Stronger industry collaboration, supportive regulation and international partnerships could help Sri Lankan fintech companies access regional markets with consumer bases of up to 200 million people, according to Fintech Forum Sri Lanka Vice Chairman Conrad Dias.
Sri Lanka’s fintech industry needs to look beyond its domestic market of just over 20 million people and establish pathways into larger regional markets if local technology companies are to achieve meaningful scale and sustained growth.
Dias said the next phase of Sri Lanka’s fintech development should focus on supporting home-grown fintech companies in expanding internationally while strengthening collaboration among banks, finance companies, technology providers, regulators and policymakers.
“If our fintechs can operate in one of the countries in Africa, for example, they could access a market of around 200 million people. That is almost 10 times Sri Lanka,” Dias said, highlighting the significant opportunities available beyond the domestic market.
While Sri Lanka offers a strong environment for developing, testing and validating innovative financial technology solutions, Dias noted that the relatively small size of the local market can eventually limit the growth potential of companies seeking to scale. As a result, building international partnerships and creating practical opportunities for market entry have emerged as key priorities for the Fintech Forum.
The Forum has established relationships with fintech associations and industry ecosystems in Singapore, Taiwan and Africa, creating opportunities for knowledge sharing, business networking and potential market access. These partnerships are expected to help Sri Lankan fintech companies gain insights into overseas regulatory frameworks, identify strategic partners and explore expansion opportunities that may be challenging to pursue independently.
Dias said one of the Forum’s key achievements has been bringing together stakeholders across the fintech industry, which previously operated largely in separate silos.
Greater collaboration among industry participants, combined with enabling regulation and stronger international linkages, could provide Sri Lankan fintech companies with a stronger foundation to expand beyond the domestic market and compete in regional markets.