Sri Lanka’s Bank of Ceylon to install new core banking system at a cost of $10mn

ECONOMYNEXT – Sri Lanka’s state-owned Bank of Ceylon will spend 10 million dollars to install a new core banking system, with the cabinet approving a proposal to call for tenders, minister Nalinda Jayatissa said. The new system is to be installed within 5 years. The bank’s current International Comprehensive Banking System has been in use for 22 years, and is used in the lender’s retail and corporate business, including its branches abroad. “It has been observed that many of the features and functionalities of the system, as well as the technology underlying it, are not sufficient to meet the demands of today’s banking operations,” Jayatissa told reporters. “Therefore, instead of further improving the existing banking system, the Board of Directors of the Bank of Ceylon has approved the recommendations for the establishment of a new core banking system.” (Colombo/Jul1/2026)