Mastercard and LankaPay have partnered to accelerate Sri Lanka’s digital economy through three key initiatives:\n\nCo-branded Debit Cards: Enhance financial inclusion with exclusive offers (Priceless Specials) and global travel services, easily integrated by local banks to align with government digital goals.\n\nLow-Cost QR Payments (Pay Local): Enables tourists to link international cards to the LankaPay app for instant, home-currency payments at 400,000+ merchants, aiding SMEs and formalizing tourism revenue.\n\nAI-Powered Security (Brighterion): Real-time fraud detection via advanced algorithms, securing ATM/account transfers, a first in Sri Lanka to mitigate risks while maintaining user experience.\n\nThe collaboration aims to boost accessibility, security, and innovation in Sri Lanka’s digital economy, supporting financial inclusion, SME growth, and tourism-driven foreign exchange. Executives highlighted its role in advancing digitization and economic resilience.\n\n\nThe Digital Marketing Association of Sri Lanka (DMASL) has announced the DMASL Digital Summit 2025, South Asia’s ‘most anticipated’ digital innovation forum, scheduled for July 24–25 in Colombo. Marking its third edition, the summit is poised to be the largest and most transformative yet, uniting many industry leaders, creators, and visionaries to shape the region’s digital future.\n\nUnder the theme “Where Asia’s Digital Minds Converge,” the 2025 summit amplifies its role as a catalyst for cross-border collaboration and cutting-edge strategies. This year’s agenda spotlights Asia’s rapid digital evolution, offering a dynamic platform for professionals driving transformation in marketing, technology, and commerce.\n\nThe event will feature the following.\n\nVisionary keynotes from global pioneers in AI, data analytics, and digital commerce. Masterclass workshops on AI-driven marketing, omnichannel strategies, and ROI optimization. Interactive innovation zones featuring live tech demos, VR/AR experiences, and startup pitch sessions. Regional success stories through case studies from top brands and emerging disruptors and Hyper-targeted networking with C-suite executives, policymakers, and content creators.\n\n\nIn a bold move signaling renewed confidence in Sri Lanka’s economic recovery, Life Insurance Corporation Lanka Ltd (LICL) has secured a Rs. 2 billion capital infusion from its Indian parent company (LIC of India), marking one of the largest foreign direct investments (FDI) in the island’s insurance sector this year.\n\nThe injection arrives as Sri Lanka has intensified its efforts to attract global capital while LICL is also positioning itself to reshape the underpenetrated life insurance market through aggressive expansion, tech upgrades, and innovative retirement plans targeting underserved workers in the private sector and in the informal economy.\n\nLICL, a 23-year-old joint venture between LIC India (97% stakeholder) and Bartleet Transcapital (3%), plans to leverage the fresh funds to overhaul its IT infrastructure, streamline its 24-branch network, and launch private-sector retirement schemes – among other products including investment plans – tailored for informal and private-sector employees lacking retirement coverage.\n\nLIC Lanka’s new MD/CEO Prameela Chittazhi Ramanadhan, a 27-year LIC India veteran, told The Island that the timing aligns with ‘Sri Lanka’s hunger for FDI’ and LICL’s ambition to shed its ‘low-profile’ past.\n\n“ This investment isn’t just capital. it’s a vote of confidence from our parent company in Sri Lanka’s potential,” Prameela asserted. “We’re addressing critical gaps: only 0.5% of GDP comes from life insurance, and millions lack pension safety nets. Our new products will redefine accessibility to this segment,” Prameela CR said.\n\nA portion of the funds will modernise LICL’s digital infrastructure to fast track claims processing and customer service, a critical step as the insurer seeks to rebuild trust in a sector still scarred by the 1960s nationalisation of foreign firms.\n\n“Trust is earned through consistency. In 23 years, not a single customer has accused us of unmet promises,” Prameela noted, hinting at upcoming campaigns showcasing client success stories.\n\nLICL’s push comes amid lingering skepticism toward life insurance, partly rooted in societal beliefs. The 1961 nationalisation of insurers, which forced foreign players to exit, left a legacy of public wariness. Prameela CR acknowledged the challenge but expressed optimism: “We’ve operated here for decades without controversy. Now, we’ll be louder about our track record,” she said.\n\nPrameela CR , a law graduate who rose through LIC India’s ranks since 1997, brings cross-functional experience to her role. Her strategy hinges on ‘localised innovation,’ blending LIC India’s global scale with targeted products for Sri Lanka’s ground realities.\n\nPost-capital infusion, LIC Lanka is poised to be no longer the quiet player.\n\nWith insurance penetration languishing at 0.5% of GDP, far below regional peers like India (3.2%) – LICL’s gamble hinges on convincing Sri Lankans that life insurance isn’t a luxury but a necessity.\n\n“ The pension push could tap into growing anxiety over retirement security as the population ages,” LIC Lanka said.\n\nAs FDI-starved Sri Lanka watches, LICL’s Rs. 2 billion bet may prove a litmus test for foreign insurers eyeing the island’s untapped potential.\n\nIndustry analysts say LICL’s Indian pedigree could bolster its credibility. LIC India, the world’s third-strongest insurance brand, manages over $500 billion in assets, offering LICL technical expertise and actuarial firepower.\n\nThe Sri Lanka Institute of Marketing (SLIM) and the Industrial Development Board (IDB) have entered into a significant Memorandum of Understanding (MoU) aimed at promoting the development of Local Industries and enhancing the recognition of Sri Lankan Brands on both Domestic and International platforms. The MoU, marks a new chapter in collaboration between these two key institutions, with a strong focus on fostering Innovation, encouraging Excellence, and promoting Sustainable Industrial Growth in Sri Lanka.\n\nUnder the agreement, SLIM will play a key role in Training and Capacity-Building initiatives for the IDB’s island-wide staff, equipping them with the Marketing and Brand Management skills necessary to support Local Businesses. This collaboration is expected to enhance the overall performance of Sri Lankan Brands by improving Communication Strategies, Corporate Culture, and Market Competitiveness.\n\nThe MoU will also focus on to the National Industry Brand Excellence Awards, an initiative by the IDB to recognise outstanding achievements in the Industrial sector.

Mastercard, LankaPay accelerate Sri Lanka’s digital economy

Mastercard and LankaPay have partnered to boost Sri Lanka’s digital economy through co-branded cards, low-cost QR payments, and AI-powered security. The Digital Marketing Association of Sri Lanka (DMASL) announced its 2025 Digital Summit, while Life Insurance Corporation Lanka Ltd (LICL) secured a $2 billion capital infusion from its Indian parent company. A new MoU between SLIM and IDB aims to promote Sri Lankan brands and industries.