Sri Lankan Minister supports digitalization and new technologies to promote efficiency and financial inclusivity
State Minister of Finance in Sri Lanka Eran Wickramaratne has reportedly said he is supportive of the digitalization and use of new technologies that promote and enhance the efficiency of the common payment infrastructure to drive financial inclusivity in the country.
He has made this observation at the LankaPay Technnovation Awards 2018 organized by LankaClear Ltd.
The Minister has noted the importance of sharing the benefits of innovative electronic payment products throughout the country, emphasizing the importance of creating awareness among the general public.
“It is not really funny when you are not exposed to technology. The majority of the payment products are used by consumers in urban areas. These electronic payments must also reach the rural and estate areas and every segment of the country,” he has been quoted in the local media as saying.
“I learnt about digital begging and I also learnt that it is making life easy for lawyers, doctors and tuition masters to receive their payments very quickly with all these different payment systems. I fully support it and it also records every payment, therefore the country is benefitting,” he has added.
According to the Minister, Sri Lanka should capitalize on its location to reach out to the growing Asian market.
“We have heard a lot about digitalization, blockchain, cryptocurrencies and many things that are going on in the world around us. Remember that Sri Lanka has one God-given gift and that is our location. We are in the southernmost part of the Indian Ocean —the busiest sea route in the world. It is our location that gives us an advantage to the world’s largest and fastest growing market. Today, 65% of world’s growth is coming from Asia and 65% of digitalization, innovation and new payment systems are also coming from Asia. This is one of the advantages we need to capitalize on,” Wickramaratne has said.
Digitalization and the promotion of an e-economy have taken centre stage in Sri Lanka at present. The country’s IT industry is also poised for growth. In order to assist with the digitalization process, the government has also introduced many policies supportive of the initiative. Foreign businesses engaged in digital infrastructure and IT could explore the many investment opportunities in Sri Lanka’s growing IT sector.
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