A high skilled professional workforce can drive Sri Lanka’s financial services sector for continued growth, says CISI Chair Michael Cole Fontayn

Sri Lanka’s high skilled, professional workforce and geographical location can ensure there are growing opportunities across the financial services sector for Sri Lanka, the CISI and the UK, says CISI Chair Michael Cole Fontayn Chartered MCSI.

During his second visit to the island in October, the global educational charity and professional body’s Chair, Mr Cole Fontayn, pointed to strategic partnerships as one of the drivers of CISI growth in Sri Lanka. The CISI, which will celebrate 15 years in Colombo in 2026, signed an MoU earlier this year with the Association of Accounting Technicians, which is partnering with the CISI to boost its members’ career prospects through shared materials.

Mr Cole Fontayn, who was appointed chair of the International Business and Diplomatic Exchange in April this year, undertook a full itinerary. This included meetings in Colombo with the Governor of the Central Bank of Sri Lanka, Dr P. Nandalal Weerasinghe, with the Securities and Exchange Commission, with CISI’s accredited training partner The Academy of Finance, along with attending events and presentations with the local ACCA, Association of Accounting Technicians and the University of Colombo. 

Mr Cole Fontayn also had meetings with CISI’s National Advisory Council (NAC), led by Mr Nandika Buddhipala MCSI NAC President and including Channa de Silva MCSI, chair, Sarvodaya Development Finance & Echelon Media, Professor Hareendra Dissabandara MCSI, SEC Chair and Head of Faculty of Finance, Sri Jayawardenapura University, Indrajith Fernando MCSI, regional director Asia, Global Best Practice Group and Ranel Wijesinha, independent international consultant.

During his meeting with the Vice Chancellor Professor Indika Mahesh Karunathilake of the University of Colombo, Mr Cole Fontayn discussed opportunities to build student capacity and strengthen engagement. He said: “CISI is a piece of the puzzle in enhancing the knowledge of financial services professionals. We achieve this by expanding our membership, building bridges and partnerships, particularly across Commonwealth countries and through our strong presence in the MENA region."

Michael Fernandopulle, CISI Country Head Sri Lanka said: “We are very much looking forward to seizing collaboration opportunities that support the students and alumni of the University of Colombo and help enhance their careers.”

Discussing the impact of CISI qualifications, the Vice Chancellor Professor Karunathilake commented: “The University of Colombo has long standing collaborations with the UK, we are glad to strengthen that relationship by entering a partnership with the CISI. The recognition of these qualifications will go a long way for our students.” 

In addition, Mr Cole Fontayn met with CISI’s locally engaged colleagues, led by Mr Michael Fernandoupulle. Mr Cole Fontayn said: “We at CISI are particularly proud of all our Sri Lankan staff, partners, members, board members and ATPs. Next year will mark CISI’s 15th year in Colombo and with the international financial services market growing and adapting to the challenges of AI, we encourage Sri Lankans considering a career in financial services to reach out to CISI, become lifelong learners and join the CISI global professional membership community.

“Sri Lanka is our largest operational hub outside the UK and plays a key role in supporting our global reach. As part of our commitment to serving members worldwide our dedicated quarterly stakeholder engagement series, for example, is designed to provide insight, connection and value. Working with other sector professional bodies to explore themes which are key to Sri Lanka’s financial landscape, including sustainable finance and ethical AI, is an important partnership strategy for CISI’s continued growth and ability to support the upskilling of local talent,” says Mr Cole Fontayn.

Alongside its local stakeholder engagement work, the CISI has increased its presence across Sri Lanka’s education sector through direct engagement with universities and schools. “As part of our outreach we have made our Certificate in Ethical Artificial Intelligence available to qualifying groups in Sri Lanka, helping to broaden access to ethical, future focused professional education and reinforcing our charitable mission,” said Mr Cole Fontayn. 

The CISI’s work in Sri Lanka includes outreach programmes through visits to schools and universities and through its accredited training partner, the Academy of Finance. The Institute is also working with Sri Lanka’s Securities and Exchange Commission to build CISI learning modules into its diploma offering. 

A recent World Bank review of Sri Lanka’s public finances shows the progress being made in stabilising its economy, with one of the largest fiscal adjustments in its history – equal to nearly 8 percent of gross domestic product (GDP) since 2021.  

Mr Fernandoupulle said: “We were delighted to welcome Michael to Sri Lanka. CISI membership offers value both to members and the countries in which the CISI operates. Membership really makes a difference to a person's life, both in terms of continuing professional development as well as the employment markets it potentially opens. From a country perspective, Sri Lanka aims to position itself as a regional financial hub, making it even more important to strengthen our financial centres with skilled professionals.”

“As a charity, the CISI is also identifying which regions could benefit from its philanthropic endeavours. There is plenty of work we can do in South Asia in the less privileged areas of India and Sri Lanka, in terms of creating financial literacy and inclusion. We've got broad public, educational objectives, but we’re looking at how we can bring those to life. Don’t let not having the perfect solution put you off trying. That’s our mantra for the next few years. Keep making powerful contributions, and it will make a difference.”

Regarding the CISI/University of Colombo project, British High Commissioner Andrew Patrick said: “I warmly congratulate the Chartered Institute for Securities & Investment (CISI) and the University of Colombo on this important collaboration. Enabling BSc. Financial Engineering graduates to qualify for CISI’s enhanced Associate membership is a significant step forward in strengthening professional pathways for Sri Lankan students. This partnership reflects the continued commitment to excellence in education, and the deepening of people-to-people links between the UK and Sri Lanka.”

About the Chartered Institute for Securities & Investment

The CISI’s mission is to help members attain, maintain and develop their knowledge and skills and to promote the highest standards of ethics and integrity in the securities and investment profession.

Based in the City of London, with origins in the London Stock Exchange, the CISI is a charity with global reach through its representative offices in financial centres such as Colombo, Dubai, Dublin, Glasgow, London, Mumbai and Nairobi. We work in close cooperation with regulators, firms and other professional bodies worldwide and over 44,000 examinations were taken in 81 countries in the last twelve months. With 54,000 members in over 100 countries the CISI is the professional body which sets examinations and offers qualifications for those working in or looking to establish a career in financial planning, wealth management and capital markets.