Connect with us

Business

SL gearing up to be a ‘FinTech powerhouse’; landmark summit in September

Published

on

Dignitaries at the announcement of FinTech summit. Pic by Sujatha Jayaratne

Sri Lanka is gearing up to position itself as a global FinTech powerhouse with the launch of the Sri Lanka FinTech Summit 2025, set to take place on September 24 and 25 at the BMICH, Colombo. Driven by an ambitious national vision and powered by key financial institutions like Hatton National Bank (HNB), the summit is set to be a turning point for the country’s digital economy, with expectations of attracting over USD 100 million in immediate investments and laying the groundwork for USD 500 million by 2030.

Damith Pallewatte, CEO and Managing Director of HNB and chair of the summit, emphasized that the event is more than just a gathering of thought leaders—it is the catalyst for a long-overdue digital revolution.

“We speak digital, we invest in digital, but are we solving the real problems? This summit aims to realign our fragmented efforts, bring all ecosystem players to one platform, and build a practical, methodical roadmap to transform Sri Lanka’s financial landscape, Pallewatte declared.

With over 2,000 participants from 25+ countries and 30 world-class speakers expected, the summit aims to go beyond inspiration—it seeks concrete outcomes. One key goal: increasing financial inclusion to 95% and boosting the Fintech sector’s GDP contribution to 3% by 2030.

Deputy Minister of Digital Economy, Engineer Eranga Weeraratne, outlined the government’s commitment to expanding the current USD 3.5 billion digital economy to USD15 billion by 2030. But to get there, the government acknowledges that deep structural shifts are needed.

“We have Rs. 1.3 trillion in cash circulating outside the formal financial system. If we digitize even one-third of that, nearly Rs. 450 billion could enter the financial ecosystem. That’s a game-changer for lending, public sector financing, and private investment, Weeraratne said.

He noted that while Sri Lanka boasts a strong traditional banking network, it has lagged behind in FinTech adoption, with countries like India, Nepal and even smaller economies rapidly advancing.

“This is not just about QR codes. It’s about building a full ecosystem—public education, interoperability, transport payments, digital credit ratings and above all, stakeholder collaboration, he said.

Weeraratne pledged his ministry’s full coordination with all stakeholders, including the Central Bank, commercial banks, startups, academia and the general public.

Channa De Silva, chairman, FinTech Forum, pointed out that Sri Lanka’s digital banking infrastructure is already mature, handling over Rs. 34 trillion in digital transactions and Rs. 17 trillion in real-time payments in 2024 alone—figures that surpass the country’s GDP.

“The adoption is there—but it’s urban and corporate. The missing link is the last-mile: the retail sector, rural SMEs and informal economy. That’s where FinTechs come in, De Silva noted.

He emphasized that while banks have laid the digital railroads, FinTech companies—agile, innovative, and deeply connected to local challenges—are needed to reach the grassroots.

The spirit of the summit, said Dr. Kumudu Megasuriya, CEO of Texas International and summit co-chair, is about catalyzing a generational transformation.

“This isn’t a summit—it’s a national movement. Every word in our mission statement—empowerment, innovation, inclusion, growth—carries the weight of 22 million aspirations. We’re not chasing regional status. We’re claiming the global FinTech crown, she said in a rousing address.

By Ifham Nizam  ✍️



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Advocata Institute highlights regulatory barrier limiting women’s overtime earnings

Published

on

Advocata Institute says that, a regulatory barrier prevents Sri Lankan women achieving pay parity with their male counterparts despite recent legislative amendments that have opened doors for women to work night shifts.

Despite the 2024 and 2026 liberalizations of the Shop and Office Employees Act (SOEA), which allowed women over 18 to work night shifts in IT, BPO, and hospitality sectors, women remain legally barred from maximizing their income due to rigid overtime restrictions.

Under current regulations, women cannot be employed under the Shop and Office Act for more than nine hours per day, a limit that strictly includes overtime. While Regulation 6 of the Act permits up to twelve hours of overtime per week, this daily “hard cap” creates a practical barrier that prevents women from accessing the full overtime entitlement available to male workers. This creates a regulatory paradox: while the law now permits women to work at night, it simultaneously restricts them from working the hours necessary to take home the same pay as a man performing the same role.

