Business
Women’s financial literacy and digital knowledge failing to meet global standards – Advocata forum
By Hiran H.Senewiratne
The financial literacy rate plus digital knowledge among Sri Lankan women do not meet global standards and these factors could get in the way of their carrying out business transactions digitally in future, Dr.Roshan Perera, Senior Research Fellow at the Advocata Institute said.
Dr Perera was addressing a panel discussion organized recently by the Advocata Institute in view of International Women’s Day. Some of the priorities in this connection are: ‘Digital financial inclusion and deployment of cost-saving digital means to reach currently financially excluded and underserved populations with a range of formal financial services that are suited to their needs. While these should be responsibly delivered at cost affordable prices to customers they should be sustainable for providers.’
The topic of the forum was, “Closing the Divide through Women’s Access to Finance.” It was held at the Colombo Marriott Hotel.
Dr Perera further said: ‘Sri Lanka’s high cost of Internet access disproportionately affects low income earners. Besides, high taxes on internet and other digital services impacts business. Therefore, 45 percent of the population has been now categorized as suffering from debt vulnerability despite the country having a high mobile penetration rate.
‘Although Sri Lanka has a high mobile phone penetration rate, 60 percent of the population has an issue of affordability of mobile data services due to high taxes. Further, Sri Lanka still has issues when it comes to internet coverage. There are population pockets where there is no internet coverage.
‘Lack of good governance leads to financial distress, high interest rates and severe debt, causing reduced savings and asset- pawning among the public. Therefore, erosion of public confidence in the financial sector and perpetuation of poverty cycles create a major bottleneck for the development of this sector.’
At the panel discussion Assistant Governor of the Central Bank Sirikumara Kudagama said that empowering women also amounts to empowering resources, because women are higher in number in the population than males. ‘But the Central Bank can do nothing in this scenario other than regulating and supervising banks and selected non -banking financial institutions, he said.
He said that 89 percent of both the female and male population has some kind of a bank account, while credit card penetration is approximately 10 percent in both genders.
Managing Director at SANASA International, Samadanie Kiriwandeniya, said that financial inclusivity is of concern to women and 35 percent of them have access to some credit. But microfinance is the biggest issue for women, which needs to be regulated, she said.
‘When it comes to microfinance, its high interest rates are creating a lot of troubles not only for banked sections but also unbanked segments as well. On top of that, digital literacy is a prerequisite, she said.
Asian Development Bank’s, Uresha Walpitaga said at the panel discussion that financial literacy is lacking among Sri Lanka women. The other main issue is collateral, therefore, it is time to introduce various financial instruments to minimize these challenges, she said.
Director, Business Development at Selyn, Selyna Peiris said that Lankan women need good training in soft skills, such as English proficiency, preparing accounts, book keeping and also knowledge on how to fill any form, apart from IT knowledge. The panel discussion was moderated by Tusitha Kumarakulasingham of the Women’s Chamber of Commerce.
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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