Fintech is crucial in Sri Lanka’s digital economy and is projected to unlock $15 billion in value, furthering economic growth from 3% to 15% over the next decade.
At the inaugural Sri Lanka Fintech Summit 2025, Chief Presidential Adviser on Digital Economy and ICTA Chairman Dr. Hans Wijayasuriya, stressed the critical role of fintech in progressing Sri Lanka’s digital economy, projecting it to unlock $15 billion in value. He highlighted that fintech is not just an IT initiative but a strategic effort to boost economic growth by expanding the digital economy’s contribution to the GDP from 3% to a targeted 10% and eventually 15% over the next decade.
“The very act of expanding the digital economy provides an uplift on the overall economy of the country,” Dr. Wijayasuriya said, adding that fintechs are essential to this transformation because they act as “a magnet” drawing citizens, sectors and industries into digital transactions and digitally facilitated activities that grow the digital economy and the formal financial system.
Dr. Wijayasuriya outlined four essential mechanisms for successful fintech integration: technology and innovation, inclusive adoption, proportional regulation, and trust. He stressed the importance of addressing systemic issues beyond technology, focusing on user experience and liquidity challenges for marginalized communities. He introduced “micro X” solutions—micro-payments, micro-insurance, and micro-lending—as innovative approaches requiring regulatory and ecosystem advancements.
Dr. Wijayasuriya also warned of the synchronized rise of a “scam economy,” with global scams costing over $1 trillion noting the need for robust fraud protection and cybersecurity measures. He presented a digital public infrastructure (DPI) blueprint as the foundation for fintech, emphasizing the necessity of 100% trust in digital identities and the importance of seamless payment systems to enhance consumer choice.
The DPI framework aims to facilitate data sharing and interoperability, nurturing innovation in credit inclusion and alternative lending through AI-driven insights. He claimed that intelligence will surpass traditional collateral in importance, allowing more efficient small transactions and enhancing financial inclusion across economic strata.
Dr. Wijayasuriya called for collaboration among the government, private sector, and citizens to realize the potential of the digital economy, advocating for a model where the government builds foundational infrastructure while the ecosystem drives innovation. He concluded with a rallying cry for collective commitment to uplift Sri Lanka’s digital economy significantly within the next five years, positioning the fintech industry as a pivotal player in this transformation.
Article Topics
digital economy | digital ID | digital public infrastructure | fintech | Sri Lanka