business & investment

Sri Lanka’s latest ride-hailing and lifestyle platform, Miwayz, has officially commenced operations, with the company announcing that more than 25,000 passengers and drivers had pre-registered ahead of its commercial launch.

Launched on July 12, the platform is positioning itself as a new player in Sri Lanka’s urban mobility sector, focusing on a driver-first business model, transparent pricing and partnerships with major corporate organisations.

Miwayz CEO Nalliah Thayaparan said the strong level of interest recorded before the launch reflects increasing demand for an alternative ride-hailing service.

“We did not want to launch with just an app and a hope; we wanted to launch with a community that believed in our vision from day one,” Thayaparan said. He added that having more than 25,000 drivers and passengers join the platform before its official launch was a strong indication that Sri Lankan consumers and drivers are open to a service centred on fairness, transparency and mutual respect.

One of Miwayz’s main differentiators is its driver-focused revenue structure. For the first three months, registered driver-partners will retain 100% of their fares, with the company waiving both commission and subscription charges during the introductory period.

Following the promotional period, Miwayz plans to shift to a flat-rate subscription model, which it says will be among the lowest in the industry, rather than deducting a percentage from each fare.

The company believes the approach could help address some of the key challenges faced by three-wheeler and motorcycle drivers, including high platform commissions, unpredictable earnings and increasing fuel and vehicle maintenance expenses.

Miwayz is entering a substantial local mobility market. Data from the Western Province Road Passenger Transport Authority indicates that more than 250,000 registered three-wheelers are operating as passenger transport services across the Western Province.

Meanwhile, Department of Motor Traffic figures indicate that Sri Lanka has more than 1.2 million registered three-wheelers and over 5.17 million motorcycles across the country, highlighting the significant potential market for ride-hailing services.

First Capital Asset Management Limited (FCAM), the wealth management arm of First Capital Holdings PLC, a subsidiary of JXG (Janashakthi Group), has successfully completed a Professional Fund Management short course for students of the Department of Finance, Faculty of Commerce and Management Studies at the University of Kelaniya.

The programme was aimed at equipping students with practical knowledge of fund management and investment principles while connecting academic concepts with insights from the financial services industry.

The initiative concluded with a certification ceremony, where participants were recognised for successfully completing the Professional Fund Management course.