News & market updates

CSSL says Sri Lanka's ICT exports have grown to become the country's third-largest export sector, surpassing tea. The society called for a human-centric digital transformation with stronger skills, infrastructure, research and policy support to sustain export growth and broaden national participation.

Sri Lanka's Export Development Board plans to expand and decentralize testing and certification facilities island-wide to ease exporters' bottlenecks, proposing modernization of provincial labs, greater use of underutilized facilities, public–private partnerships and digital certification.

Sri Lanka’s Ministry of Finance has invited public proposals by June 12 to help raise government revenue toward 20% of GDP. The call requests medium- to long-term strategies including formalizing the informal economy, broadening the tax base, digitalizing revenue agencies, and using data analytics.

The Export Development Board (EDB) will expand testing and certification facilities islandwide to address centralization in Colombo and boost export competitiveness. Plans include modernizing provincial government labs, maximizing underused facilities, public–private partnerships, and digitising the certification process.

Ceylon Chamber welcomed IMF approval of the combined 5th and 6th EFF reviews, unlocking about $695m in financing, and urged continued reforms to preserve macro stability amid external pressures from the Middle East. It called for a digital fuel QR system, clearer policy communication, and accelerated reforms to boost competitiveness in trade, tourism, logistics and digitalisation.

Colombo Stock Exchange closed down as the ASPI fell 0.24% to 22,256.26. Market turnover was LKR 1.67bn, capital goods led turnover (LKR 286.7m); notable movers included Dialog, RIL Property, HNB and Digital Mobility (up) while JKH and LOLC were down, and ACME reported a 63% rise in losses to Rs.313,538 with shares down 3.51%.

Pink Eagle Holdings (Pvt) Ltd is expanding its diversified group globally across tea exports, logistics, food manufacturing, hospitality and digital retail, highlighting Continental Tea's ADRA Ceylon 10th anniversary and launches such as the Avanti freight app and Pink Panda marketplace.

Huawei received the GSMA GLOMO LATAM award on May 13 for its Tech4Nature Mexico project, which uses AI and cloud tools to monitor jaguars and biodiversity in Dzilam de Bravo Reserve. The initiative has deployed 26 camera traps and 60 acoustic devices, identified 16 individual jaguars, and expanded the protected area from 69,000 to 104,000 ha.

LAUGFS Gas PLC's Director/Cluster CEO Dr. Niroshan J Pieries and LAUGFS Holdings' Group Executive Vice Chairman Mithila Wegapitiya received the 45 Under 45 Leadership Excellence Platinum Awards from the Global CEO Forum. The recognition highlights the group's focus on leadership, innovation and digital transformation.

Colombo Stock Exchange midday: ASPI down 0.13% at 22,280 with market turnover Rs.762 million and telecommunications leading turnover at Rs.107.3 million. Notable movers included Dialog +4.93%, RIL Property +8.02% and Digital Mobility +1.69%; Softlogic reported a Q3 loss of Rs.1.70bn (improved from Rs.4.59bn) and shares rose 3.03%.

Exterminators PLC is accelerating its AI-driven digital transformation, deploying AI-powered route optimisation, Sentro 3G and Smart Missile 3G stations and an AI-Powered Report Factory to boost operational efficiency and customer service. The company plans further AI investment to predict pest activity, reduce chemical use and strengthen preventive pest management.

Commercial Bank of Ceylon became the first bank in Sri Lanka and the wider South Asian region to introduce advanced 3-D Secure (3DS 2.x) authentication for UnionPay e-commerce transactions. The bank integrated UnionPay onto its ACS platform using risk-based OTP step-up authentication to strengthen online payment security.

People’s Bank inaugurated its relocated Udupiddy Service Centre, attached to the Valvettiturai Branch, providing customers in Udupiddy improved access to digital banking facilities and services.

The Ceylon Chamber of Commerce welcomed IMF approval of Sri Lanka’s 5th and 6th reviews, unlocking about USD 695 million under the EFF, and urged continued engagement and structural reforms to preserve macro stability, support investor confidence and address exchange-rate and energy pressures.

The National Chamber of Exporters is pressing for a clear timeline as Sri Lanka's accession to the Madrid Protocol remains in the legislative phase, with the Legal Draftsman's Department finalising required statutory amendments and NIPO set to prepare an Action Plan once the draft is submitted. Joining the Madrid system would let exporters seek international trademark protection via a single application, lowering costs for sectors like tea, apparel, spices, gems, IT services and processed foods.

