Singer Finance becomes Sri Lanka’s First Finance Company to Introduce Credit Cards

The Central Bank of Sri Lanka (CBSL) has licensed Singer Finance PLC to issue payment cards, both Debit Cards and Credit Cards, making the company the very first non-banking financial institution in Sri Lanka to be able to do so. The pioneering company is a subsidiary of retail giant, Singer Sri Lanka, and is leveraging the strength and reach of its parent company in order to bring flexible financial solutions to Sri Lankans all across the island.

Highly regarded for its innovative approach to financial services, Singer Finance offers a range of products and services including fixed deposits, business loans, consumer finance, foreign currency exchange, leasing, and hire purchase.

The company has also introduced group sales to its portfolio, a unique facility that gives staff at reputed public and private organizations the ability to pay for consumer products in monthly instalments. Singer Finance is the market leader in this segment, with employees at over 400 institutions island-wide making use of this convenient facility.

The company has steadily increased its country-wide reach over the past ten years, and now has 18 Branches, 2 Service Centres and counters at 15 Singer Mega outlets across the island, including in Jaffna. With customer convenience at the heart of the company’s value proposition, Singer Finance also accepts payments at over Singer 400 outlets island-wide. This unrivalled level of service is empowered by the industry’s best online, real-time payment system.

The Singer Finance Board consists of Dr. Saman Kelegama (Chairman), Mrs. Marina A Tharmaratnam

(Independent Director), Mr. J Setukavalar (Independent Director), Mr. Gavin J Walker (Director), Mr. John Hyun (Director), Mr. Y C Joe Kan (Director), Mr. Janaka Mendis (Director), Mr. R S Wijeweera (Director/CEO), Mr. K K L P Yatiwella (Alternate Director), Mr. Shyamsunder Ramanathan (Alternate Director), and Mr. Premalal De Silva (Alternate Director).
www.island.lk

Sri Lankan bourse slightly weaker; block deals push turnover; rupee-forwards steady

Dec 5 (Reuters) - Sri Lankan stocks edged down on Friday with low retail participation, but block deals pushed the turnover, while some investors were cautious due to political uncertainty ahead of the Jan. 8 presidential poll.

At 0557 GMT, the main stock index was down 0.28 percent, or 20.09 points, at 7,234.71.

"The turnover was up on a block deal if you take out the block deal the rest of the market was very slow as retail investors are staying away waiting to see the direction," said Reshan Kurukulasuriya, chief operating officer of Richard Pieris Securities (Pvt) Ltd.

Nine loyalists from President Mahinda Rajapaksa's United People's Freedom Alliance, including Health Minister Mithripala Sirisena, have defected since Rajapaksa announced snap elections last week. Sirisena resigned to contest against Rajapaksa as the consensus candidate of a united opposition.

Speculation over more defections also weighed on sentiment, analysts said.

Turnover stood at 1.62 billion rupees ($12.3 million), with 89.73 million shares changing hands.

Four-day rupee forwards traded steady as importer dollar demand offset greenback sales by exporters, dealers said.

The spot currency and three-day forwards, or spot-next, were not traded after the central bank capped the currency at predetermined levels to prevent volatility.

Central bank officials were not available for comment.

Dealers said four-day forwards traded little changed at 131.95/132.05 per dollar at 0603 GMT compared with Thursday's close of 131.95/132.00. 

($1 = 131.3000 Sri Lankan rupee) 

(Reporting by Ranga Sirilal; Editing by Anand Basu)