FASL outlines contributions since 2018; seeks clarity on AFA membership selection

FASL Founding President Rajkumar Kanagasingam (second from left) and then Singapore FinTech Association President Chia Hock Lai exchange an MoU in April 2019, witnessed by the then Central Bank of Sri Lanka Assistant Governor R. A. Ananda Jayalath and other representatives

The Fintech Association of Sri Lanka (FASL) has issued the following statement in response to comments by LankaPay CEO and FinTech Forum Sri Lanka Chairman Channa de Silva in the Daily FT interview published on 22 October 2026, “FinTech Forum to connect fintechs, build trust and open doors abroad.”

In the interview, Channa de Silva states that AFA selected FinTech Forum as its sole member association from Sri Lanka. He also says the Forum provides fintech companies with a channel to engage the Central Bank and Government that they previously lacked.

Although FASL is not named, the interview indirectly questions the achievements of earlier association initiatives. FASL therefore provides context on its contributions and the outstanding AFA membership questions.

Contributions since 2018

Established and incorporated in 2018, FASL has developed regional partnerships, supported entrepreneurs, contributed to research and education, and advanced international engagement.

In April 2019, FASL signed an MoU with the Singapore FinTech Association at Mandarin Oriental, Singapore.

In June 2019, FASL signed an MoU with the FinTech Association of Hong Kong. Signatories included its then General Manager Syed Musheer Ahmed, with Professor Douglas W. Arner, Kerry Holdings Professor in Law at the University of Hong Kong, among the witnesses.

FASL’s partnerships also include fintech associations in Japan and the Philippines. In March 2024, it signed an MoU with the Indonesian Fintech Association (AFTECH), in Colombo.

FASL’s Singapore FinTech Festival Community Partner role dates back to 2019, while supporting engagement with Hong Kong FinTech Week is documented from 2020.

FASL was named a Community Partner of Seamless Middle East in 2020, with engagement through 2024 encompassing institutional support, speaking contributions and participation on judging panels. It has also served as an Association Partner of the Dubai FinTech Summit for the 2024, 2025 and 2026 editions. Wider engagements include Global FinTech Fest in Mumbai and platforms in Vietnam, Shanghai and Hong Kong.

Supporting ventures and innovation

As a collaborating partner of the 2019 FinX Awards in Dubai, FASL helped connect Sri Lankan startups with international opportunities. Helios P2P participated in the Al Baraka challenge, while iLoan was selected for the Emirates NBD challenge.

In 2020, FASL became a strategic partner of HatchX, the fintech accelerator launched by Hatch and the Lankan Angel Network with Ford Foundation support and Central Bank endorsement.

In April 2021, FASL signed an MoU with the ASEAN Financial Innovation Network to promote fintech development through APIX. Further collaboration was announced in 2026.

FASL initiated a report on enhancing Port City Colombo as a leading South Asian fintech hub, with Professor Arner as Chief Consultant. An interim report was presented in 2024 to then Commission Chairman Dinesh Weerakkody and then Monetary Authority of Singapore Chief FinTech Officer Sopnendu Mohanty.

FASL organised FinTech World Cup Regional Competitions at Port City Colombo in 2025 and 2026. AnybanQ.lk progressed to the 2025 Dubai global final; RealX and NanoSoft Global jointly won the 2026 regional competition.

FASL’s knowledge activities include awareness workshops and contributions acknowledged in the 2022 Global COVID-19 Fintech Market Impact and Industry Resilience Study, jointly published by the Cambridge Centre for Alternative Finance, the World Bank and the World Economic Forum. It served as Knowledge Partner for the Asian Digital Finance Forum & Awards in 2022 and 2023 and as co-organiser in 2025.

AFA’s clarification and outstanding questions

Following private correspondence, FASL published its representation query on 6 October 2026.

On 13 October, AFA Chairwoman Jaclyn Tsai confirmed its one-member-association-per-jurisdiction framework and FinTech Forum Sri Lanka’s membership.

She clarified that membership does not designate an association as the sole or exclusive representative of an entire national fintech ecosystem, nor diminish other associations’ standing.

FASL welcomes this clarification. Its separate selection questions remain outstanding:

What eligibility and assessment criteria applied?

Was FASL’s institutional record considered?

How could established associations submit credentials before the membership position was filled?

Is a review mechanism or alternative participation pathway available? 

The Daily FT interview identifies capability, membership, constitution and governance as factors in AFA’s membership assessment. However, FASL was neither approached nor invited to submit its credentials before the Sri Lankan member was selected. FASL has therefore asked AFA how potential associations were identified, how these criteria were applied and whether FASL’s record was considered. These questions remain unanswered at the time of this statement.

Sri Lanka’s fintech development reflects contributions from multiple institutions. Public discussion should recognise those contributions and distinguish membership of a private alliance from an exclusive national mandate.