Sri Lanka forges Fintech collaboration with Bahrain

Sri Lanka’s pursuit of Fintech excellence gained momentum on 20 March as key stakeholders convened virtually for a groundbreaking dialogue between the Central Bank of Sri Lanka (CBSL) and the Central Bank of Bahrain (CBB). 

Facilitated by Sri Lanka’s Ministry of Technology and the Information Communication Technology Agency of Sri Lanka (ICTA), along with the Sri Lankan Embassy in Bahrain, this landmark discussion heralds a new era of collaborative innovation in Sri Lanka’s financial landscape.

The meeting explored pivotal areas such as digital currency policies, open banking frameworks, sandbox models, and cybersecurity protocols. Drawing inspiration from Bahrain’s vibrant Fintech ecosystem, the dialogue identified numerous opportunities for bilateral collaboration and knowledge exchange.

Recognising Bahrain’s advancements as a beacon of inspiration, Sri Lanka’s Ministry of Technology commended the CBB’s initiatives. The dialogue highlighted key action items for future collaboration, including the establishment of a Regulatory Sandbox, implementation of Open Banking frameworks, exploration of Central Bank Digital Currency (CBDC), advancement of Digital Banking solutions, and facilitation of cross-border fast payments.

The dialogue witnessed participation from esteemed representatives including Ambassador of Sri Lanka in Bahrain Wijeratne Mendis, Technology Ministry Secretary Dr. D. Kumaratunge, Central Bank of Bahrain Executive Director Banking Supervision Khalid Hamad Al-Hamad, Executive Director Corporate Services Yousef Rashid Al Fadhel, Executive Director Banking Operations Hesa Abdula Al Sada, Director Information Technology Directorate Tariq Mohammed Al Alawi, Director Fintech and Innovation Unit Yasmeen Murtadha Al Sharaf, Central Bank of Sri Lanka Director Information Technology H.M.P.B. Herath, Director Payments and Settlements Department K.V.K. Alwis, Deputy Director Dr. K. Ambagahawita, Deputy Director P.N. Dayaratne, Senior Assistant Director B.R.C. Boralugoda, Senior Assistant Director S.A. Liyanage, Legal Officer J.N.M.C. Fernando, Technology Ministry Additional Secretary Wickramasinghe, and ICTA Associated Chief Digital Economy Officer Sachindra Samararatne. Moderated by ICTA Director Industry Development Chiranthi Balapatabendi, the discussion epitomised a collaborative spirit aimed at propelling Sri Lanka towards a dynamic and resilient digital economy.

“As Sri Lanka embraces the opportunities presented by Fintech innovation, partnerships forged on the global stage serve as catalysts for transformative growth, paving the way for a prosperous future powered by technological advancement,” ICTA said.