LankaPay CEO outlines plan to make Sri Lanka a regional fintech powerhouse

■Fintech Forum Sri Lanka aims to position the country as a regional fintech hub through cross-sector collaboration ■LankaPay CEO Channa de Silva says despite existing infrastructure, cash remains dominant with Rs. 1.3 t in circulation and 1.5% of GDP spent on cash-related costs ■Calls for context-driven digital solutions and overseas fintech expansion to attract FDI and boost inclusion among rural populations

- BY JANANI KANDARAMAGE

AS part of a broader effort to accelerate digital transformation, the Government in collaboration with industry stakeholders are striving to improve financial inclusivity across Sri Lanka — particularly for underserved retail and rural populations.

LankaPay CEO Channa de Silva recently reaffirmed the organisation's commitment to positioning Sri Lanka as a regional hub for financial technology innovation. This effort is driven by the Fintech Forum Sri Lanka, a platform launched in 2023 to foster collaboration among banks, non-banking financial institutions, fintech firms, and technology providers.

Speaking at the launch of Sri Lanka FinTech Summit 2025, de Silva noted that while Sri Lanka's financial sector is already “roads ahead” in terms of digital adoption, a significant gap persists in uptake among rural communities and small businesses.

“Digital transactions within the banking sector alone amounted to over (Rs. 34) trillion last year — more than the country's GDP,” the representative said. “Of that, Rs. 17.8 trillion were real-time digital payments. So adoption is clearly happening — but mostly in corporate and urban sectors,” he told a media briefing organised by the Fintech Forum.