The urgency for reform is underscored by the Sri Lanka Labour Force Survey for the third quarter of 2025, which reveals a significant participation gap. Female labour force participation stands at 33.9 percent, compared to 68.6 percent for men. Closing this gap is a key structural reform priority under Sri Lanka’s International Monetary Fund Extended Fund Facility (EFF) programme, which highlights the importance of modernizing labour laws to expand labour supply and support long-term economic growth.

Debates on reforming these restrictions are often framed around the concern that removing gender-specific protections could expose women to exploitation. However, a woman’s vulnerability in the labour market is shaped less by the absence of gender-specific laws and more by structural challenges such as inadequate public transport, poor workplace infrastructure, weak enforcement of law and order, and limited access to childcare.

Addressing these underlying barriers is critical to ensuring both protection and opportunity. True empowerment requires shifting the focus from paternalistic hour-caps to creating a safe, gender-neutral environment that allows women the agency to maximize their earnings and contribute fully to the national economy.

Continue Reading

Business

Drifting lubricant barrels trigger oil spill on southern coast; 99% of clean-up completed

Published

on

Samantha Gunasekara

Authorities have traced the oil contamination reported along sections of the Hikkaduwa and Peraliya coastlines in the Galle District to drifting barrels of industrial lubricant, while rapid response teams have already removed almost all visible oil deposits from the affected beaches.

The Marine Environment Protection Authority (MEPA), together with the Sri Lanka Coast Guard, launched an immediate response after oil patches were detected along about a 20-metre stretch of coastline in the Hikkaduwa and Peraliya areas.

Addressing a media briefing at the Ministry of Environment, MEPA Chairman Samantha Gunasekara said emergency shoreline clean-up operations began on March 7 under the instructions of Environment Minister Dammika Patabendi.

“Nearly 99 percent of the oil patches have already been cleared from the affected coastal stretch,” Gunasekara said, adding that the swift intervention by authorities had prevented the incident from escalating into a wider marine pollution crisis.

Investigations carried out by MEPA have confirmed that the contamination originated from barrels containing Shell Corena S2 P 100 lubricant oil that had apparently been lost at sea and later drifted ashore.

The lubricant manufactured by Shell plc is commonly used to lubricate the internal components of reciprocating piston air compressors. Officials said the substance is not classified as a hazardous or toxic oil, easing initial fears of severe environmental damage.

MEPA General Manager Jagath Gunasekara said monitoring of the coastline was continuing to ensure that no additional oil patches washed ashore.

Meanwhile, the Department of Wildlife Conservation said there had been no confirmed reports of harm to marine animals, including sea turtles and coastal wildlife, following inspections in the affected areas.

Wildlife officials said they were continuing to keep the situation under close observation to ensure that marine fauna along the southern coast remained safe.

Authorities stressed that protecting the ecological integrity of the southern coastal belt—particularly around the Hikkaduwa marine area—remains a priority, while further investigations are under way to determine how the lubricant barrels ended up drifting in Sri Lankan waters.

By Ifham Nizam

Continue Reading

Business

Support for psychological well-being: Launch of telemedicine psychology program in response to Ditwa Cyclone

Published

on

The Sri Lanka College of Psychiatrists has launched an innovative telemedicine psychology program designed to provide essential support and mental health care to individuals adversely affected by the Ditwa Cyclone. This initiative is a vital response to the psychological challenges faced by the community in the aftermath of the disaster.

However, the implementation of this program has faced significant obstacles, primarily due to a considerable lack of access to smart devices among the target beneficiaries. Recognizing the urgency of this situation, S-lon Lanka (Pvt) Ltd has made a commendable contribution by donating tablet devices through its corporate social responsibility initiative, the “Suwasahana Charika” Program. This generous donation aims to bridge the technological gap, ensuring that individuals in need can access the psychological services offered by the telemedicine program.

The collaborative efforts were strengthened during a recent event that was attended by key figures, including Mr. S.C. Weerasekara, the Group Director / Chief Operating Officer of The Capital Maharaja Group, and Dr. Dashanthi Akmemana, the Chairman of the Sri Lanka College of Psychiatrists.

The Sri Lanka College of Psychiatrists expressed its gratitude to S-lon Lanka for its support and is committed to addressing the community’s mental health needs during this challenging time.

Continue Reading

Trending