FINTECH FORUM SRI LANKA CELEBRATES ONE-YEAR MILESTONE WITH INAUGURAL ANNUAL GENERAL MEETING

Fintech Forum Sri Lanka (Guarantee) Limited recently marked its first anniversary and inaugural Annual General Meeting (AGM) in Colombo, celebrating a year of uniting the country’s fragmented financial ecosystem under one platform. The milestone capped a transformative 12 months for the Forum, which has successfully brought together banks, non-bank financial institutions (NBFIs), fintech companies, regulators, and technology innovators in pursuit of the shared vision of positioning Sri Lanka as a regional fintech hub and driving a national shift toward a less-cash economy. When the Fintech Forum launched a year ago, its mission seemed simple but ambitious: to bridge the long-standing gaps between stakeholders working in silos and with competing priorities. A year later, the results speak for themselves.

Chairman Channa de Silva is proud of how the Forum has transformed collaboration across the financial ecosystem from banks and NBFIs to global payment networks, local and international solution providers, startups, and regulators. Together, they are laying the groundwork for a digitally enabled economy and aligning the industry around the same objective: reducing reliance on cash. “The main purpose was to get the entire industry to work together. Previously, everyone was doing their own thing – banks in one corner, finance companies in another, technology firms elsewhere, while fintech and startup companies were nowhere. The Central Bank’s national payments roadmap provided some direction, but it lacked cohesive industry buy-in and participation.” said de Silva.

Having overcome its first major hurdle – unifying the sector, showcased at the Sri Lanka Fintech Summit 2025 – the Forum is now focusing on building international partnerships and driving financial inclusivity, the next step toward its overarching goal of establishing Sri Lanka as a regional centre of excellence in fintech. One of the Forum’s most significant achievements at the recently concluded Summit was securing industry-wide participation and consensus around a shared national goal: to reduce the country’s dependency on cash by bringing down the currency in circulation-to-GDP ratio from 4.5% to 3.5% within three years.

“This goal represents a transformational shift in how our economy functions. It’s ambitious yet achievable and it gives us a measurable way to track real progress as the economy grows. To achieve this, all stakeholders must work closely and cohesively.” noted de Silva. The foundation for this collaboration was built through the Forum’s year-long programme of knowledge-sharing sessions, networking events, and capacity-building workshops, which enabled cross-pollination of ideas and best practices across the industry. LankaPay, the national payment network, serves as the Forum’s institutional member, providing formal structure and long-term continuity. The Central Bank of Sri Lanka (CBSL), represented on the Forum’s Advisory Council, offers regulatory oversight and policy-level guidance. The Forum is also developing structured engagement with the Securities and Exchange Commission, Colombo Stock Exchange, BOI, Port City Colombo, EDB, and others to promote dialogue on fintech investment and regulatory readiness.

“We’re aligning industry initiatives with the national digital agenda,” de Silva, who also serves as CEO of LankaPay, explained. “Fintech is not just about payments, it’s about enabling a modern and inclusive digital economy.” The Forum’s regional collaboration is driven through the Asia Fintech Alliance, linking Sri Lanka with 14 other fintech associations across Asia. Through this platform, Sri Lanka gains visibility in cross-border dialogues on innovation, regulation, and investment – strengthening its position as an emerging fintech hub in South Asia.

The Forum’s first year culminated in the Sri Lanka Fintech Summit 2025, which drew a full house from the very beginning – a rare show of early-morning punctuality in Colombo. The event brought together global leaders, industry experts, policymakers, and fintech visionaries, including Dilip Asbe, CEO, NPCI, India; Sopnendu Mohanty, Group CEO, GFTN Singapore and former Chief Fintech Officer at MAS; Ritesh Pai, CEO, PhonePe, India; Neal Cross, Co-founder, PictureWealth, Australia and ex-DBS Bank, Singapore; Nshuti Mbabazi, Managing Director, Better Than Cash Alliance, Rwanda; and Sheyantha Abeykoon, Group CEO, Boost, Malaysia – setting the stage for strategic collaboration. The Summit also enabled the Forum to forge international partnerships and connect local innovators with global investors. Startup pitching sessions gave Sri Lankan fintech entrepreneurs the opportunity to present their solutions to international investors and regional accelerators, opening doors for collaborations, funding, and market access.

In addition to plenary sessions, closed-door roundtables brought together key stakeholders, regulators, fintech companies, banks, NBFIs, payment platforms, investors, and development partners to shape a shared action plan for Sri Lanka’s fintech journey. Discussions focused on aligning national priorities, identifying regulatory enablers, and setting measurable goals for innovation, inclusion, and digital adoption. “As we move forward, we’re not just talking about possibilities; we’re defining clear strategies and assigning responsibilities. The roundtables gave everyone ownership of the next steps in multiple areas, so the momentum from the Summit translates directly into progress and concrete action on the ground. The Summit was our finale for the year – and also our launchpad for what comes next.” added de Silva. 

Recognising that innovation begins with people, the Forum launched Finnovation Lab, an initiative that brought together over 200 interns, university students, and young entrepreneurs for hands-on mentoring and exposure. Participants also gained special access to the Fintech Summit, experiencing firsthand the industry they will soon shape. “We, as the older generation, must lay a strong foundation. The next generation must take it forward. That’s how we build a sustainable ecosystem.” de Silva said, and added that the Forum’s focus will be on charting a niche for Sri Lanka in the regional fintech landscape. “If we want to be a regional hub, we don’t necessarily need to compete head-on with regional giants. We must identify our niche, the areas where Sri Lanka can lead with innovation, agility, and quality. The key is for the industry to come together, identify our strengths, and consolidate our efforts in those areas.” he said. 

The Forum envisions a focused, high-value regional fintech hub leveraging Sri Lanka’s skilled workforce, proven technology capabilities, and newly aligned ecosystem. Through international partnerships, regional investment engagement, and startup ecosystem development, Sri Lanka can position itself as the go-to destination for specialised fintech solutions in South Asia. With new BOI initiatives and potential Port City Colombo offerings encouraging international fintech players to establish regional headquarters, the Forum aims to ensure local participation and knowledge transfer, maximising Sri Lanka’s current window of opportunity. For investors, policymakers, and industry players, the message is clear: the groundwork and direction for a collaborative, innovation-driven digital economy are now in place. “The country’s vision is finally coming together. From government to industry, everyone is moving in the same direction. If we stay united and focused, Sri Lanka can carve its own niche in the global fintech landscape.” opined de Silva. At one year, the Fintech Forum of Sri Lanka has done more than build connections, it has built momentum. With a shared purpose, measurable targets, and growing global partnerships, it is turning the promise of a digital economy into a national movement.