Fintech’s pivotal role in Sri Lanka’s digital economy cannot be overstated. At the inaugural Sri Lanka Fintech Summit 2025, Dr. Hans Wijayasuriya, Chief Presidential Adviser on Digital Economy and Chairman of ICTA, declared fintech’s vital impact. He articulates this sector’s promising potential to unlock $15 billion in value, significantly enhancing the economy’s growth rate from 3% to an ambitious 15% over the next decade.
One might ask, why is expanding the digital economy so important? Well, Dr. Wijayasuriya noted that fintech acts as a “magnet,” drawing citizens, sectors, and industries towards digital transactions. This shift not only boosts the formal financial system but also uplifts the overall economy.
Four essential mechanisms need to be in place for fintech to thrive: technology and innovation, inclusive adoption, proportional regulation, and trust. Addressing these points means focusing on user experience and liquidity challenges, particularly for marginalized communities. He introduced the concept of “micro X” solutions, which includes micro-payments, micro-insurance, and micro-lending, as innovative tools requiring regulatory and ecosystem improvements.
However, caution is equally necessary. The emergence of a “scam economy” has been troubling, with global scams costing over $1 trillion. Dr. Wijayasuriya stressed the importance of robust fraud protection and cybersecurity measures. His presentation included a digital public infrastructure (DPI) framework, which prioritizes trust in digital identities and seamless payment systems.
The DPI framework, crucially, encourages data sharing and interoperability, promoting innovation in credit inclusion and alternative lending through AI-driven insights. Dr. Wijayasuriya believes intelligence could soon outweigh traditional collateral, making small transactions more efficient and expanding financial inclusion across economic sectors.
Moreover, Dr. Wijayasuriya called upon the government, private sector, and citizens to collaborate. While the government should build the foundational infrastructure, he sees the ecosystem as the driving force for innovation. Concluding with a bold vision for the next five years, he championed collective commitment to elevate Sri Lanka’s digital economy significantly, with fintech at the helm.
Article Topics
- Digital economy
- Digital ID
- Digital public infrastructure
- Fintech
- Sri Lanka
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