August 21, 2024

Fintech Forum, Sri Lanka Launched

Paving the Way for Sri Lanka to be a Center of Excellence for Fintech

In a strategic move to position Sri Lanka as a regional center 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, 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, non-banking financial institutions (NBFIs) and LankaPay. A robust governance structure has been established through a comprehensive Code of Ethics, ensuring that member organizations 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 organizations in the financial services industry; including Mr. Channa de Silva – CEO of LankaPay (Pvt) Ltd.; Mr. Conrad Dias – Chairman of LOLC Finance PLC; Mr. Ransika De Silva – Founder & CEO of Paymaster Solutions (Pvt) Ltd.; Mr. Sanjay Wijemanne – Chief Operating Officer of Hatton National Bank PLC; Mr. Y. A. Jayathilaka – DGM – Products and Banking Department of Bank of Ceylon; Mr. Sumudu Gunawardhana – CIO of Commercial Bank of Ceylon PLC; Mr. Dhanika Perera – Founder & CEO of Bhasha Lanka Pvt Ltd; Mr. Nazeem Mohamed – Director/CEO of Dialog Finance PLC; and Mr. Kanishka Weeramunda – Founder of Pay Media (Pvt) Ltd. Mr. Channa de Silva will function as the Chairman and Mr. 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 have been formed to provide strategic guidance to the board. Notable members of the Advisory Council include Dr. Ranee Jayamaha, former member of the Governing Board of CBSL; Mr. Vasantha Alwis, Director Payments and Settlements of CBSL, Mr. Neal Cross, former Chief Innovation Officer of DBS Bank, Singapore and founder of several regional Fintech companies; and Mr. Zennon Kapron, Founder/Managing Director of Kapronasia, Singapore and Mr. Jayantha Fernando, former General Counsel/Legal Consultant of ICTA.

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 center 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, 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 organizations have been invited to become corporate members of the forum and the membership is also open to Startup 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 center of excellence in the region.