Port City Colombo wooed to be South Asia’s leading fintech hub

CHEC Port City Colombo Managing Director Xiong Hongfeng (right) receives the report from FASL Founding President Rajkumar Kanagasingam

•  Fintech Association of Sri Lanka champions move backed by multiple fintech experts from around the world, with University of Hong Kong Kerry Holdings Professor in Law Prof. Douglas Arner serving as chief consultant

Port City Colombo is being encouraged to become a vibrant regional hub for fintech innovation and investment in South Asia. 

CHEC Port City Colombo Managing Director Xiong Hongfeng this week received the report “Enhancing Port City Colombo as a Leading Fintech Hub in South Asia” from Fintech Association of Sri Lanka (FASL) Founding President and coordinator of the initiative Rajkumar Kanagasingam, during the FinTech World Cup (FWC) Regional Competition held at Port City Colombo. The initiative is supported by a number of fintech experts from around the world, with University of Hong Kong Kerry Holdings Professor in Law Prof. Douglas Arner serving as the chief consultant.

The FASL, an ecosystem partner of the Dubai International Financial Centre (DIFC) Innovation Hub and the Global Finance and Technology Network (GFTN)—formerly Elevandi, established by the Monetary Authority of Singapore (MAS)—supports Port City Colombo in aligning with global fintech hubs like Dubai and Singapore.At the centre of this vision is the proposed Colombo International Financial Centre (CIFC) Fintech Innovation Hub. Designed to attract global investment and foster start-up growth, the hub could begin operations using Colombo’s Central Business District as a temporary base while Port City Colombo infrastructure continues development.

The hub will offer fintech startups access to global markets, capital, and mentorship. Modelled after successful ecosystems like Dubai’s DIFC and Singapore’s fintech framework, the CIFC aims to establish Port City Colombo as a key fintech destination in South Asia.

Dubai’s DIFC provides a proven blueprint. As the largest financial innovation ecosystem in the Middle East, Africa, and South Asia (MEASA), it supports over 700 tech firms, regulators, investors, and academic partners. Its programs—ranging from innovation licences to regulatory sandboxes—enable FinTech, RegTech, InsurTech, and Islamic FinTech startups to scale quickly and compliantly.

The DIFC has also built strong partnerships with financial centres such as New York, London, Hong Kong, Singapore, and Mumbai, reinforcing the importance of international collaboration.

Similarly, Singapore has emerged as Asia’s fintech leader, powered by progressive regulation, cutting-edge infrastructure, and strong Government backing. The MAS has championed the sector with initiatives like regulatory sandboxes, venture funding, and the globally renowned Singapore FinTech Festival.

Between 2019 and 2022, Singapore attracted over $ 34 billion in fintech venture capital—demonstrating the impact of enabling environments.

Port City Colombo is uniquely positioned to become South Asia’s fintech gateway. Unlike more fragmented regulatory landscapes in markets like India—where start-ups must navigate multiple agencies—the CIFC proposes a unified, streamlined system.

With investor-friendly policies and tax incentives, the CIFC can attract regional start-ups, including Indian fintechs, many of which are already active in Dubai’s DIFC. The CIFC offers these firms a complementary location with centralised regulation and expanded market access.

To bring this vision to life, the CIFC Fintech Innovation Hub should include regulatory sandboxes and innovation licences for agile experimentation, accelerators and start-up cohorts to nurture early-stage growth; global partnerships to support international scaling, talent development through academic collaboration, and Proof of Concept (PoC) platforms and co-creation spaces for product testing and commercialisation.

As South Asia repositions itself on the global economic stage, Port City Colombo is set to emerge as a premier regional fintech powerhouse. Driven by strong leadership, strategic global partnerships, and an ambitious regulatory vision, the CIFC Fintech Innovation Hub is well-positioned to establish Port City Colombo as the fintech capital of South Asia.