Visa reaffirms commitment to Sri Lanka with tourism and digital transformation push
Daily FT: Visa, the global payments leader, yesterday reaffirmed its long-term commitment to Sri Lanka’s economic development and tourism growth, hosting its Asia Pacific Leadership Summit in Colombo.
The announcement follows the signing of a strategic Memorandum of Understanding (MoU) between Visa and the Sri Lanka Tourism Promotion Bureau (SLTPB), to boost the country’s appeal as a premier destination for both leisure and Meetings, Incentives, Conference and Exhibitions (MICE) tourism.
Speaking to the media, Visa Regional President Asia Pacific Stephen Karpin described its efforts in Sri Lanka as part of a broader commitment to supporting inclusive economic growth, rooted in trust and technological advancement.
“Today represents another important step in a rich journey, one that aligns with the Sri Lankan Government’s priorities around tourism, digitalisation, and financial inclusion,” he said.
He expressed the global payments leader’s belief in Sri Lanka’s potential as an emerging economy.
“Economic progress comes from digital transformation and tourism is a key part of that journey in Sri Lanka. We are proud to support the country as it works towards becoming a top-tier global destination,” he said.
Karpin said Visa’s partnership with the SLTPB will focus not only on boosting visitor numbers, but also on ensuring those visitors enjoy a seamless, secure, and digitally-enabled travel experience.
“We are working to digitalise the tourist corridor by enhancing payment experiences, empowering small and medium enterprises (SMEs), and promoting financial literacy across the sector,” he added.
As part of this initiative, Visa will collaborate with the SLTPB to provide digital payment solutions and financial literacy training to tourism-related SMEs. These training modules will be available online via the SLTPB website, helping small businesses transition to digital platforms, attract international customers, and grow sustainably.
He also announced the upcoming launch of a new innovation platform in Sri Lanka under the ‘Visa Always-On’ experience. This platform will allow users to link various sources of funds, whether a traditional bank account, a credit line, or loyalty points, under a single Visa credential.
“This evolution in digital payments will allow more flexibility for users and provide a powerful innovation tool for our partners, from students to entrepreneurs and large businesses,” Karpin explained.
OSL take:
Sri Lanka’s ongoing development drive had expanded business/investment opportunities in many sectors with the ICT and digital sectors taking precedence. The ICT and digital infrastructure development sectors in Sri Lanka have become hotspots for business/investment opportunities. With the Government of Sri Lanka’s commitment to transform the country into an e-economy by pushing the country’s digitization drive, there are many lucrative ventures opening up for foreign businesses/investors. The growth, profits and expansion recorded by local businesses in the ICT and digital infrastructure development sectors are indicative of the growth and business potential in these sectors in Sri Lanka. Foreign businesses/investors who have engaged in these sectors through foreign collaborations have also shown growth and profits, further proving the business potential in the ICT and digital infrastructure development sectors. With Sri Lanka targeting on becoming a hub in the South Asian region, the expansion in the ICT and digital infrastructure development sectors would be crucial. This would further ensure quick returns on investment (RoIs) for foreign businesses/investors engaged in these sectors in Sri Lanka. Foreign businesses/investors could hence confidently explore the growing business/investment opportunities in the ICT and digital infrastructure development sectors while also looking at expanding operations through partnerships or joint ventures with local businesses.
| Article Code : | VBS/AT/20250618/Z_3 |