Unlocking $ 15 b economic value: Hans Wijayasuriya on Sri Lanka’s digital ambition

Asserts this is not an IT project, nor is it a digital transformation project Aims to expand digital economy share from 3% of GDP to 15% within decade Systems must be robust as global scams siphoned over $ 1 t in 2024, including over $ 500 m in Asia Digital Public Infrastructure blueprint includes 100% trusted digital ID, national data exchange, and interoperable payments Fintech innovation projected to unlock $ 15 b in economic value, with potential for global product exports

- BY DEVAN DANIEL

Participants of the inaugural Sri Lanka Fintech Summit at the BMICH

CHIEF Presidential Adviser on Digital Economy and ICTA Chairman Dr. Hans Wijayasuriya, delivering the keynote address at the inaugural Sri Lanka Fintech Summit 2025 at the BMICH yesterday, said that fintech will play a decisive role in accelerating the country's digital economy and uplifting overall national growth, unlocking an estimated $ 15 billion in value.

"I believe that fintech plays a key role in the overall story of digital economy acceleration," he said. "It's not an IT project, it's not a digital transformation project. It is a determined attempt at uplifting the normative economic growth of our economy by at least two points, if not three, by expanding the digital economy component of our macroeconomic."

Sri Lanka's digital economy currently accounts for about 3% of GDP compared with India's 12%. Dr. Wijayasuriya said the Government has set a target of increasing this share to 10% and then expanding to 15% over the next decade.

"The very act of expanding the digital economy provides an uplift on the overall economy of the country," he explained, adding that fintechs are central to this transformation because they act as "a magnet" drawing citizens, sectors and industries into digital transactions and digitally enabled activities that grow both the digital economy and the formal financial system.

He emphasised that four components must work hand in hand to ensure success: technology and innovation, inclusive adoption by citizens and businesses, proportional regulation that adjusts to size and risk, and above all, trust.