Fintech Forum, Sri Lanka debuts

Seated (from left): Hatton National Bank Chief Operating Officer Sanjay Wijemanne, Paymaster Solutions Founder and CEO Ransika De Silva, LankaPay CEO Channa

de Silva, LOLC Finance Chairman Conrad Dias, and Dialog Finance Director/CEO Nazeem Mohamed. Standing (from left): Pay Media Founder Kanishka Weeramunda,

Bhasha Lanka Founder and CEO Dhanika Perera, Commercial Bank of Ceylon CIO Sumudu Gunawardhana, and Bank of Ceylon Products and Banking Department DGM

Y.A. Jayathilaka

• Initiative to pave way for Sri Lanka to be a centre of excellence for Fintech

In a strategic move to position Sri Lanka as a regional centre of excellence for financial technology (Fintech), a national body – Fintech Forum, Sri Lanka – was established recently and registered as an association. 

This initiative is the result of a major collaboration among Fintech companies, banks, non-banking financial institutions (NBFIs) in Sri Lanka, and LankaPay. The forum aims to represent and advocate the interests of the Fintech industry in Sri Lanka, engaging with diverse stakeholders including the Central Bank, other Government institutes, and international Fintech associations and agencies. 

The association also intends to foster an environment conducive to the exchange of ideas, experiences, and knowledge, while facilitating networking opportunities and encouraging the formation of mutually beneficial partnerships among its members. It is also intended to pave the way for local Fintech companies to form partnerships with regional players to expand their operations outside Sri Lanka.

The initial membership of the forum constitutes established Fintech companies, key banks, NBFIs, and LankaPay. A robust governance structure has been established through a comprehensive Code of Ethics, ensuring that member organisations operate with integrity and transparency. The association plans to collaborate closely with the Central Bank of Sri Lanka (CBSL) to introduce suitable regulations that will enhance the governance framework of Fintech companies, contributing to the overall stability of the financial sector.

The inaugural Board of Directors of Fintech Forum Sri Lanka features C-level executives from prominent organisations in the financial services industry, including LankaPay Ltd. CEO Channa de Silva, LOLC Finance PLC Chairman Conrad Dias, Paymaster Solutions Ltd. Founder and CEO Ransika De Silva, Hatton National Bank PLC COO Sanjay Wijemanne, Bank of Ceylon Products and Banking Department DGM Y.A. Jayathilaka, Commercial Bank of Ceylon PLC CIO Sumudu Gunawardhana, Bhasha Lanka Ltd. Founder and CEO Dhanika Perera, Dialog Finance PLC Director/CEO Nazeem Mohamed, and Pay Media Ltd. Founder Kanishka Weeramunda. Channa de Silva will function as the Chairman and Conrad Dias as the Vice Chairman of the initial Board. 

These Board members will serve a two-year tenure and the formation of future boards will be on a rotational basis from the other member companies, allowing for diverse representation and greater engagement among various Fintech companies, banks, and NBFIs. 

Additionally, a high-profile Advisory Council, comprising both international and local experts, has been formed to provide strategic guidance to the Board. Notable members of the Advisory Council include former CBSL Governing Board Member Dr. Ranee Jayamaha, CBSL Payments and Settlements Director Vasantha Alwis, former DBS Bank Singapore Chief Innovation Officer and founder of several regional Fintech companies Neal Cross, Kapronasia Singapore Founder/Managing Director Zennon Kapron, and former ICTA General Counsel/Legal Consultant Jayantha Fernando.

The Fintech Forum has outlined several key objectives to drive its mission forward. These include creating a national network to support Sri Lanka as a centre of excellence for Fintech, fostering collaboration through the exchange of ideas and knowledge, and promoting innovation within the industry. The association also aims to facilitate networking opportunities, and disseminate knowledge through events and conferences while evaluating and influencing suitable regulatory and Government policies to support industry growth.

Furthermore, the Forum seeks to nurture international collaborations, positioning Sri Lanka as an attractive destination for foreign investments in Fintech, and support the export of locally developed Fintech solutions to global markets.

All potential organisations have been invited to become corporate members of the forum, and the membership is also open to start-up companies and technology solution providers to the financial services industry under different membership categories. 

With its comprehensive governance framework, strategic collaborations, and a commitment to fostering innovation and excellence in the financial services industry, Fintech Forum, Sri Lanka is poised to significantly impact the country’s Fintech landscape, driving economic growth, and position Sri Lanka as a leading Fintech centre of excellence in the region.