Fintech Forum ready to place Sri Lanka on global stage

The newly launched Fintech Forum Sri Lanka Chairman Channa de Silva recently said the entire industry must come together to achieve true financial inclusion. 

The official launch of the Fintech Forum marks a tipping point for Sri Lanka’s financial technology (fintech) sector. “It’s not something one entity can accomplish on its own,” said de Silva who is also the LankaPay – the National Payment Network of Sri Lanka Chief Executive Officer. 

His words encapsulate the core mission of the Fintech Forum – a collaborative effort to unite the fragmented financial sector, including banks, non-banking financial institutions and fintech providers, to drive innovation and ensure that digital financial services are accessible to all Sri Lankans. This industry association serves as a unified platform for fintech companies, startups, investors, and other stakeholders to collaborate, share knowledge, and promote the growth of the fintech ecosystem in the country.

With the rise of digital cashless payments and AI-driven financial services, the need for an institutionalised entity to lobby for the needs and concerns of fintechs and consumers has become essential.

The Fintech Forum has been established under the advisory of the Central Bank of Sri Lanka, signaling its strategic importance to the country’s economic agenda.

A lobbyist for the industry 

He explained the key reason behind the forum’s creation is the lack of formal structure governing fintech operations in Sri Lanka.

“The biggest need for the Fintech Forum was that fintechs do not fall directly under the regulation of the Central Bank. To operate, fintechs had to partner with a bank to channel their transactions through, However, this created limitations for fintechs and their customers, such as difficulties in customer registration and sometimes issues with transactions going through smoothly. Also, the lack of formal and direct regulatory purview meant that one unethical fintech – a ‘bad egg’ – could bring down the entire industry, which would negatively impact the financial sector stability. As LankaPay, the national payment network and the glue between financial companies and the Central Bank, we were privy to these struggles and recognised the need for an association like this to collaborate and address these challenges.”

He further explained that the forum is structured to foster open dialogue, knowledge exchange and collaboration between fintech companies, financial institutions, investors and regulators, and it aims to streamline the regulatory process, promote innovation, and elevate Sri Lanka’s fintech sector on the global stage. It will also play a crucial role in developing policies and guiding members on compliance, best practices, ethical standards and fraud prevention strategies.

“The Fintech Forum will focus on several key areas. We will establish industry networks to foster collaboration among fintech companies, regulators and financial institutions to address common challenges. Our advocacy efforts will represent the fintech sector’s interests to policymakers and regulatory bodies. Additionally, we will partner with the Central Bank on policy development to create favourable regulations that promote innovation and ensure consumer protection. We will facilitate investment by connecting local fintech startups with local and international investors and help members expand their services beyond Sri Lanka, identifying new markets and forging global partnerships,” de Silva outlined the Fintech Forum, Sri Lanka’s key workstreams.

A distinguished council of advisers

The Fintech Forum’s board of advisers includes prominent figures such as CBSL Governing Board former member Dr. Ranee Jayamaha, providing insights into financial regulation and policy, CBSL Director – Payments and Settlements K.V.K. Alwis representing the Central Bank, DBS Bank, Singapore former Chief Innovation Officer Neal Cross known for his leadership in regional fintech, Kapronasia, Singapore Founder and Managing Director Zennon Kapron recognised for his expertise in fintech research, and ICTA former General Counsel and Legal Consultant Jayantha Fernando, who is also responsible for drafting crucial legislations such as Electronic Transactions Act, Cyber Security Act and Data Protection Act etc., offering legal and regulatory guidance.

The Board of Directors of the forum features prominent figures from the financial industry, bringing together a diverse range of expertise. Channa leads as the Chairman of the inaugural board, joined by LOLC Finance PLC Chairman Conrad Dias as Vice Chairman, Paymaster Solutions Ltd. Founder and CEO Ransika De Silva, Hatton National Bank PLC COO Sanjay Wijemanne, Bank of Ceylon DGM – Products and Banking Y.A. Jayathilaka, Commercial Bank of Ceylon PLC CIO Sumudu Gunawardhana, Bhasha Lanka Ltd. Founder and CEO Dhanika Perera, Dialog Finance PLC Director and CEO Nazeem Mohamed and Pay Media Ltd. Founder Kanishka Weeramunda.

Membership options and upcoming events

Channa de Silva explained, “We offer several membership categories to serve different segments. Currently, we have 20 Corporate Members, comprising established fintech companies, financial institutions, and service providers that have operated for over three years and generate more than Rs. 12 million in revenue. We have a Startup Membership category for emerging fintech firms focused on scaling and innovation and an Associate Membership category for non-financial companies, like technology providers that support fintech players. The individual Membership category is for students, venture capitalists, angel investors or anyone else interested in supporting fintech innovations in Sri Lanka. Joining is simple – interested parties can apply via our website, fintechforum.lk.

Members benefit from networking opportunities, access to industry research and insights, advocacy support, and participation in initiatives to promote the fintech ecosystem’s growth.”

Channa de Silva expressed enthusiasm for the upcoming initiatives of the Fintech Forum: “In the coming months, we have a lot planned. One of the major highlights is the Singapore FinTech Festival, taking place from 6 to 8 November. This event brings together policy, finance, and technology communities from around the world to discuss and shape the future of financial technology, with 50,000 to 60,000 participants expected. We are working on securing a discount for our members who wish to attend. Additionally, we have a series of webinars lined up, with our first one focusing on tools available for startups, led by Neil Cross, who has extensive experience in the fintech space. We’re also planning a membership drive to welcome new participants into our community. I encourage everyone to get involved and take advantage of these exciting opportunities.”

Strong support for the future

Channa mentioned that since the launch, the Fintech Forum has received significant attention and support from various stakeholders, including international organisations and government agencies. The Asian Development Bank (ADB) and the Board of Investment (BOI) have expressed their commitment to working closely with the forum to promote fintech innovation and drive economic growth. Additionally, PIM has come forward as a knowledge partner, offering management-level training to members at concessionary rates. This valuable partnership will enhance the capabilities and skills of fintech professionals, further strengthening the industry’s capacity for growth and development.