a Commissioner at the Human Rights Commission of Sri Lanka and as a post-doctoral Fellow at Pembroke Co...
First Capital Reports Impressive Financial Performance with Profits Soaring to Rs. 2.81 Billion
Finance and Leasing

First Capital Reports Impressive Financial Performance with Profits Soaring to Rs. 2.81 Billion

First Capital Holdings PLC (the Group) announces its outstanding financial performance for the first quarter ended June 30, 2023. The Group reported an impressive Profit after Tax of Rs. 2.81 billion, marking a remarkable leap from Rs. 96 million recorded in the same period last year. Among the key divisions, the Primary Dealer segment demonstrated an exceptional growth trajectory, reporting a Profit after Tax of Rs. 2.73 billion for Q1 2023, compared to the previous year's figure of Rs. 409 million. This achievement can be attributed to a net interest income of Rs. 1.1 billion and a substantial trading gain of Rs. 2.1 billion from the sale of the government securities portfolio. In the prior year, the division reported a net interest income of Rs. 185 million and a trading gain of Rs....
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,...
Gulf Binance granted digital asset operator licenses in Thailand
Finance and Leasing

Gulf Binance granted digital asset operator licenses in Thailand

Gulf Binance Co., Ltd., (“Gulf Binance”), a joint venture between Binance and Gulf Innova Co., Ltd. (“Gulf”) has been granted digital asset operator licenses by the Thailand Ministry of Finance through the Securities and Exchange Commission (“SEC”) in Thailand. Gulf Binance was established following a 2022 agreement between the two organizations to set up a digital asset exchange in Thailand. Having secured these licenses, Gulf Binance will be able to operate as a digital asset exchange and digital asset broker and is set to launch in Thailand in the fourth quarter of 2023. Since entering the agreement, Binance and Gulf have been working closely with regulators to ensure the formation of a compliant-first exchange, and the newly granted licenses demonstrate Gulf Binance’s commitmen...
Regulatory Harmonization to Drive Crypto Adoption
Finance and Leasing

Regulatory Harmonization to Drive Crypto Adoption

By Leon Foong, Head of APAC, Binance The events in 2022 served to remind us of the importance of regulatory compliance when it comes to protecting users and maximizing user security and trust in the industry. As we move forward and usher in a new chapter of growth for the crypto industry, regulatory harmonization will play a fundamental role in driving adoption, protecting users, and facilitating innovation in the industry. Regulatory harmonization seeks the convergence of regulatory frameworks, placing a greater emphasis on the global alignment of policies and laws and thus reducing opportunities for regulatory arbitrage. As it stands, the disparities in virtual asset regulations across different jurisdictions is shedding light on the importance of policy harmonization across c...
Singer wins Retail Brand of the Year for the second consecutive time at Global Banking and Finance Review Awards 2021
Finance and Leasing

Singer wins Retail Brand of the Year for the second consecutive time at Global Banking and Finance Review Awards 2021

Singer (Sri Lanka) PLC, the country’s premier consumer durables retailer was recently bestowed with the coveted “Retail Brand of the Year Sri Lanka 2021” award at the 11th Global Banking and Finance Review Awards-one of the most prominent events in the corporate awards calendar. Singer brought home this prestigious award for the second consecutive year, reiterating its resurgence in Sri Lanka’s retail sphere and affirming itself as the retail giant for a reason. Singer has been constantly featuring among the winners of top local and global awards events, further extending its winning run. The annual awards ceremony organized by the British based Global Banking and Finance Review Magazine is a highly sought-after awards event that seeks to recognize innovation, inspirational...
Class of COVID-19: Next generation of bankers fear for future
Banking and Insurance, Equity Market, Finance and Leasing, Fintech, FX Market, International Business

Class of COVID-19: Next generation of bankers fear for future

(Reuters) : It wasn’t the introduction to high finance that Adi Patel had once anticipated. The stage fright of walking into the imposing offices of a $607 billion asset manager in the heart of a historic financial district? Pandemic era: a five-day induction on Microsoft Teams. The rip-roaring intensity of the trading floor replete with sharp-suited money managers? Not quite - hunched over a laptop with comfy clothes in a flat-share. Client lunches, and perhaps swapping stories after work with fellow graduates embarking on first steps in finance? Not likely. The pandemic has put paid to many initial expectations of the financial industry's Class of COVID-19. That group includes new recruits at finance firms around the world, such as 22-year-old graduate analyst Patel and two ...
Banking Sector Lending Rates Hints a Comeback While Deposit Rates Continues to Fall
Banking and Insurance, Business, Economy, Finance and Leasing, Investments

Banking Sector Lending Rates Hints a Comeback While Deposit Rates Continues to Fall

Sri Lanka's banking sector's Average Weighted Prime Lending Rate (AWPR) reached a new monthly high of 5.86 percent at-end April by gaining five basis points (bps) compared to the beginning of the month. On a Weekly basis, AWPR for the week ending 30th April increased by 32 bps to 5.86 percent compared to the previous week. At-end April, Sampath Bank had the highest AWPR among local banks at 7.38 percent followed by Seylan Bank at 6.85 percent, Union Bank of Colombo at 6.79 percent. The State-owned Bank of Ceylon, People's Bank along with Hatton National Bank, Commercial Bank of Ceylon, Pan Asia Banking Corporation, and NDB Bank maintained their AWPR below six percent. Among foreign banks, Citi Bank recorded the lowest AWPR of 4.92 percent at-end April. According to avila...
Sri Lanka’s Worsening Credit Quality in the Household Sector Raises Concerns
Banking and Insurance, Economy, Finance and Leasing, Real-Estate

Sri Lanka’s Worsening Credit Quality in the Household Sector Raises Concerns

Sri Lanka's household sector credit quality continued to decline during the first half of last year signaling a plausible build-up of imbalances in the sector. The NPL ratio of the household sector has been rising since 2018 signifying a worsening of credit quality. The NPL ratio of the household sector rose to 20.2 percent by the end of 2020Q2 compared to 12.5 percent in 2019Q2 despite the moratorium granting relief measures for those affected by the COVID-19 pandemic, the Central Bank data indicated. The Bank cautioned on a high possibility of NPL levels rising significantly by the end of the moratorium period. Despite the banking sector is the main source of household sector debt, the non-performing loans (NPLs) were largely stemming from the non-bank financial institutio...
Licensed Banks to  come under requirements to implement Recovery plans
Banking and Insurance, Business, Finance and Leasing

Licensed Banks to come under requirements to implement Recovery plans

Sri Lanka's Licensed Banks come under requirements to implement Recovery plans in order to strengthen crisis preparedness and to enhance their ability to respond effectively to adverse scenarios with the expected rise in sour loans when COVID-19 related moratoriums are expired, the Central Bank (CB) announced today. "Directions will be issued in due course, providing necessary guidelines. The Central Bank will continue to adapt its supervisory approaches to suit the new normal," Central Bank (CB), Governor, Professor W D Lakshman said. He revealed this while presenting "the Road Map: Monetary and Financial Sector Policies for 2021 and Beyond." Further, he also revealed that the CB would introduce a regulatory framework for technology risk management and resilience of license...