Sri Lanka forges Fintech collaboration with Bahrain
Daily FT: 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.
OSL take:
With Sri Lanka focused on transforming the country into an e-economy, there’s a steady growth in business/investment opportunities in the ICT and digital infrastructure development sectors in the country. Hence, Fintech has become an area that is yet to reach its full potential in the country. With Sri Lanka now becoming an emerging business destination and a regional hub, there will be an increase in the business/investment opportunities in the ICT and digital infrastructure development sectors. The lucrative nature of these sectors are evident with the interest shown by foreign businesses in them. Also, local businesses engaged in the sectors have recorded profits indicating the growing business potential in Sri Lanka’s ICT and digital infrastructure development sectors. Foreign businesses interested in doing business in Sri Lanka’s ICT and digital infrastructure development sectors could also look at forming collaborations with local businesses with the aim of further expansion.
| Article Code : | VBS/AT/20240422/Z_4 |