Rising gold-backed lending among Sri Lanka’s finance and leasing companies (FLC) sector is exposing financiers to higher collateral price risk and making them more susceptible to any adverse movements in gold prices, says Fitch Ratings.
Sri Lankan FLCs have grown gold-backed loans rapidly in the past several years amid shrinking demand for their core vehicle-financing business. Gold-backed loan balances more than quadrupled between the financial year ending March 2019 (FYE19) and FYE23, raising its share in the sector’s gross loans to 18%, from 4% at end-FY19.
We believe several factors have fuelled this trend, including rising demand for shorter-term financing from borrowers, relatively high product yields, and the liquid nature of gold collaterals that allows lenders to recover defaulted facilities through regular auctions.
Perera & Sons Bakers Private Limited (P&S) proudly announces the successful culmination of the 4th Annual P&S Esports Contenders 2023 Tournament, held in partnership with Gamer.LK, on the 4th and 5th of November 2023. The P&S Esports Contenders 2023 Tournament, powered by Sri Lanka’s largest quick-service restaurant chain, was not only a celebration of esports but also a groundbreaking moment for the Sri Lankan esports community as it was held in a LAN (physical) format for the first time.
Accordingly, the tournament brought together over 1,800 gamers from across 30 esports clans, transcending geographical boundaries with participants travelling from all corners of the country, including Badulla, Anuradhapura, Ratnapura, Kandy, and more, to battle it out.
FitsAir, Sri Lanka’s first privately owned international airline, today announced its partnership with Mastercard involving integration with the Mastercard Payment Gateway Services (MPGS) platform to strengthen its payment infrastructure.
Mastercard Payment Gateway Services platform enables merchants to accept both local and international payments, strengthening their ability to compete in the market. Through this partnership, FitsAir will be able to process payments in multiple currencies and secure international bookings from various regions, thereby expanding its footprint and customer base.
With advanced encryption techniques and fraud prevention measures, MPGS will safeguard FitsAir and its customers from unauthorized access and fraudulent activities, leading to stronger customer trust and higher digital payments adoption.
Ammar Kassim, Executive Director, FitsAir, said, “With Mastercard Payment Gateway Services, we can provide customers a single service that enables payments globally and supports our expansion into new markets. Our collaboration with Mastercard will strengthen our mission of offering affordable and convenient air travel options and becoming a key player in Sri Lanka’s aviation sector.”
Sandun Hapugoda, Country Manager, Sri Lanka, Mastercard, said, “In an era where travelers increasingly prefer digital payment methods, it is crucial to offer them a service that is secure and reliable.