Sri Lanka Forges Fintech Collaboration with Bahrain: A Gateway to Digital Innovation

Sri Lanka's pursuit of fintech excellence gained momentum on March 20th, 2024, 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.

Recognizing 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.

The dialogue witnessed participation from esteemed representatives including H. E. Mrs. Wijeratne Mendis, Ambassador of the Sri Lankan Embassy in Bahrain; Dr. Kumaratunge, Secretary of the Ministry of Technology; Mr. Khalid Hamad Al-Hamad, Executive Director Banking Supervision; Mr. Yousef Rashid Al Fadhel, Executive Director Corporate Services; Mrs. Hesa Abdula Al Sada, Executive Director Banking Operations; Mr. Tariq Mohammed Al Alawi, Director Information Technology Directorate; Mrs. Yas meen Murtadha Al Sharaf, Director Fintech and Innovation Unit from the Central Bank of Bahrain; H M P B Herath, Director Information Technology; K V K Alwis, Director Payments and Settlements Department; Dr Mrs K Ambagahawita, Deputy Director; Mrs. P N Dayaratne, Deputy Director; Mr. BRC Boralugoda, Senior Assistant Director; Mrs. S A Liyanage, Senior Assistant Director; Mrs. J N M C Fernando, Legal Officer from Central Bank of Sri Lanka; Mr. Wickramasinghe, Additional Secretary of the Ministry of Technology; and Mr. Sachindra Samararatne, Associated Chief Digital Economy Officer of ICTA. Moderated by Ms. Chiranthi Balapatabendi, Director Industry Development of ICTA, the discussion epitomized a collaborative spirit aimed at propelling Sri Lanka towards a dynamic and resilient digital economy.

As Sri Lanka embraces the opportunities presented by fintech innovation, partnerships forged on the global stage serve as catalysts for transformative growth, paving the way for a prosperous future powered by technological advancement.