HNB Chief urges unity, speed and trust to drive SL’s fintech future

SL solid foundation for fintech push: more mobile connections than people, most already broadband-enabled CEFT transactions hit 200 m worth Rs. 17 t in 2024, equal to half of GDP LankaClear processed 400 m online transactions in 2024, up 50% YOY Still, long road ahead; four barriers identified: fragmentation, low usage, limited data sharing, and lack of trust

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INAUGURATING the Sri Lanka Fintech Summit 2025, Summit Chair and HNB CEO/Managing Director Damith Pallewatte called for a collective effort by banks, regulators, fintechs and investors to accelerate Sri Lanka's digital finance journey.

Addressing over 600 participants and 25 international speakers, he framed the two-day gathering as a turning point for bridging the gap between the country's connectivity and its lagging digital payment ecosystem.

"We are proud and honoured to host over 600 participants and over 25 global speakers at this summit," Pallewatte said. "At the outset, we wish to thank each of you for joining us and lending your support to our critical mission of accelerating Sri Lanka's fintech journey. But why does this mission matter? That is the case I want to make today, which we will take forward in our panel discussions over the next two days."

From maritime to digital connectivity

He began by drawing parallels with the island's past. "Two thousand years ago, Sri Lanka sat on the Maritime Silk Route, connecting with Africa, Arabia and East Asia," he recalled. "That connectivity brought wealth, knowledge and understanding which enabled development and remarkable feats in engineering, education and healthcare."

Today, he noted, geography remains the same, but the nation's position has changed, as have the pressures across Asia such as rising costs, technological disruption and a younger generation "that wants to move faster than legacy systems allow."

"The meaning of connectivity has expanded from physical to digital. At the heart of these dynamics is a crisis of vision and purpose," he warned. To meet the aspirations of Millennials, Gen Z and Gen Alpha, he argued, Sri Lanka must offer "a vision of the future in which they are empowered, independent and free to choose their own path."

Regional lessons, local progress