ComBank wins 6 awards at Asian Business Awards in Singapore

The Commercial Bank of Ceylon won a remarkable six awards presented in three separate segments recently by Asian Business and Finance (ABF) at a single event in Singapore – the 2024 edition of the magazine’s annual awards ceremony.

Commercial Bank won two awards in each of the three segments – the ABF Retail Banking Awards, the ABF Corporate & Investment Awards, and the ABF Fintech awards, demonstrating its versatility in different spheres of banking and finance.

The Bank received the awards for ‘Digital Consumer Banking Initiative of the Year’ and ‘SME Bank of the Year’ in the Retail Banking Awards segment; the awards for ‘Corporate Client Initiative of the Year’ and ‘Debt Deal of the Year’ in the Corporate & Investment Awards segment; and the Ecosystem Collaboration Award and Payments Solution Award in the Fintech Awards segment.

ABF’s Digital Consumer Banking Initiative of the Year award was won by ComBank Digital, Commercial Bank’s flagship digital product, and Sri Lanka’s most-used digital banking platform.

The award recognizes the introduction of more than 10 new features in 2023, a strategic initiative to place Digital Services Associates (DSAs) at branches to promote digital products and the growth achieved, with app downloads more than doubling over two years, transactions growing more than three-fold in that time and transaction values growing more than five-fold.

The SME Bank of the Year award acknowledges Commercial Bank’s status as the largest lender to the SME sector in Sri Lanka as well as the numerous initiatives launched by the Bank to engage with and empower entrepreneurs with the knowledge and access they need to grow their business and to facilitate their transition to digital platforms and reach international markets.

The Corporate Client Initiative of the Year award was won by Commercial Bank for its ‘Treasury FX Portal’ – a pioneering initiative aimed at modernizing and digitizing foreign exchange rate requests. The Treasury FX Portal serves as a real-time web interface, empowering branches and departments to request preferential rates efficiently.

Meanwhile, the Debt Deal of the Year award was presented to the Bank’s Rs 12 billion listed Basel III compliant Debenture Issue of December 2023, which was the largest sum raised through the public markets for listed Debt instruments in 2023.

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