News & market updates

Softa Technologies' privacy-focused social platform ZKTOR has exceeded 500,000 beta users across India, Nepal, Sri Lanka and Bangladesh, driven largely by Gen Z and young women. ZKTOR uses zero-knowledge architecture, no behaviour tracking and multilayer encryption, and plans expansion to Bhutan, Pakistan and the Maldives, signalling demand for privacy-led regional platforms and potential digital jobs in Sri Lanka.

NCINGA won the 2026 Google Cloud Partner of the Year Award for Social Impact: Community Empowerment and Resilience. The firm says it leverages Google Cloud and Google AI for digital inclusion, education, healthcare and renewable energy transition programs and directs 10% of net profits to its Foundation of Humanity.

Sri Lanka and the Maldives pledged deeper economic cooperation at the Maldives–Sri Lanka Business Forum in Colombo, with Maldives announcing investment‑friendly reforms and leaders urging expansion of bilateral trade (US$137m in 2025), tourism, infrastructure and sector partnerships.

Sri Lanka's ASPI fell 101.59 points (0.45%) to 22,593 as the Colombo Stock Exchange trended down. Melstacorp, Ceylon Grain Elevators and Dialog Axiata were top positive contributors while Hayleys and Sampath Bank were among the top negatives; market turnover was Rs.1.5bn and a merchant bank announced a Rs.999.12mn rights issue.

The Government's VAT (Amendment) Bill would, from July 1, lower the VAT registration threshold to Rs.36 million, widen the VAT net to include digital services and raise VAT on financial services from 18% to 20.5%. The Bill also mandates IRD‑approved secure POS reporting and increases fines and potential jail for serious offences.

HUTCH Sri Lanka has launched HUTCH Enterprise to offer integrated connectivity and digital solutions to corporates, SMEs, startups and government, backed by parent CK Hutchison. Services include mobile-for-business, IoT, internet leased lines, cloud, cybersecurity, web/domain and API/workplace digitization.

Dialog Enterprise (Dialog Axiata PLC) has partnered with Seceon Inc to deploy the aiSIEM AI-driven platform, expanding its managed detection and response services for real-time threat detection across networks, endpoints, cloud and applications. The deal enables a multi-tenant SOC model to offer scalable MSSP services to sectors including banking, finance, telecoms and government.

ASPI rose 0.65% (145.47 pts) to 22,695.00 while the S&P SL20 gained 0.6% to 6,244.64. Market turnover exceeded Rs. 4.8bn with Ceylon Tobacco Company dominating turnover (Rs. 2.4bn) even as foreign investors were net sellers, extending YTD foreign outflows to Rs. 27.6bn.

Hangzhou Intermediate People's Court ruled that replacing a worker with AI does not qualify as a "major change" under Chinese Labour Contract Law and found the dismissal unlawful. The ruling sets a precedent that firms must negotiate, offer training and reasonable reassignments before terminating employees due to AI implementation.

Colombo Stock Exchange closed higher Monday with the ASPI up 0.65% at 22,695.00 and turnover of 4.81 billion rupees, driven by buying in banking counters. Top contributors included NDB, Dialog, Melstacorp and Colombo Dockyard, while Ceylinco Insurance and Windforce were among decliners.

KPMG Sri Lanka Academy will host a webinar on 5 May to explain recent tax reforms — including the Social Security Contribution Levy Act, the VAT (Amendment) Bill, expanded withholding taxes and higher capital gains tax — and their compliance implications for businesses and individuals.

The Computer Society of Sri Lanka (CSSL) launched the CSSL CIO Forum 2026 and the CSSL National CIO List 2025 to strengthen ICT leadership and support Sri Lanka’s digital economy. The forum and list will promote collaboration and recognise CIOs, focusing on AI, cybersecurity, cloud, data governance and digital infrastructure.

MillenniumIT ESP appointed Harendra Samarasinghe as CEO; he brings 20+ years in global technology and will lead the firm's transformation and global growth, with emphasis on cloud, AI and enterprise solutions for banking, travel and healthcare.

