Business

The company reached the LKR 6 billion mark in December 2020, becoming the fastest general insurance company to achieve this milestone in the industry, said LOLC General Insurance CEO Kithsiri Gunawardena in a media statement issued by the company.

“During the last few years we have continuously streamlined the processes and achieved greater coordination between different units of the company. The staff was motivated to work as one team and embarked on a customer-centric approach.

A scheme was introduced where a pre-designated percentage of the company profits was shared with our staff thereby elevating them to become true stakeholders of our business. We also critically analysed our expenses and introduced mechanisms to achieve greater efficiency and productivity,” he said.

Despite 2020 being the most challenging year for most businesses in the country and a year in which the insurance industry was seen recording negative growth, he said LOLC General Insurance managed to record its best performance during this year. Although external operating conditions remained challenging, the general insurance business performed steadily.

He said the opportunities for growth are immense in the market. With a saturated motor market and the challenge of limited new registrations for the foreseeable future, the price and service will be key in this sphere.

“The non-motor market is noticeably underpenetrated and this gives LOLC General Insurance opportunities to grow with our unique products and services to customers,” he said.

The BOC maintains asset quality, capital adequacy and profitability as well as a working relationship with foreign banks in the current difficult local and international operating environment, he told a media conference.

He noted that the bank’s international and local trade transactions are resilient with its sovereign status, full state ownership and high systemic importance.

Referring to ongoing import restrictions and the bank's facilities in local and international trade, he categorically stated that it is following the current regulations in its procedure of opening Letters of Credit for importations in close relations with foreign banks.

Referring to certain reports on the rejection of the bank’s LC’s by foreign banks, he noted that no such refusal had been made by any such bank up to now as BOC has a strong sovereign credit profile.

It has recorded the highest asset base of LKR 2.9 trillion, highest deposit base of LKR 2.3 trillion and has maintained its market leadership in trade finance, treasury operations including its’ more than 40% market share of inward remittances.

The recent downgrade of the sovereign and banking institutions in Sri Lanka had a minimal impact on the soundness of the bank and its international operations continue uninterrupted, he added.

Being a bank that has maintained its international presence for over eight decades, its foreign correspondent relationships have never been questioned and have been growing from strength to strength, he reiterated.

World renowned financier and a member of Rothschild family, Nathaniel Rothschild who is in Sri Lanka for a brief business tour, paid a visit to Port City Colombo on Thursday (14th).

The Commercial Bank of Ceylon PLC has announced the launch of CBC Finance Ltd, the bank’s fully-owned Licenced Non-bank Finance Institution (NBFI), formerly known as Serendib Finance and Indra Finance.

SLT-MOBITEL, the national Information and Communications Technology (ICT) solutions leader, and global gaming and eSports technology company Swarmio Media, recently announced the launch of their upgraded SLT Gaming & eSports Platform – esports - the first and only gaming and esports platform owned by a telco in Sri Lanka.

Pasan Wanigasekara has assumed duties as Director General of the Board of Investment (BOI) today.

The government is expected to give the green light to house casino operations in the upcoming Cinnamon Life mixed development project as the new administration is keen on doing everything at their disposal to attract a new segment of tourists as well as to invite significant investments into the country’s condominium market.

Presenting the monetary and financial sector policies for 2021, Governor said on Monday that he expects positive outcomes in this regard in the near future said and they expect positive outcomes in the near future.

“The Central Bank is actively seeking possibilities to develop and promote other forms payment mechanisms to attract capital flows and to enable e-commerce, thus facilitating cross-border trade. An implementation framework for Open Banking in Sri Lanka is being investigated,” he said.

As the future of the global financial architecture is essentially digital, the Central Bank will continue its deliberations with local and international stakeholders on its treatment of digital currencies, using thorough cost benefit analyses and a long-term perspective.

Sri Lankan youths engaged in web design and development, graphic designing and more have made a request from the high officials at meeting number of times but to no avail, a group of youths said.

One of the problems the entrepreneurs are facing today is the absence of a mechanism to receive payments online from the consumers if they are engaging in e-commerce in its proper sense.

At present Sri Lankans can send money to any PayPal user, but they cannot receive money from anyone through PayPal.

So clients deny offers from local freelancers working online as they are required to use complex money transfer methods and hire people from countries that support PayPal, several members of Online Entrepreneurs Society complained.

The government is now very keen to bring PayPal or a similar facility for the benefit of information technology workers who also want to receive inward payments, official source said.