Colombo, June 09, 2022 – Reiterating its mandate to be an ‘enabling partner’ in the growth of all its stakeholders, Seylan Bank, the Bank with a Heart, initiated a partnership with Rhoda Life Private Limited, the designer and manufacturer of Sri Lanka’s first electric smart bicycle. The partnership will open many banking facilities and networking opportunities for Rhoda in its journey as a homegrown, innovative mobility solution. 

Seylan Bank continues to proactively make the most of every opportunity that can offer growth to its stakeholders. Stepping beyond its traditional role as a financial service provider, the Bank focuses on acting as a platform that enables its customers through providing facilities and opportunities, with special focus on youth and women entrepreneurs. Seylan Bank considers entrepreneurship and Small and Medium Enterprise (SME) development as priority areas due to the potential these sectors possess in their contribution to the national economy.

Commenting on the partnership, Gamika De Silva, Assistant General Manager - Marketing and Sales at Seylan Bank stated, “Empowering SMEs and encouraging entrepreneurship has been a key focus in our mandate. Seylan was the third largest contributor in the private bank category, supporting SMEs during COVID, and we have continued our projects with these sectors. Partnering with Rhoda is a milestone to us because it highlights Seylan’s promise to our customers, that you are not alone on your journey. As your bank, Seylan will stand by you - to help unlock your potential. We honour your challenger mindset and will create a supporting eco-system that best suits your venture”.

The partnership with Rhoda as official banking partner is not only to provide financial facilities, but also to open up many other opportunities through the Bank’s network and partners. Rhoda will receive banking services that will ensure a smooth flow of business, including access to Point of Sales (POS) machines, Internet Payment Gateways for online payments and collections accounts. The Bank will also offer 0% credit card installment plans and personal loan facilities to support better sales for Rhoda. In addition, the Bank’s network will be opened to Rhoda to explore new business opportunities including its online and offline media reach. 

"One of the biggest obstacles a startup entrepreneur in Sri Lanka faces is getting support from financial institutions to grow.  Seylan truly showed that it is a Bank with a Heart to come on board this early in our journey of solving urban mobility in Sri Lanka by trying to facilitate our growth through multiple financial tools they possess. A novel 24 month interest free installment plan through their credit card, as well as networking opportunities to amplify Rhoda in terms of communication and media as well, shows their commitment to this journey and RHODA is proud to work together with Seylan to make movement within Lankan cities simple and inclusive to everyone,” added Eyas Fazul, Founder of Rhoda.

Launched in 2020, Rhoda bicycles have become more relevant to the times at present by providing a new option for individual mobility as well as the logistic sector, especially as a mode for delivery services. With the current fuel crisis where such services are facing a challenge to continue with their business, Rhoda provides a timely solution. The bicycle is also groundbreaking as the only customized smart bicycle. It is linked to a smartphone app whereby the owner can lock and unlock the bicycle through the phone. In addition, the mobile app also shows the data of the bicycle and ride, acting as a dashboard. The infusion of technology and creativity thus makes Rhoda a one-of-a-kind innovation.  By facilitating this business and similar ventures, Seylan Bank is paving the way for many young entrepreneurs, and in a wider spectrum is encouraging them to find solutions to national issues.