The Commercial Bank of Ceylon has launched a new initiative to support small and medium-sized enterprises (SMEs) via a partnership with the Industrial Development Board (IDB), the premier state organisation entrusted with the progress of the industrial sector in Sri Lanka.

The partnership will provide stakeholders of the IDB access to ‘Commercial Bank LEAP GlobalLinker’ – the Bank’s digital platform designed to empower SMEs to reach cross-border levels in the global market –  from the ‘BizConnect’ portal on the IDB’s website.

A memorandum of understanding (MoU) was signed digitally by Commercial Bank Managing Director/CEO Mr Sanath Manatunge, IDB Chairman Dr Saranga Alahapperuma, IDB Board Member Mr P. L. U. Rathnamalala and the CEO of Digivation Pvt Limited Mr Sameer Vakil, to create a framework for Commercial Bank to provide services from the Commercial Bank LEAP GlobalLinker platform to any visitor to the IDB website, and for the IDB to publish articles and industry-related documents on the platform to offer additional knowledge to its users.

The Bank said this direct link on the IDB website will enable the Bank to recognise those who are re-directed from it and to offer services accordingly, enhancing their experience and increasing the customer reach and visibility of Commercial Bank LEAP GlobalLinker.

This is a first-of-its-kind initiative by a bank in Sri Lanka, the Bank added.

Designed as an ecosystem that creates networking prospects across borders and within the country, ‘Commercial Bank LEAP GlobalLinker’ was developed with support from the International Finance Corporation (IFC). It is a comprehensive business ecosystem that focuses on elevating businesses through digitizing enterprises.

Built in compliance with international standards and powered by GlobalLinker, an international business enabling platform, Commercial Bank LEAP GlobalLinker enables SMEs and the Bank’s corporate customers to create online stores for free to sell their products and services, expand their network of customers, investors, and suppliers from across the world, improve business networking, tap overseas markets, access exclusive offers and benefits from partners, attract feasible business opportunities, and get discovered by a wider audience. As it is a secure platform for communication, it is also feasible for sharing ideas, collaborations and learning.

Developed as a sustainable business model, Commercial Bank LEAP GlobalLinker also offers a range of business services, such as legal, financial, marketing, logistics and shipping services, and provides businesses with access to various business intelligence tools. These tools provide valuable insights by enabling entrepreneurs to analyse their performance, track their sales and marketing activities, and monitor their online reputation.

The Industrial Development Board is a statutory body under the Ministry of Industries. It is empowered by the Industrial Development Act No.36 of 1969 and provides the strategic, technological and commercial foundation needed to encourage, promote and develop industries all over Sri Lanka.

Commercial Bank is the largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World. The Bank operates a strategically-located network of branches and 964 automated machines in Sri Lanka, is the largest lender to Sri Lanka’s SME sector, and is a leader in digital innovation in the country’s Banking sector. Commercial Bank has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.

Photo caption: 

Commercial Bank Managing Director/CEO Mr Sanath Manatunge and Chief Operating Officer Mr S. Prabagar participate in the signing of the MoU with IDB Chairman Dr Saranga Alahapperuma and Board Member Mr P. L. U. Rathnamalala in the presence of members of the corporate management of the Bank and officials of the two institutions. Digivation CEO Mr Sameer Vakil joined the event virtually.