How govt. and fintechs can power Sri Lanka's digital revival

The world economy is entering a new phase, with growth and innovation increasingly driven by Asia’s rising economic powerhouses and by global waves of technological disruption.

- Digital Economy Deputy Minister Eng. Eranga Weeraratne

For Sri Lanka, a nation whose economy remains anchored in agriculture and whose export markets are still concentrated in Europe and America, this transition presents critical challenges but also unprecedented opportunities. To find our place in this changing order, we must embrace innovation as the pathway to resilience, competitiveness and inclusion.

The government has set a US $ 15 billion digital-economy target for 2030, a clear signal as to the direction we need to move in. With digital currently contributing 3-5 percent of GDP, we must lift it to about 12 percent within the decade, overtaking agriculture’s present 8.3 percent share. Agriculture will remain vital and be strengthened through digital tools but Sri Lanka must now become a digital-first economy.

Achieving this goal will require more than digitising a few sectors in isolation. It means rewiring the entire economy, so that the citizens, businesses and government alike can transact, collaborate and compete through digital platforms. While progress may take place in silos, the real value of digitalisation emerges when primary centres of innovation connect with other pillars of the economy.

The task ahead requires close partnership. The government will provide policy vision and regulatory clarity; adoption and innovation must be driven by the banks, fintechs, entrepreneurs and technology providers.

Real progress will come when regulation and innovation move together under a common roadmap. The upcoming Sri Lanka FinTech Summit is therefore a critical opportunity for our nation to build that alignment by bringing the stakeholders to the same table, setting direction and demonstrating Sri Lanka's readiness to compete, collaborate and execute tangible reform in the digital age.

Co-creating a vision for a digital-first economy