President Anura Kumara Dissanayake declared 15 categories of public services — including electricity, fuel distribution, healthcare, transport, ports/airports, water, telecoms, banking and insurance — as essential under the Essential Public Services Act to ensure uninterrupted services in post-disaster conditions.

ICT/BPM export earnings reached about $581.7m in Jan–Apr 2026, surpassing tea export earnings of $451.58m in the same period. FITIS said the milestone reflects years of ecosystem development and supports Sri Lanka’s $15bn Digital Economy Vision to 2030.

Ceylon Chamber of Commerce welcomed IMF approval of the 5th and 6th EFF reviews, enabling Sri Lanka to access about USD 695 million, and urged continued reform momentum to preserve macroeconomic stability amid external pressures. It reiterated measures including optimizing the fuel QR digital platform, clearer policy communication, and accelerating reforms in trade, tourism, logistics and digitalisation.

The Board of Investment launched the 'Ready to Invest' digital platform showcasing 30 pre-structured, shovel-ready projects across eight priority sectors to attract international capital. BOI says USD 1.9bn of approved projects are ready to break ground, with a further USD 1.4bn in the pipeline.

Colombo Stock Exchange ASPI rose 0.50% to 22,310.80, with diversified financials leading turnover at Rs.3.89bn and total turnover Rs.7.38bn. Aitken Spence reported Q1 profit of Rs.3.81bn and declared a tax-exempt Rs.4.00/share dividend; Aitken Spence Hotel Holdings declared a Rs.0.28/share tax-exempt dividend.

Prime Lands Residencies PLC (PLR.N0000) was named Developer of the Year, Sri Lanka at the Real Estate Asia Awards 2026. The company, the largest real-estate entity listed on the Colombo Stock Exchange, has launched over 50 apartment projects with more than 45 completed.

Commercial Bank of Ceylon implemented advanced 3-D Secure (3DS 2.x) authentication for UnionPay cardholders, becoming the first bank in Sri Lanka and the South Asian region to enable UnionPay 3DS e-commerce with risk-based authentication and OTP step-up flows.

IT Gallery Computers (Pvt) Ltd won the “Distributor Excellence Award 2025–2026 | Gaming & Visual Sri Lanka” at Lenovo 360 Accelerate 2026, recognising its role in expanding Lenovo’s gaming and visual product presence and channel development across Sri Lanka.

LG Electronics opened its first LG Business Innovation Centre at Abans Elite in Colombo on 14 May 2026, a dedicated hub for commercial information displays and AV solutions. The centre showcases integrated solutions (video walls, digital signage, Pro TV and management software) for retail, hospitality, healthcare and transport and is open for demos.

Sri Lanka Insurance Corporation General Limited launched the 'SLICGL Digital' mobile app, allowing customers to access motor policy details, track claims, renew policies and download a digital motor card in line with IRCSL guidelines effective May 1, 2026; the app is available on the App Store and Google Play.

Indian CEO Forum re-elected Kishore Reddy as president at its AGM and reaffirmed commitment to deepen India–Sri Lanka business ties; Indian High Commissioner Santosh Jha urged investment, an upgraded FTA and cooperation across tourism, IT, infrastructure, manufacturing and services.

National Savings Bank Group reported a 1Q 2026 operating profit of Rs. 15.5 billion, with total operating income of Rs. 22.5 billion and customer deposits of Rs. 1.6 trillion. Asset quality and capital remained strong (Stage 3 ratio ~2.34%; Total Capital Ratio 24.9%).

PDMO and the ADB jointly hosted the Asian Regional Public Debt Management Forum 2026 in Colombo to address climate resilience and debt sustainability in the Asia-Pacific. Discussions centered on strengthening public debt management, debt sustainability analysis, local-currency markets, green financing and AI/digital tools for debt operations.

Commercial Bank of Ceylon (COMB.N0000) launched PayPal-linked withdrawals via ComBank Digital, letting eligible customers transfer PayPal balances directly into their Commercial Bank accounts. The self-service email-based linkage enables near-instant transfers for freelancers and exporters, supporting regulated foreign currency inflows.

Webxpay appointed Denver Lewis as Chief Executive Officer and Executive Director, effective June 2026. He also joins the board as the company pursues growth and regional expansion in fintech and digital payments.