Honouring Dr. Saman Kelegama: Legacy guiding Sri Lanka’s digital and fintech future

At a 2000 event organised by the National Chamber of Exporters Sri Lanka, held at the Hotel Ceylon Inter-Continental in Colombo, the author is seen delivering a presentation, with Dr. Saman Kelegama (second from left) serving as Guest of Honour and Dr. Gamani Corea (fourth from left) presiding as Chief Guest

23 June marked the eighth anniversary of the passing of Dr. Saman Kelegama, one of Sri Lanka’s most respected economists and policy architects. His contributions continue to resonate deeply today, especially as the country embraces rapid growth in its digital economy and fintech sectors.

For over two decades, Dr. Kelegama served as Executive Director of the Institute of Policy Studies of Sri Lanka (IPS). During his tenure, he championed a culture of independent, evidence-based research and worked tirelessly to connect academic insights with national policy-making. Under his leadership, IPS became a cornerstone of South Asia’s economic dialogue, shaping debates on trade, development, and governance.

I first had the privilege of encountering Dr. Kelegama in 2000, at a presentation I delivered where he served as Guest of Honour. The event was held at the Hotel Ceylon Inter-Continental in Colombo (now The Kingsbury) and was presided over by Dr. Gamani Corea, then former Secretary-General of the UN Conference on Trade and Development (UNCTAD). My late father, a lifelong motivator and guide, was also in the audience. He once studied English under Dr. N.M. Perera, who served two terms as Sri Lanka’s Minister of Finance and was a close friend of my grandfather.

Among Dr. Kelegama’s most significant contributions was his leadership as chief negotiator for the Sri Lanka–Singapore Free Trade Agreement (FTA). His sudden passing in June 2017, during the final stages of these negotiations, was a profound loss to the nation. At the FTA signing in January 2018, Singapore Prime Minister Lee Hsien Loong honoured Dr. Kelegama’s dedication, stating, “We owe something to him,” underscoring the depth of his commitment to regional economic integration and cooperation.

As Sri Lanka now steps boldly into the digital era, Dr. Kelegama’s emphasis on inclusive and people-centred policy is more relevant than ever. The rise of fintech — from digital banking and mobile payments to online lending platforms — has transformed how individuals and businesses engage with financial systems. While these advancements promise greater financial inclusion and new opportunities for entrepreneurship, they also raise important questions about equitable access, consumer protection, and regulatory preparedness.

Dr. Kelegama believed that economic policy should serve all segments of society, not just the privileged few. His commitment to evidence-based, transparent decision-making provides a critical framework for addressing challenges in the digital and fintech spaces today. As digital services expand, the importance of closing urban-rural divides, improving digital literacy, and safeguarding vulnerable communities becomes even more urgent.

The principles he stood for — fairness, integrity, and social responsibility — should inform how Sri Lanka shapes its regulatory frameworks for fintech and the broader digital economy. The balance between encouraging innovation and ensuring social protection is delicate but necessary to achieve sustainable and inclusive growth.

Established in 2018, the Saman Kelegama Memorial Research Grant continues his legacy by supporting undergraduate research on pressing socio-economic issues. Through this grant, young economists and policy thinkers are encouraged to explore topics that echo Dr. Kelegama’s lifelong dedication to rigorous analysis and public purpose. Their work ensures that his vision continues to influence the next generation of Sri Lankan leaders.

As the country navigates its digital future, Dr. Kelegama’s legacy remains a beacon: economic growth must be grounded in evidence and must serve the common good. Technological change alone is not enough; it requires thoughtful policy frameworks that prioritise equity and human dignity.

In honouring Dr. Kelegama, Sri Lanka is reminded that true progress lies not just in adopting new technologies but in using them to build a fairer, more resilient, and more inclusive society. His life and work continue to inspire, guiding Sri Lanka toward a future that is both modern and compassionate. 

(The writer is the Founding President of Fintech Association of Sri Lanka and an Industry Fellow at Global Fintech Institute, Singapore.)