Fintech Forum sets sights on trust, digital adoption in next phase

Chairman Channa de Silva says stronger industry collaboration and consumer confidence critical to sustainable fintech growth

The Fintech Forum, Sri Lanka is entering its next phase with a stronger focus on building consumer trust, strengthening industry collaboration and accelerating digital adoption, as it seeks to create a more sustainable environment for fintech growth in the country.

Fintech Forum Chairman and LankaPay CEO Channa de Silva said trust would be fundamental to expanding the use of digital financial services, warning that the industry’s progress could be undermined if consumers lose confidence in the security and reliability of digital transactions.

“Technology and innovation are important, but trust is vital. If you lose trust, there will be no financial sector and no digital economy,” de Silva said.

His comments follow the second Annual General Meeting of the Fintech Forum, Sri Lanka, held on 11 August 2026, marking the completion of the organisation’s second year.

De Silva said the Forum was initially established to bring together banks, non-bank financial institutions, fintech providers, start-ups, international networks and other service providers that had previously operated largely within their own segments.

He stressed that fintech companies cannot operate in isolation from the broader financial ecosystem and must work with regulated financial institutions and within the regulatory framework governing financial and payment services.

Comparing an industry operating without an appropriate regulatory framework to a “wild elephant,” de Silva warned that “one bad egg can kill the whole industry”.

He said growing incidents of phishing, fraudulent payment sites and other forms of digital fraud reinforced the need for a coordinated industry response to protect consumer confidence.

“If people don’t trust digital transactions, they will continue to keep their cash at home and shy away from digital. We must continue to build the trust that allows people to move confidently into digital,” he said.

De Silva also called for greater collaboration between financial institutions and fintech companies to ensure new solutions address genuine customer and business requirements.

“The solutions should be developed to address actual needs rather than developing a product first and then looking for a problem to solve with it,” he said.

The Forum is also seeking to increase international visibility for Sri Lanka’s fintech sector. Sri Lankan member companies participated in the inaugural Asia FinTech Alliance Awards 2026 in Taipei, Taiwan, where LankaPay, an institutional member of the Forum, was shortlisted among the top six in the Financial Infrastructure Award category.

De Silva said Sri Lanka’s fintech performance should also be assessed in the context of the country’s population, GDP, resources and market size rather than through direct comparisons with significantly larger economies.

“You have to compare apples with apples,” he said.

Highlighting the challenges surrounding digital adoption, de Silva said digital transformation must extend beyond payments and address the complete process experienced by consumers.

He cited GovPay, developed by LankaPay in collaboration with ICTA, now GovTech, with the support of the Ministry of Digital Economy, as an example of expanding digital payment capabilities across Government institutions.

However, he noted that many Government services still involve manual applications, approvals, signatures and documentation before citizens reach the payment stage.

“The payment is only the final step of a long process. Without making the rest of the process digital, people won’t see a significant benefit,” de Silva said.

He pointed to the digital collection of traffic fines as an example where technology has gained acceptance by making a previously cumbersome process more convenient for citizens.

The Forum is working with the Ministry of Digital Economy to identify barriers within Government service processes and encourage the digitalisation of remaining manual stages.

De Silva said increasing adoption among SMEs and communities that remain heavily dependent on cash would be another priority, with solutions needing to be practical, affordable, accessible and capable of being implemented effectively.

The Fintech Forum’s advisory board includes Neil Cross, Zennon Kapron, Dr. Ranee Jayamaha, Jayantha Fernando and K.V.K. Alwis, bringing together expertise across financial services, technology, regulation and international markets.

Looking ahead, de Silva said the Forum would focus on strengthening the framework for responsibly introducing fintech solutions, increasing consumer confidence and expanding opportunities for Sri Lankan fintech companies locally and internationally.

“The industry must move forward together. This is not something that one entity can do alone, and the Fintech Forum, Sri Lanka provides the platform for this collaboration,” he said.