Siyapatha Finance marked its 20th year in operation with a change at the top, appointing Mathisha Hewavitharana as Chief Executive Officer. The appointment came as the company pushed further into branch expansion and digital investment, pairing physical reach with online platforms under what it calls a “Bricks and Clicks” approach, and as it worked towards a longer-term target of sustainable business expansion.
The company was incorporated in 2005 as a specialised leasing arm, opening its first branches in Kandy and Matara. Over the two decades since, it has diversified well beyond that original mandate, adding gold loans, personal and business lending, and a range of card and payment products, while growing its branch network to 60+ locations across the island. Much of that expansion has been directed towards areas the company describes as underserved by formal financial services, part of a broader push to widen access to credit and deposit products outside Sri Lanka’s main urban centres.
That expansion sits inside a broader shift among non-banking financial institutions (NBFIs), where companies once built around a narrow product mandate have increasingly moved to compete with licensed banks on deposits, digital reach, and consumer trust. Siyapatha’s own history reflects that shift, from a specialised leasing arm two decades ago to a full-suite financial institution now closing in on its target asset base. Digital investment has run alongside that physical growth, with the company building out online and mobile platforms aimed at a customer base it expects to do more of its financing without visiting a branch at all, while continuing to treat branch presence as central to products such as gold financing and micro leasing, where in-person service still matters most.
The leadership change fits into that same pattern of continuity paired with expansion. Hewavitharana joined Siyapatha in its founding year and has worked across nearly every function since, before taking on the top role in the company’s anniversary year.
Echelon spoke to Hewavitharana about the firm’s strategy, from how it decides where to open a branch to what comes next as it looks towards its next chapter.
Siyapatha began in 2005 as a specialised leasing arm with a handful of employees, and today operates as a full-spectrum NBFI. What were the milestones that shaped that journey?
Our journey began in 2005, when we were incorporated as a specialised leasing company under the name Sampath Leasing & Factoring Ltd, opening our first branches in Kandy and Matara that same year. In 2013, we received registered finance company status and rebranded as Siyapatha Finance Ltd, the same year we diversified into gold loans. We listed on the Colombo Stock Exchange as Siyapatha Finance PLC in 2015, and by 2016 had expanded further into personal and business loan products. In 2017, we became the first player in the NBFI sector to implement the Finacle core banking system, a decision that set the tone for much of our later digital investment.
We moved into our own head office building, Siyapatha Tower in Colombo 8, in 2021, the same year we achieved a Fitch credit rating of A (Stable) and were certified as a Great Place to Work. In 2022, we were recognised as one of Sri Lanka’s Best 50 Workplaces. Product diversification continued in 2023 with the launch of the Sampath-Siyapatha co-branded credit card, Siyapatha Smart Pay and Siyapatha Fast Draft, alongside the launch of our corporate CSR brand, Siyapathen Mihikathata.
“I would say the number one need of the hour is convenience and flexibility. Every customer is busy, occupied within their own schedules, so accessing a financial solution needs to be a convenient, hassle-free experience for them. “
By 2025, when we celebrated our 20th anniversary, we had recorded a profit after tax of Rs1.6 billion, with operations spanning 61 branches island-wide and a team of over 1,000 staff members. During that same period, we obtained ISO 9001:2015 QMS certification.
You joined Siyapatha the year it was founded, and have risen through Marketing, Credit, and Strategy roles to the CEO’s chair. What has that journey taught you that an outside hire couldn’t have known?
I actually joined as a junior marketing executive, the first marketing officer Siyapatha Finance had when the company was incorporated in 2005. Since then, I have worked across many functional disciplines, moving from Junior Marketing Executive up several ranks to Regional Manager and then up further again Chief Executive Officer.
That path has given me a deep understanding of the Siyapatha corporate culture, our business model and our practices. I know the team well, and I have observed their behaviour, strengths and weaknesses throughout. Over the past two decades, I have gone through, and observed, all our successful initiatives and their results, as well as our corporate failures and the lessons we drew from them.
I was there from the opening of our very first branch to our most recent one in Chunnakam, our 65th branch, and I have been involved in every new business initiative and with the different stakeholders behind them, since I am known to them and, more importantly, I am part of the unique Siyapatha culture. These are the added advantages of being CEO as a pioneering member of the company.
That same culture is something we have tried to build into how we train our people, not just here at the top but across the organisation. We have moved our internal development beyond technical proficiency in lending, credit and operations, and put real weight behind emotional intelligence and strategic agility as well. We want every member of staff to think like an owner of this business, not simply an employee of it, because I believe that mindset is what will carry us through a market that is only going to get more volatile and harder to predict in the years ahead. It is also, in a sense, the same journey I went through myself, just formalised now as something we build into how we develop our people from the outset.
Siyapatha’s latest annual report describes its growth strategy as ‘Bricks and Clicks,’ pairing branch expansion with digital investment. As you push towards 73 branches by the end of 2026, how do you decide where a physical branch is still the right answer?
Physical branch expansion is a methodical exercise for us, grounded in a sound background study that analyses both macro and micro environmental variables, alongside identifying unique business opportunities and specific customer needs within a given geographical market. For products like gold financing and micro leasing, physical channel reach remains essential, so that groundwork is vital.
At the same time, digitalisation and the use of digital platforms have become highly effective in reaching a different customer segment, one that is techno-savvy and responsive to modern digital engagement. Digital integration also supports and streamlines customer relationship management and after-sales service, empowering customers with a better overall experience.
From leasing to gold financing to factoring, Siyapatha’s product range has grown well beyond its original focus. What customer needs shaped that evolution, and how did the company decide which gaps were worth filling?
