ComBank wins 6 Asian Business and Finance Awards

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 and 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, awards for Corporate Client Initiative of the Year and Debt Deal of the Year in the Corporate and Investment Awards segment and 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 recognises the introduction of more than 10 new features in 2023, a strategic initiative to place Digital Services Associates at branches to promote digital products and the growth achieved, with app downloads more than doubling over two years, transactions growing more than threefold in that time and transaction values growing more than fivefold.

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 modernising and digitising foreign exchange rate requests. It serves as a real-time web interface, empowering branches and departments to request preferential rates efficiently. This innovative solution has replaced the traditional manual processes of phone calls and emails, offering a seamless and user-friendly platform for initiating FX transactions.