High skilled professional workforce can drive SL’s financial services sector: CISI Chair Michael Cole Fontayn

Chartered Institute for Securities and Investment (CISI) Chair Michael Cole Fontayn (second from left) with Central Bank Governor Dr. Nandalal Weerasinghe 

Chartered Institute for Securities and Investment (CISI) Chair Michael Cole Fontayn with Securities and Exchange Commission Chairman Dr. Hareendra Dissabandara

Chartered Institute for Securities and Investment (CISI) Chair Michael Cole Fontayn with members of the CISI’s National Advisory Council

Sri Lanka’s high skilled, professional workforce and geographical location can ensure there are growing opportunities across the financial services sector for Sri Lanka, according to Chartered Institute for Securities and Investment (CISI) Chair Michael Cole Fontayn.

During his second visit to Sri Lanka, the global educational charity and professional body’s Chair 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 a 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.

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 Central Bank Governor 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. 

Fontayn also had meetings with CISI’s National Advisory Council (NAC), led by MCSI NAC President Nandika Buddhipala, and including Sarvodaya Development Finance and Echelon Media Chair Channa de Silva MCSI, Sri Jayewardenepura University Faculty of Finance Head and SEC Chair Professor Hareendra Dissabandara MCSI, Global Best Practice Group Regional Director – Asia Indrajith Fernando MCSI, and Independent International Consultant Ranel Wijesinha.

During his meeting with the University of Colombo Vice Chancellor Professor Indika Mahesh Karunathilake, 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.”

CISI Country Head Sri Lanka Michael Fernandopulle 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 said: “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, Cole Fontayn met with CISI’s locally engaged colleagues, led by Michael Fernandoupulle. 

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,” he added.

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 Fontayn. 

The CISI’s work in Sri Lanka includes outreach programs 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% of gross domestic product (GDP) since 2021.  

Fernandoupulle said: “We were delighted to welcome Fontayn 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 and 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.”