Business
Locally developed ‘Scan&Pay’ QR code saves Rs. 1.5 billion
From left – State Minister of Samurdhi, Household Economy, Micro Finance, Self Employment, Business Development and Underutilized State Resources Development Shehan Semasinhe, State Minister of Cooperative Services, Marketing Development and Consumer Protection Lasantha Alagiyawanna, State Minister of Money and Capital Market and State Enterprise Reforms Ajith Nivard Cabraal, Trade Minister Bandula Gunawardena and CBSL Governor Prof. W. D. Lakshman.
by Sanath Nanayakkare
The national ‘Scan and Pay’ digital payment QR code (LankaQR) launched by the Central Bank yesterday has been developed without obtaining consultancy from a foreign firm, which would otherwise have cost about Rs. 1.5 billion for the country, a forum of the Central Bank of Sri Lanka (CBSL) revealed yesterday.
Dharmasri Kumaratunga, Director, Payments and Settlements Department of the CBSL made this revelation at the launch of the National QR Code, LANKAQR.
“Cambodia had paid US$ 8 million for a similar service that it received from Korea. But we were able to develop the National QR code using the technical know-how of our own developers, so it’s tantamount to being able to save about Rs. 1.5 billion which would otherwise have been paid for foreign consultancy,” he said.
Central Bank Governor Prof. W.D. Lakshman pointed out that this facility would encourage digital payments in the economy and reduce the cost of cash management as well as formalise the informal sector.
Ajith Nivard Cabraal, State Minister of Money and Capital Market and State Enterprise Reforms said that the use of credit cards in the country has increased and the Central Bank has moved further ahead to introduce the National QR Code to accelerate the empowerment of the digital economy. “We should enable the inflows into the country to be formalized attracting those who transfer money to the country through alternative methods. For this we must offer low costs for such inward remittances. Also, we must follow tech developments in the world on a daily basis and adopt them in our financial landscape ensuring cyber-security of those payment and settlement innovations. We shouldn’t lag behind other countries, he said.
The code enables quick and secure transactions at a low cost bringing numerous benefits to the public and the economy.
Customers can use the LANKAQR system to transfer funds directly to a merchant’s bank account where a nominal fee is charged from the merchant.
The new payment system is expected to be beneficial to small and medium enterprises, which account for 90 percent of all businesses and contribute 52 percent of gross domestic product (GDP).
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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