News & market updates

First Capital Holdings PLC (CFVF) and Hatch launched the 2026 First Capital Startup Nation regional edition, offering startups access to up to USD 1 million in funding and expanding the programme across South Asia.

WSO2 founder Sanjiva Weerawarana urged Sri Lankan and South Asian tech entrepreneurs to build globally competitive product companies from the region and retain ownership of their IP, saying AI lowers barriers and India–Sri Lanka collaboration can unlock opportunities.

People's Bank joins the 2nd Data Privacy and Protection Summit 2026 as Exclusive Banking Partner, committing to strengthen data protection and prepare for Sri Lanka's PDPA across its operations.

Chinese President Xi Jinping set out China's vision for global AI governance at the 2026 World AI Conference, pledging 5,000 AI training opportunities and to enable 30 countries to use the MAZU meteorological warning system over the next five years. He emphasized openness, safety, multilateral cooperation and proposed a World Artificial Intelligence Cooperation Organization.

HNB PLC was named Sri Lanka's Best Bank for Large Corporates at the Euromoney Awards for Excellence 2026, the second time it has won the title. The award highlighted HNB's role in landmark deals during the review period, including participation in a $1bn sustainability-linked syndicated financing and arranging Rs.44.5bn for the 350MW Sobadhanavi power project.

The Exporters Association of Sri Lanka elected Nalaka Ratnayake as Chairperson at its 29th AGM; the new Executive Committee includes representatives from CIC Holdings, Hayleys, Dipped Products, Hatton National Bank, Sampath Bank and Lion Brewery. Speakers urged faster trade digitalisation, lower export costs and improved logistics to boost competitiveness.

The Sri Lanka Institute of Directors will host the Sri Lanka Corporate Director Summit 2026 on 22 July at Cinnamon Grand Colombo focused on governance, reputation and sustainable leadership. Keynote speaker Vivek Sharma will discuss reputation risk and panels include Nestlé Lanka's MD and Commercial Bank of Ceylon Chairman Sharhan Muhseen.

Odel founder Otara Gunewardene will be a keynote speaker at the BNI Sri Lanka National Conference on 24 July at Cinnamon Lakeside Colombo. The event will also feature Zoho director Rajendran Dandapani and aims to connect SMEs through networking and leadership sessions.

The Sri Lanka-USA Business Council will host 'The IP Trade Corridor' breakfast forum on 22 July 2026 in Colombo to discuss strengthening the US–Sri Lanka economic partnership through intellectual property protection for exporters, manufacturers and IT/creative firms.

The Association of Human Resource Professionals (AHRP) celebrated its Silver Jubilee, urging government–industry–education collaboration to build an AI- and skills-driven workforce; LinkedIn said 68% of Sri Lankan professionals expect to seek new jobs in 2026 and talent outflow fell 45% (55,358→24,887).

Prime Lands Residencies PLC won the Silver Award for Best Use of Account-Based Marketing at the Hashtag Asia Awards 2026. The award recognises its "Prime 365: Always-On. Always Ahead." campaign and highlights the company's digital marketing leadership in Sri Lankan real estate.

Samsung Electronics America will reduce its workforce by 739 jobs in Englewood Cliffs, New Jersey, per a WARN notice, as the unit prepares to relocate its U.S. headquarters to Texas by year-end; the company says most affected employees were offered relocation.

Government plans to invest Rs. 382 billion in the education sector over 2027–2031 and will prioritise greater funding for vocational education in the 2027 Budget. The 2026 education allocation was Rs.303 billion (Rs.160b general, Rs.122b higher, Rs.20b vocational); officials also noted a proposed Digital Transformation Project and school rehabilitation works.

Asian stocks fell after a major selloff in semiconductor and AI-related stocks, with Japan's Nikkei plunging about 6% to below 65,000 and China's Shanghai Composite and Hong Kong's HSI also sliding. US equity futures pointed to further losses and the yen weakened toward 162.5 per dollar.

