Stronger industry collaboration, supportive regulation and international partnerships could help home-grown fintech companies tap markets of up to 200 million consumers, Fintech Forum Sri Lanka Vice Chairman Conrad Dias said.
Sri Lankaโs fintech industry must look beyond its domestic market of just over 20 million people and build pathways into significantly larger regional markets if home-grown technology companies are to achieve meaningful scale.
Dias believes the next phase of Sri Lankaโs fintech journey should focus on helping local fintech companies expand internationally while strengthening collaboration between banks, finance companies, technology providers, regulators and policymakers.
โIf our fintechs can operate in one of the countries in Africa, for example, they could access a market of around 200 million people. That is almost 10 times Sri Lanka,โ Dias said, highlighting the scale of opportunity available beyond the domestic market. While Sri Lanka provides a strong environment for developing, testing and validating innovative financial technology solutions, Dias said the relatively small domestic market eventually creates limitations for companies seeking sustained growth. Building international partnerships and creating practical market- entry opportunities have therefore become important priorities for the Fintech Forum.
The Forum has established relationships with fintech associations and ecosystems in Singapore, Taiwan and Africa, creating opportunities for knowledge exchange, business connections and potential market access. These partnerships are expected to help Sri Lankan fintech companies understand overseas regulatory environments, identify strategic partners and explore expansion opportunities that may otherwise be difficult to pursue independently.
Dias said one of the Forumโs most important achievements to date has been bringing together an industry that previously operated largely in separate silos.
โWhen the Forum was established, our priority was to bring an industry that worked in silos together. I believe our greatest achievement has been creating that platform. Today we have established a strong collaboration,โ he added.
Nearly every bank in Sri Lanka now participates alongside fintech companies, LankaPay and other key stakeholders, while the Central Bank of Sri Lanka remains actively engaged with the ecosystem. Dias said this foundation allows the Forum to move towards its next phase of accelerating innovation, strengthening policy engagement and supporting regional expansion.
Source : Daily News
