Business
Volume of Sri Lanka’s retail digital transactions to potentially reach Rs 77.2 trillion
Sri Lanka’s total volume of digital retail payments can potentially reach up to Rs 77.2 trillion by 2027, 128% more than the 2022 level, analysis from Robocash Sri Lanka has revealed.
The company’s optimistic forecast is based on the assumption that all major macroeconomic indicators in the next five years reach their equilibrium level or have stable positive dynamics over 12 quarters, starting in 2024.
In the worst long-term scenario, the company expects the total volume of digital retail payments in Sri Lanka to reach Rs 43.94 trillion by 2027, 30% more than the 2022 level.
Sri Lanka is widely recognized for its high rate of citizens with active bank accounts, and it is currently in the midst of an impressive fintech expansion, demonstrating remarkable resilience even in the face of economic challenges. As of 2022, approximately 90% of the population holds active bank accounts, and there are a notable 18.7 million debit cards in circulation. This has contributed to an outstanding 85% debit card usage rate, significantly surpassing the global average of 51%.
However, the utilization of credit cards in Sri Lanka currently stands at 10%, which is slightly below the global average of 22%. Nevertheless, this trend paints an optimistic and promising picture for Sri Lanka’s fintech market, underscoring its potential to thrive even in challenging economic conditions.
As of early 2023, Sri Lanka has seen substantial progress in embracing digitalization, with 14.6 million internet users and 7.2 million active social media users. The country’s digital literacy rate, on par with developed European Union (EU) countries at 57%, reflects the strong digital skills among its adult population. Notably, the e-commerce sector is thriving, boasting 5.5 million users and a market value of Rs 777.6 billion (USD 2.4 billion) in 2023, primarily driven by the electronics segment. The e-commerce market is projected to maintain an impressive compound annual growth rate (CAGR) of 15.29% from 2023 to 2027, reaching a market volume of Rs 1,387.52 billion (USD 4.28 billion)1 by 2027.
In an era marked by the COVID-19 pandemic, digital payments in Sri Lanka have experienced remarkable growth. Transactions have surged from Rs 5.6 trillion in Q1 2021 to RS 9.4 trillion in Q1 2023, representing a growth rate of 68% over 2 years. The value of transactions via the Lanka QR digital payment gateway amounted to Rs 681 million in Q3 2023, showing a growth of 84% year-on-year.
Both the Sri Lankan government and the private sector have made substantial efforts to promote digital payments, playing pivotal roles in enhancing digital payment solutions and fostering financial inclusion.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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