Intex and InMac trade shows will be held 5–7 August 2026 at BMICH, Colombo, hosting over 300 international companies to help drive Sri Lanka's apparel export target of $8bn by 2030. The events will showcase fibres, fabrics, garment machinery, automation and seminars on sustainability and digital transformation.

Colombo's ASPI fell 1.7% this week while turnover hit a 65-week low of about Rs. 722.64 million; top drags on the index included John Keells (JKH), PKME and NDB. Banking led turnover (notably Sampath Bank) and activity was concentrated in capital goods, food & beverage and energy names.

Asian markets plunged on July 17 as a global technology-led selloff drove Japan and Taiwan down as much as 6% and pushed the Nikkei into correction territory (over 10% below its June 25 high). Market watchers cited rising yields, profit-taking in AI/semiconductor names and unwind of leveraged positions.

World Bank Country Manager Gevorg Sargsyan said Sri Lanka must strengthen export competitiveness and productivity to sustain its recovery, noting manufacturing value-added per worker is under half of Vietnam and labour productivity fell in 2024. He urged lower business costs, expanded market access and higher‑quality FDI; the Exporters' Association elected new office bearers at its AGM.

Softlogic Finance (CRL.N0000) reported a financial year profit of approximately Rs.150 million and says its Capital Adequacy Ratio is about 61%. The company notes assets >Rs.7.5bn, a lending portfolio ~Rs.6.7bn, deposits >Rs.3.8bn and zero non-performing loans on new originations.

HNB General Insurance appointed Lakshman Silva as Non-Executive/Nominee Director and Sandra De Zoysa as Independent/Non-Executive Director to its board. The appointments are intended to strengthen governance and drive digital/CX transformation as the insurer scales its platforms and customer service architecture.

The Wireless Intelligence and Innovation (WIIN) Institute of Technology was launched at TRACE Expert City to conduct research and industry training across telecommunications, energy, construction, FinTech and healthcare, including AI/ML programmes, in collaboration with University of Oulu and IIT Madras.

Excello Developers launched Aathavan, a 44-unit, eight-storey residential project in Dehiwala starting at LKR 38 million, featuring full solar power, water recycling, low maintenance fees and flexible bank-backed payment plans.

Sri Lanka will host the UN Global Compact's Forward Faster Now | APAC 2026 in Colombo on 11–12 August 2026, convening 200+ business leaders and an SDG Investment Forum to advance sustainable business leadership, sustainable finance and practical SDG implementation across the Asia‑Pacific region.

TikTok will launch an in-app AI literacy hub in Sri Lanka and expand measures to label and detect AI-generated content, including enhanced spam detection and joining the C2PA Steering Committee. The company has committed over US$4 million to the program and has labeled 3+ billion videos to date.

Colombo West International Terminal (CWIT) became the Port of Colombo's first container terminal to achieve three ISO certifications covering quality, environmental management and occupational health & safety. The USD 800m, fully automated terminal — developed with partners including John Keells Holdings — hit one million TEUs in its first year and is expanding Phase 2 infrastructure.

The Exporters' Association of Sri Lanka elected Nalaka Ratnayake as Chair at its 29th AGM; the World Bank country manager urged reforms to boost export competitiveness, including lowering business costs, expanding market access and fast-tracking the National Single Window digital trade platform.

Miwayz launched on July 12 with over 25,000 pre-registered drivers and passengers and announced strategic partnerships with Dialog Axiata (Dialog Touch payment integration and fuel vouchers) and TVS, plus a 0% commission driver model and passenger discounts.

NASSCOM launched its Disha Mentorship Program in Sri Lanka — its first international expansion — to mentor 48 Sri Lankan technology SMEs through structured guidance from industry leaders. The program aims to deepen India–Sri Lanka tech cooperation and support exports, jobs and digital transformation.

DMS Software Engineering implemented its DMS-IMAGO cheque image clearing platform at HSBC Sri Lanka, digitising cheque processing and improving controls, compliance and turnaround times.