Colombo Stock Exchange rose with the ASPI up 0.47% and banks leading turnover at Rs.467 million. Nations Trust Bank completed the transfer of HSBC Sri Lanka's retail banking (effective May 1), Beruwala Resorts will close May 1–Aug 30 for refurbishment, and Sampath Bank appointed an independent director.

Cultus Workforce Development Services launched operations in Sri Lanka, introducing AWS re/Start and its Cultus Job Readiness programmes; the inaugural AWS re/Start cohort began April 27 after attracting over 400 applicants.

Dialog Axiata PLC said its 5G network has surpassed 1,000 live sites, meeting the TRCSL 2026 rollout targets ahead of schedule. The company says the expansion extends 5G coverage across all districts and builds on its commercial launch that served over 1.5 million subscribers.

Colombo Stock Exchange closed lower with the ASPI down 0.38% to 22,549.53 and market turnover at 3.44 billion rupees; capital goods led turnover (984.6 million). Lion Brewery and Watawala Plantations were top positive contributors while Dialog Axiata, John Keells and Commercial Bank were top negatives; Brent rose above $113.

Colombo market closed in the green for a fourth straight session as the ASPI rose 0.07% to 22,635 and the S&P SL20 gained 0.18% to 6,241.01; turnover was about Rs.4.2bn and foreign investors were net sellers of Rs.332.5m. CINS, BREW and JKH were among top contributors while diversified financials and banks led turnover.

The Cabinet approved calling for investment proposals to develop about 1 acre (1 rood 12.4 perches) on Maradana Road, Colombo 10, into a mixed-development IT innovation hub to foster local tech talent and the digital economy.

Colombo Fort Magistrate imposed overseas travel bans on five officials over an alleged $2.5 million cyber breach that diverted Sri Lanka Treasury loan repayments to cybercriminals. The court ordered a forensic probe, bank account inspections and secure custody of the case file and approved a technical expert committee.

Slack announced new capabilities to build, deploy and manage AI agents inside Slack, with Slackbot orchestration, an AgentExchange marketplace, a Slack Agent Kit for developers, richer Block Kit UI components and enterprise security controls.

Elon Musk testified in his lawsuit against OpenAI, accusing its leaders of looting the nonprofit and seeking $150 billion in damages and to revert OpenAI to a nonprofit; the trial also names Sam Altman, Greg Brockman and involves Microsoft as a major investor.

President Anura Kumara Dissanayake met with Inland Revenue Department officials to boost IRD capacity—focusing on broadening tax revenue, maximising compliance, recovering arrears, institutional restructuring and digitisation, and completing the national e-invoicing system within the stipulated timeframe.

President Anura Kumara Dissanayake directed the Inland Revenue Department to accelerate tax-reform measures and fast-track a national e-invoicing rollout, insisting the system be completed within the stipulated timeframe. Officials reviewed IRD 2026 progress and discussed institutional restructuring and digitalisation.

The ASPI rose 0.20% (44.68 pts) to 22,612.31 as foreign investors were net buyers of Rs. 242.25m; market turnover was nearly Rs. 3bn on 141m shares. Gains were led by CINS, DIAL, SAMP, CARS and DFCC, with food, beverage & tobacco leading turnover (25%) and capital goods plus real estate adding 25%.

President Anura Kumara Dissanayake met Inland Revenue officials to push programmes to broaden the tax net, maximise compliance, recover arrears and complete national e-invoicing and IRD digitalisation on schedule. Recent reforms include VAT at 18%, repeal of SVAT and broadened withholding tax covering gig-economy service providers.

Colombo Stock Exchange All Share Price Index rose 0.20% to 22,612 as retail-driven activity lifted the market. Listed energy firm WindForce said it entered a loan agreement with IFC to obtain up to $18 million in two phases.

Oil climbed about 2% to a three-week high of $107.97 a barrel as stalled U.S.-Iran talks prolonged disruptions to Middle East energy exports. Renewed AI-driven buying lifted chip stocks while markets braced for multiple central bank meetings and interest-rate guidance this week.