From left: FinTech Forum of Sri Lanka Chairman Channa de Silva, Digital Economy Ministry Deputy Minister Eranga Weeraratne, TECXA Founder/CEO and Sri Lanka FinTech Summit 2025 Organiser Dr. Kumudu Megasooriya, Hatton National Bank Managing Director/CEO Damith Pallewatte
By Dr. Kumudu Megasooriya
Redefining challenges as strategic market opportunities
Sri Lanka stands at a pivotal moment in its economic history. After weathering its worst financial crisis in decades, the nation is emerging with renewed determination and a clearer vision for sustainable growth. The economy grew by 5% in 2024, driven by a construction-led rebound in industry and strong performance in tourism-related services, signalling the beginning of a recovery that demands innovative solutions to address persistent challenges.
However, the true measure of economic transformation lies not in avoiding challenges, but in converting them into competitive advantages. The conventional narrative views Sri Lanka’s economic constraints as limitations to overcome. A more strategic analysis reveals these same factors as untapped market opportunities that can drive unprecedented growth when approached with innovative solutions.
The fact that 15% of our population still lacks formal financial access represents not a developmental deficit, but a substantial market opportunity worth billions of rupees waiting to be captured through innovative financial solutions. This unbanked population constitutes a ready market for digital financial services, representing immediate demand for mobile banking, digital wallets, and microfinance solutions that can be delivered at scale through technology platforms.
Similarly, our rural areas, often characterised as underserved markets, actually constitute natural innovation laboratories where new financial models can be developed, tested, and refined before scaling nationally and regionally. The unique challenges of rural financial service delivery from connectivity issues to varying literacy levels, create the perfect environment for developing resilient, inclusive financial technologies that can succeed in any market condition.
This perspective shift from problem-solving to opportunity-creation defines the strategic approach underlying the inaugural Sri Lanka FinTech Summit 2025, scheduled for September 24-25 at the Bandaranaike Memorial International Conference Hall. We are not merely addressing problems; we are systematically revolutionising solutions that will establish new benchmarks for financial inclusion and economic growth.
Strategic positioning in a global context
The timing of this summit reflects a sophisticated understanding of global market dynamics and Sri Lanka’s unique position to capitalise on them. With the global FinTech market expected to reach $ 1.5 trillion by 2030, and South Asia representing the fastest-growing FinTech region globally, Sri Lanka has a critical window to establish itself as a regional leader rather than a follower.
Our strategic location as the gateway between East and West, combined with our educated workforce and improving technological infrastructure, positions us perfectly for this transformation. The Government’s strong commitment to digital economy initiatives provides the policy foundation necessary for sustainable growth, while our recent economic recovery demonstrates resilience and adaptability that international investors find compelling.
This convergence of timing, capability, and opportunity creates a unique moment where Sri Lanka can leapfrog traditional financial systems and emerge as a regional innovator, setting standards that others will follow. The summit serves as the catalyst for this transformation, launching initiatives that will define the next decade of Sri Lankan economic prosperity.
The architecture of decade-long transformation
The summit’s theme “Empowering Sri Lanka’s Digital Economy: Innovations Driving Financial Inclusion and Growth” directly addresses the structural challenges that have historically limited economic participation while establishing ambitious targets that will reshape Sri Lanka’s economic landscape over the next decade.
This summit is not merely about two days in September; it is about establishing the foundation for sustained economic transformation that will define Sri Lankan prosperity through 2035. The strategic objectives are both measurable and transformative: establishing over 200 FinTech startups by 2028, achieving 95% financial inclusion as a national milestone, generating 3% GDP contribution from FinTech by 2030, and establishing regional leadership that positions Sri Lanka as a standard-setter whose innovations and approaches become the playbook that other nations follow.
The six key transformation areas identified, reflect a comprehensive understanding of the ecosystem needed for sustainable digital economic growth: Future of Finance, Global and Regional Trends, Blockchain AI and Cryptocurrency, Financial Innovation and Inclusion, Regulatory Compliance, and Investment and Ecosystem Growth. Each area addresses specific gaps in Sri Lanka’s current financial landscape while building toward these ambitious national targets.
TECXA Founder/CEO and Sri Lanka FinTech Summit 2025 Organiser Dr. Kumudu Megasooriya
The 200+ FinTech startups target represents more than job creation, it establishes Sri Lanka as a regional hub for financial innovation, creating an ecosystem where local entrepreneurs can develop solutions for both domestic and regional markets. The 95% financial inclusion target transforms Sri Lanka from a country with significant unbanked populations into a model of comprehensive financial access that other developing nations will study and emulate.
The 3% GDP contribution from FinTech by 2030 represents a fundamental shift in Sri Lanka’s economic structure, establishing technology-driven financial services as a significant contributor to national economic output. This target positions FinTech not as a supplementary sector, but as a core driver of economic growth and national competitiveness.
Public-private partnership: The foundation of sustainable growth
The summit exemplifies the power of collaborative leadership across sectors, bringing together government and industry partners in a coordinated approach to economic transformation. We have secured strong support from key government partners, including the Finance Ministry providing policy leadership and regulatory guidance, the Central Bank of Sri Lanka ensuring the balance between innovation and financial stability, and the Digital Economy Ministry driving national digitisation initiatives.
On the industry side, TECXA brings technology expertise and innovation focus as the organiser, while our partnership with Hatton National Bank demonstrates the banking sector’s commitment to transformation. The Sri Lanka FinTech Forum ensures comprehensive ecosystem representation, creating a foundation where outcomes will translate into real policy changes and implementation rather than merely aspirational discussions.
