Commercial Bank of Ceylon PLC is making history as the first bank in the country to collaborate with Google and Visa, a global leader in digital payments, to enable Google Pay for its cardholders as part of the Google Wallet launch. This is a defining moment for Sri Lanka’s financial landscape, setting a new standard for secure and convenient digital transactions.

Commercial Bank is the only bank in the Sri Lankan market to enable Google Pay for its Visa cardholders, giving its customers a first-mover advantage with this world-class mobile payment solution. This collaboration seamlessly integrates Visa’s trusted global network and advanced tokenization technology, Google’s secure and intuitive interface, with Commercial Bank’s robust digital banking ecosystem.

Visa debit and credit cardholders of Commercial Bank can now effortlessly add their cards to Google Wallet, authenticate via a one-time password (OTP) or verification through call center, and use their Android smartphones to make secure, contactless payments with a simple tap at any contactless-enabled Point-of-Sale (POS) terminal, anywhere Visa is accepted, locally and globally. Cardholders will no longer need to carry physical cards or cash, and can tap and pay using their NFC-enabled Android smartphones – driving a secure and easy payment experience

Commercial Bank has strategically collaborated with third-party service provider IDEMIA for tokenization, leveraging Visa’s Token Service (VTS). Tokenization secures every transaction by replacing the actual 16-digit card number with a unique digital token, ensuring the user’s sensitive data is never shared with merchants or stored on the device. Furthermore, Commercial Bank used payment infrastructure of Euronet, the bank’s card switch vendor, to launch this product, which guaranteeing reliable and secure transaction processing.

Mr. Sanath Manatunge, Managing Director/CEO of Commercial Bank, said, “Partnering with Visa and Google marks a significant milestone in our ongoing commitment to elevate digital payment experiences for customers. As the largest private sector bank in Sri Lanka, this collaboration further strengthens our ability to deliver seamless, secure, and contactless transactions anywhere, anytime. By embracing global innovations such as tokenization, Commercial Bank continues to lead the way in digital banking excellence and plays a defining role in shaping Sri Lanka’s cashless future. This partnership not only enhances security and convenience for millions of customers but also accelerates the country’s transition toward a more technologically enabled financial ecosystem. It reflects the Bank’s long-term strategy to bring world-class digital solutions to Sri Lankan consumers and businesses.”

Avanthi Colombage, Country Manager, Sri Lanka and Maldives, Visa, highlighting the collective impact, said, “Visa is pleased to collaborate with Commercial Bank of Ceylon and Google to bring the transformative payment experience of Google Pay to Sri Lanka. This launch marks a defining moment for Sri Lanka’s payments landscape, empowering people across the country to enjoy a faster, more convenient, and secure payment experience – all with just a smartphone. Visa’s trusted global network and advanced tokenization technology, with Google’s secure, intuitive interface and Commercial Bank’s strong local presence and robust ecosystem, is set to deliver more than just another payment option: we are shaping the next chapter of digital payments – one that enables digital security and trust, convenience, and interoperability at an unprecedented scale for millions of Sri Lankans.”

The initial availability will focus on select card ranges as part of a phased rollout.

The post Google Pay arrives in Sri Lanka through Commercial Bank–Visa partnership appeared first on Newswire.

In a move to spur sustainable investments in Sri Lanka, the International Finance Corporation (IFC) and the European Union (EU) partnered with the Commercial Bank of Ceylon (CBC) to scale up green finance, supporting the country’s commitments towards a low-carbon economy.

The partnership, which is under the EU’s regional initiative ‘Accelerating Climate Smart and Inclusive Infrastructure in South Asia (ACSIIS)’, will help CBC set the foundations for net zero transition. With IFC’s technical support, CBC aims to grow its green financing portfolio by expanding into areas such as blue finance and green SMEs.

“The formulation of a robust climate transition strategy stands as a pivotal component within Commercial Bank’s strategic roadmap. We are delighted to engage the expert advisory services of IFC to effectively realize this critical initiative. As a leading advocate of sustainable banking practices, our primary objective is to expand our green portfolio while simultaneously advancing our journey towards achieving net zero emissions,” said Sanath Manatunge, Managing Director/ Chief Executive Officer of Commercial Bank.