Siyapatha Finance was never in the business of selling leasing, factoring, or loans as standalone concepts. We are in the business of providing financial solutions that meet customer needs, aiming to offer every possible financial solution under one roof and to create a great customer experience in doing so.
The products we offer are simply the means of meeting those customer expectations with the greatest convenience and flexibility. We approach product development with a customer-centric mindset, and meeting customer needs and expectations remains the key priority for every single member of our team.
Leasing and gold financing remain your largest products, while Fast Draft and the new Vehicle Credit Facility are your fastest-growing. What does that combination tell you about what the Sri Lankan borrower needs today?
Consumers in today’s market are more aware and financially literate than ever before. I would say the number one need of the hour is convenience and flexibility. Every customer is busy, occupied within their own schedules, so accessing a financial solution needs to be a convenient, hassle-free experience for them.
Customers also need customised financial solutions that match their revenue, cash flow and lifestyle. We are very aware of this at Siyapatha, and we build flexibility and individual-level customisation into our financial services mix to deliver on that expectation.
According to the latest annual report, a major core banking upgrade is underway, due to go live in 2027. What will customers actually notice once it does?
Siyapatha Finance was the first non-banking financial institution to launch the Finacle core banking system, back in 2017, and in 2027 we are moving to the latest Finacle upgrade, a far more advanced version that accommodates seamless integration with other technology platforms.
“I was there from the opening of our very first branch to our most recent one in Chunnakam, our 65th branch, and I have been involved in every new business initiative and with the different stakeholders behind them, since I am known to them and, more importantly, I am part of the unique Siyapatha culture.”
Our core objective is to deliver a greater customer experience, ensure the safety and security of customer data, and speed up facility turnaround time, so that we continue to be the most convenient, technology-led financial solutions provider in the Sri Lankan market. Beyond the core banking module, we are also investing significantly in upgrading our broader customer service technology, including the loan origination module, our WhatsApp interface and our customer relationship management interface, to support digital customer onboarding and servicing as part of the overall customer experience. This will improve operational efficiency for both our staff and our customers, and make life easier for everyone involved.
Before opening a new branch, Siyapatha assesses the environmental and topographical risk of the location. What led the company to build that kind of due diligence into something as routine as a branch launch?
Branch expansion is purely about reaching new geographical markets and opening access to new customer segments and borrower personas. For that effort to succeed, we need a sound understanding of local market needs, expectations and specialisations, as well as a clear knowledge of customer buying behaviour and the unique buying reasons behind it.
We keep all of this in mind when opening each branch, and we tailor the financial product mix we offer with the aim of meeting those needs, in a way that enhances the living standards and quality of life of the local community. We see branch expansion as a means of adding value to a new community, not merely as an internal expansion exercise.
That same due diligence proved its worth this past year. When Cyclone Ditwah affected 22 districts, in a number of those areas where we had opened branches specifically to reach communities we felt were underserved by formal financial services, our network came through with only minor damage. I would put that down directly to the environmental and topographical risk assessment we build into every branch decision before construction even begins. It is not something we treat as a box to tick, it is core to how we choose a site in the first place, and this year gave us a real test of that approach.
Siyapatha operates as Sampath Bank’s largest subsidiary. What does that relationship give Siyapatha?
Siyapatha is a wholly owned subsidiary of Sampath Bank PLC and, in fact, the largest subsidiary within the parent company, adding value to the entire Sampath group. We operate as an independent business entity while carrying forward the inherited values of our parent company, preserving trust in the eyes of all our stakeholders as a responsible and high-performing entity, and a good corporate citizen.
Fitch upgraded Siyapatha’s rating to A(lka) during its 20th-anniversary year, and the company raised capital through two debenture issues in the same period. What does that combination of validation and investor confidence mean at this stage of Siyapatha’s growth?
Siyapatha has become a very stable and consistently performing business entity, a key player in the NBFI sector adding value to the Sri Lankan economy. We maintain this consistent performance while remaining a responsible corporate citizen, largely through active corporate social responsibility initiatives focused on environmental, social and governance pillars.
As an entity, Siyapatha always delivers on its promises to stakeholders, uplifting and enhancing the social and living standards of both our internal and external customers. This has allowed us to build a trustworthy and responsible brand, with a unique identity and positioning in the minds of our stakeholders. That stakeholder confidence in Siyapatha Finance is reflected in the level of trust and confidence we attract from investors.
Part of that confidence, going forward, will rest on how seriously we take our environmental and governance commitments, not just as reporting requirements but as part of how we allocate capital. We have already begun aligning our operations with the Central Bank of Sri Lanka’s Sustainable Finance Roadmap 2.0, and we are working towards full adoption of the SLFRS S1 and S2 reporting frameworks by 2027. In practical terms, that means bringing ESG considerations directly into our risk management and capital allocation decisions, and directing more of our lending towards areas like renewable energy, greener transportation and sustainable businesses.
We see that as central to where Sri Lanka’s economy needs to go over the next decade, not a peripheral compliance exercise sitting alongside our core business.
As Siyapatha looks towards its next chapter, with targets like a Rs100 billion asset base and a ‘Financial Democratisation’ strategy on the horizon, what does that future look like for the company, and for the communities it serves?
Siyapatha Finance had almost become a member of the Rs100 billion asset club by last April, and we continue to perform well across all corporate performance indicators, meeting the needs of all our stakeholders. In the first half of 2026, we could record a profit after tax of Rs1,000 million for the first time in the company’s history. Such growth momentum will be maintained through further branch expansion and diversification of our financial solutions mix, while continuing to improve service excellence and enhance the customer experience.
In the customer’s eyes, Siyapatha Finance will take its place as a well-managed, compliant, technology-led financial institution that is profitable, customer-centric, and trusted by every stakeholder.