This partnership model is crucial because sustainable FinTech development requires alignment between regulatory frameworks, industry capabilities, and market needs. The summit provides the platform for these stakeholders to collaborate on solutions that are both innovative and implementable, ensuring that the ambitious targets set for the next decade are supported by both policy frameworks and market infrastructure.
International recognition and global integration
We have secured participation from distinguished international speakers and participants who bring global expertise to Sri Lankan challenges and opportunities. Representatives from the Monetary Authority of Singapore will share insights on regulatory innovation, while World Bank officials will discuss financial inclusion strategies that have proven successful in similar markets.
Leading FinTech CEOs from Asia, Europe, and North America will showcase emerging technologies and business models, while blockchain and AI pioneers will demonstrate how these technologies can address specific Sri Lankan needs. This international participation validates Sri Lanka’s growing reputation as a serious player in the global FinTech ecosystem and provides the knowledge transfer necessary to achieve our ambitious targets.
The regional impact extends beyond knowledge sharing. SAARC country participation fosters regional cooperation, while cross-border payment innovations can connect South Asian markets more efficiently. Investment funds exploring Sri Lankan opportunities demonstrate growing confidence in our market potential and the sustainability of our growth trajectory, providing the capital necessary to support the establishment of 200+ FinTech startups by 2028.
Beyond technology: Building inclusive systems
The summit’s explicit focus on financial inclusion demonstrates recognition that technology must serve social progress, not just economic efficiency. The emphasis on rural banking solutions using mobile and digital technologies, microfinance digitisation, and women’s financial empowerment through technology-enabled services reflects a comprehensive approach to economic transformation that directly supports the 95% financial inclusion target.
The youth engagement component is particularly strategic. With over 25% of Sri Lanka’s population under 25, involving young people in shaping the country’s digital future ensures that solutions are designed with long-term sustainability in mind. The integration of university partnerships and mentorship programs creates a pipeline of local talent capable of driving continued innovation and maintaining competitive advantage, directly supporting the startup ecosystem development that will generate 200+ FinTech companies by 2028.
Creating sustainable impact through measurable outcomes
The summit’s commitment to becoming an annual tradition with continuous progress tracking addresses a common criticism of industry events, that they generate enthusiasm but little lasting change. By establishing measurable advancement targets and building upon previous years’ achievements, we are creating accountability mechanisms that drive genuine transformation toward our decade-long objectives.
The practical focus on live demonstrations, startup showcases, and investment matching sessions ensures that participants experience tangible applications of financial technology rather than just theoretical discussions. This hands-on approach is crucial for building the trust and understanding necessary for widespread adoption of new financial services and for creating the market conditions that will support sustained FinTech sector growth.
Regulatory framework as innovation enabler
The inclusion of regulatory compliance as a core focus area acknowledges that innovation without proper governance can create new risks. Sri Lanka’s regulatory environment needs to evolve to support financial innovation while protecting consumers and maintaining system stability. The summit provides a crucial platform for dialogue between innovators and regulators, potentially accelerating the development of supportive policy frameworks that will enable rather than constrain the achievement of our ambitious targets.
This collaborative approach to regulation ensures that Sri Lanka can achieve rapid innovation while maintaining the stability and trust that are essential for sustainable financial system development and for attracting the international investment necessary to support our growth objectives.
The ripple effect of systematic transformation
The Sri Lanka FinTech Summit 2025 represents more than an industry event, it is the launch platform for a systematic transformation that will create ripple effects throughout Sri Lanka’s economy and across the South Asian region. The summit is designed to create lasting institutional change, not temporary enthusiasm, with outcomes that will be measured in terms of sustained economic growth, improved financial inclusion, and regional leadership.
The ripple effects extend far beyond the immediate targets. The establishment of 200+ FinTech startups will create thousands of direct jobs while generating demand for supporting services, creating a multiplier effect throughout the economy. The achievement of 95% financial inclusion will enable previously excluded populations to participate fully in the formal economy, driving demand for goods and services while improving living standards. The 3% GDP contribution from FinTech will establish Sri Lanka as a regional leader whose innovations attract international investment and partnership opportunities.
As the organiser of this historic gathering, I am confident that we have created more than just a conference, we have built a platform for systematic transformation that will define Sri Lanka’s economic trajectory for the next decade. The partnerships we have forged, the international recognition we have gained, and the comprehensive approach we have taken ensure that this summit will catalyse measurable change in Sri Lanka’s financial landscape.
Success will be measured not by the number of attendees or the sophistication of the technology displayed, but by the extent to which we achieve our ambitious targets: the creation of a thriving FinTech ecosystem, the achievement of near-universal financial inclusion, and the establishment of Sri Lanka as a regional leader whose approaches become the standard that other nations seek to replicate.
The summit’s success will mark the beginning of a new chapter in Sri Lanka’s economic story, one where technology serves not just efficiency and growth, but equity and inclusion as well. We are not just solving problems; we are revolutionising solutions and creating a model that positions Sri Lanka as the regional leader that sets the playbook for others to follow.
As Sri Lanka continues its journey toward economic recovery and sustainable growth, the FinTech Summit 2025 offers a roadmap for how digital innovation can address both immediate challenges and long-term development goals. The question is not whether technology can transform Sri Lanka’s economy, but how quickly we can establish ourselves as the regional leader whose innovations and approaches become the standard for South Asian financial development.
We invite all stakeholders to join us in writing this transformative chapter together, as we build not just a more inclusive financial system, but a more prosperous and equitable future for all Sri Lankans, a future where our challenges have become our greatest competitive advantages and our innovations have established Sri Lanka as the regional leader in financial inclusion and economic transformation.
(The writer is Founder and CEO of TECXA and Organiser of Sri Lanka FinTech Summit 2025.)