Sri Lanka is among one of the most affected countries by extreme weather events. According to the World Bank, the country is expected to see a 1.2 per cent annual gross domestic product (GDP) loss by 2050 due to climate change. Addressing climate change risks is a national priority for Sri Lanka, with commitments to reducing greenhouse gas emissions and increasing renewable energy in electricity generation.

“IFC will continue to assist Sri Lanka in developing and scaling up green finance to support the country in its path to a net-zero future,” said Riccardo Puliti, IFC’s Vice President for Asia and the Pacific. “We are excited to strengthen our partnership with Commercial Bank of Ceylon (CBC), fostering a robust green finance market in the country.”

Over the years, the IFC has played a significant role in promoting sustainable and green finance in the country, including its support in developing the first national green finance taxonomy creating an enabling environment for climate-resilient investments. Financial institutions play a crucial role in driving green and sustainable finance. By scaling up its green finance portfolio, CBC will set an example for other financial institutions, signalling the importance of prioritizing climate-resilient investments.

“We are pleased to see a new initiative being launched today which advances the EU’s Global Gateway strategy here in Sri Lanka. Expanding the Commercial Bank of Ceylon’s green portfolio will provide better access to green finance, which is crucial for stimulating sustainable, economic growth. I am eager to see that additional investments in renewable energy, energy efficiency, and sustainable industries will lead to cleaner air, water, healthier living conditions and a more sustainable future for the people in Sri Lanka,” said Carmen Moreno, the Ambassador of the EU to Sri Lanka.

CBC has been a longstanding partner, dating back to 2003. IFC has supported CBC through multiple investments as well as through advisory support and currently holds a 14.45 per cent equity stake. In 2017, IFC invested $100 million in CBC to help the bank increase lending for renewable energy and energy efficiency projects in the country. CBC is also one of the three banks that received support from IFC through a $400 million cross-currency swap facility in 2023 to help facilitate the imports of essential goods such as food, medicines and fertilizers. Further, IFC and CBC joined forces to establish an early childhood development center in Batticaloa to help meet the demand for quality childcare services among employed parents in the Eastern Province of Sri Lanka as well.

About ACSIIS

The ACSIIS—Accelerating Climate Smart & Inclusive Infrastructure—is a program in South Asia, supported by the European Union, committed to promoting climate-resilient progress across the region. With a core focus on engaging the private sector and fostering sustainable and inclusive investments, ACSIIS prioritizes green finance, urban sustainability, agricultural innovation, and gender equality.

About IFC

IFC—a member of the World Bank—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, the IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org (Newswire)

The post IFC & EU partner with SL bank to scale up Green Finance appeared first on Newswire.

The Sri Lankan rupee has depreciated further against the US Dollar in certain commercial banks in Sri Lanka today.

According to Peoples Bank, the buying and selling rates of the US Dollar have increased to Rs. 316.41 and Rs. 339.19, respectively, in comparison to yesterday.

At Commercial Bank, the buying rate of the US Dollar has increased to Rs. 316.71 and the selling rate has also increased to Rs. 335.

Meanwhile, at Sampath Bank, the buying and selling rates of the US Dollar remain unchanged at Rs. 318 and Rs. 333, respectively. (NewsWire)

The post Dollar-rupee rates at banks today appeared first on Newswire.

The Sri Lankan rupee has depreciated further against the US Dollar at Commercial Banks in Sri Lanka today (15).

According to the People’s Bank, the buying rate of the US Dollar has increased from yesterday’s rate of Rs. 320.41 to Rs. 325.26. The selling rate has increased from Rs. 339.17 to Rs. 344.31.

Meanwhile, Sampath Bank reports the buying rate has increased from yesterday’s rate of Rs. 320 to Rs. 330, while the selling rate has increased from Rs. 335 to Rs. 345. (NewsWire)

The post Dollar appreciates further in commercial banks appeared first on Newswire.