CBSL Governor calls fintech net benefit for all stakeholders

Digital financial infrastructure is not a cost but a net benefit Regulator aims to spur innovation while managing risk National Payment System roadmap to strengthen role of fintech firms Pledges regulatory guidance to balance stability, consumer protection and innovation

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Central Bank Governor

CENTRAL Bank Governor Dr. Nandalal Weerasinghe, delivering the keynote address at the inaugural Sri Lanka Fintech Summit 2025 at the BMICH yesterday, said fintech innovation must be understood as a net benefit rather than a cost, provided stakeholders share those benefits fairly and collaborate to build trust and inclusion.

Reflecting on Sri Lanka's recent economic crisis and the Government's emphasis on the digital economy, Dr. Weerasinghe described the current moment as an "important opportunity" to accelerate financial innovation.

He welcomed the establishment of a dedicated ministry for digital economy, led by a minister and advised by experienced technical experts, as a sign of commitment to reform.

"It is a matter of proper coordination and collaboration," he said. "We can look forward to this ministry promoting the economy and making benefits for the country out of it."

Dr. Weerasinghe recalled remarks he made at the annual meeting of the Alliance for Financial Inclusion in Africa a month earlier, where central banks debated who should bear the costs of digital financial infrastructure.

"The point I made, which was appreciated by everyone, was that promoting digital financial infrastructure is not a cost, it's a net benefit to all stakeholders," he said. For central banks, digitalisation reduces the cost of printing and circulating cash; for commercial banks, it lowers expenditure on cash handling and financing; and for consumers, it saves time and money while widening access to services.

"It's not a zero-sum game," he explained. "It is a net benefit for everyone. The question is how we can share the benefits equally and fairly among stakeholders."