LankaPay gears up for a Fintech-driven future

Imagine a busy supermarket in Sri Lanka. A customer scans a QR code and instantly completes a transaction. What goes on behind the scenes is a truly fascinating story. Financial infrastructure is embedded into our daily lives in a way we cannot imagine. One of the cornerstones of such advancements is financial technology, or ‘Fintech,’ as it is commonly referred to. The technology lies beneath the systems, frameworks, and institutions that keep money moving securely. The word ‘Fintech’ itself gains a lot of buzz in intelligent circles, but are we reaping the benefits properly beyond the hype?

  

     Launch of Fintech Summit, Source: Daily Mail

Financial infrastructure is the backbone of an efficient financial system. LankaPay was established to expand these tools and ensure that digital transactions happen with speed and security. The Fintech Forum Sri Lanka, a platform launched by LankaPay, held the Sri Lanka FinTech Summit Launch in June 2025. The CEO of LankaPay, Mr. Channa de Silva, took this opportunity to share LankaPay’s goal of raising Sri Lanka to be a fintech leader in South Asia.

    LankaPay Card, Source: LMD

“Technology is already here. The question is how we use it to solve real problems. If it does that, people will adopt it.” - Mr Channa de Silva. 

According to him, Sri Lanka is already poised to lead the race with ever-increasing usage of digital payment systems. However, I believe limited digital inclusivity is holding us back from reaching these heights. There is a widespread ATM network in the country, and they heavily promote cash transactions. Suburban areas have adopted fintech services more readily, but rural areas are slow to transition. Sri Lankans at large are skeptical of new technologies, based on safety issues, sharing sensitive business information, and cultural factors. They need to understand the benefits and risks that come with it. Fintech startups have a considerable challenge ahead of them. No matter how shiny the solution is, businesses can pass up feasible options if they do not see the impact. 

     Mr Channa at the Launch of Fintech Summit, Source: Daily Mail

Additionally, he highlighted an interesting point about the costs associated with a cash-based system, which can consume ~1.5% of GDP. Think of the savings and possibilities for this freed-up capital. For a country like Sri Lanka, transforming our economy to a cashless state overnight is impossible. It requires a long-term plan and cooperation from existing institutions and stakeholders in the financial system. Small-scale rollout of these technologies can achieve a moderate reaction rather than disrupting existing traditional infrastructure at work. Another interesting point was the strategy to localize the fintech applications. I believe we can significantly improve early and faster adaptation if the solutions are based on the current context and financial infrastructure needs of the users. 

Furthermore, adopting fintech comes with regulatory challenges. Mr. Channa spoke about a closer collaboration with the Central Bank of Sri Lanka to build necessary guardrails. Any component of the infrastructure must align with monetary policy, data security standards, and financial regulations. Even the best infrastructure will not be sustainable without thorough governance. The regulatory environment has wider implications for fintech than we currently foresee.

    Source: LinkedIn

LankaPay’s ambitions do not stop at the geographical boundaries of Sri Lanka. The CEO believes our country is at a critical juncture as an exporter of fintech services. Thereby, we can access regional collaboration opportunities. Through international partnerships, our local financial system can get relief from cross-border transaction costs and encourage foreign investor confidence.

Efficient financial markets require more than buyers and sellers—they need structure, security, and seamless processes. LankaPay’s vision is inspiring us to position Sri Lanka as a pioneer in the region for financial infrastructure. Investing in infrastructure today would be the catalyst for exponential growth in the future.

Written by - Yesara Wijeratne

Title of the original article - “ LankaPay CEO outlines plan to make Sri Lanka a regional fintech powerhouse ”

Publication Date - 30.06.2025

Source - Daily FT