Fintech Forum Drives Collaboration – Kanishka Weeramunda
Sri Lanka’s fintech landscape rapidly shifts from a heavily cash-reliant economy to a digital future. This shift is driven by the rise of mobile technology, evolving consumer behaviour, and a growing emphasis on financial inclusion.
Kanishka Weeramunda, founder of PayMedia Ltd. and DirectPay (PVT) Ltd., a leading fintech player in Sri Lanka, offers valuable insights into this evolving ecosystem. “Today, we are a 90-95% cash-based society,” he states. “I foresee 50% of transactions being cashless by 2028-2030.” This ambitious target speaks to the significant potential for growth within the country’s digital payments sector.
The Role of Fintechs in Driving Change
Fintechs have played a pivotal role in accelerating digital banking in the country. “What if fintechs had not existed?” asks Kanishka. “Banks would still conduct banking activities, but transactions would not be as efficient. Processing speeds would not be as high as they are today.” Fintechs have introduced innovative solutions, such as mobile money platforms and digital payment gateways, that have enhanced the speed, efficiency, and accessibility of financial services for individuals and businesses.
Collaboration is Key
Kanishka emphasises the importance of collaboration between fintechs, banks, and regulators. “We have now reached a point where everyone in the industry understands the benefits of collaboration,” he states. “The Fintech Forum facilitates this by working together to expand the market so everyone can reap the rewards.” This collaborative approach is crucial for overcoming the challenges and realising the full potential of the digital financial ecosystem.
The journey towards a cashless society has not been without its hurdles. “Initially, banks viewed fintechs as competitors,” recalls Kanishka. “There were many bureaucratic obstacles when working with them.” However, events such as the Easter Sunday attacks and the COVID-19 pandemic highlighted the importance of digital solutions, encouraging greater collaboration between banks and fintechs.
He cited the example of Singapore’s Trust Bank, a fintech company fully owned by Standard Chartered, as a model of how fintechs and banks can collaborate effectively. “Fintech companies are disruptors; banks are gatekeepers. The best solutions come when both work together,” he added.
Benchmarks and Vision
The Fintech Forum aspires to match the standards of global forums like the Singapore Fintech Forum and the Asian Fintech Forum. By participating in international industry events, the Forum ensures its members gain exposure to the latest trends and innovations. These opportunities also allow members to bring back knowledge and align Sri Lanka’s fintech landscape with global best practices.
Looking ahead, Kanishka envisions a future where technology plays an even more significant role in shaping the financial landscape. “We are extending the reach of technology to the grassroots level, including micro-merchants and SMEs.” This focus on financial inclusion will ensure that the benefits of digital finance reach all segments of society.
Forum’s Best Offering for Startups
Representing the startup pillar of the Forum, Kanishka believes, “In this industry, it’s not just about connecting—it’s about connecting right.”Networking is not just about making connections,” emphasises Kanishka, “it’s about making the right connections. The forum provides the ideal environment to build these networks, to identify your needs and seek support.” These connections can be instrumental in securing funding, finding mentors, and securing valuable partnerships that drive business growth.
A platform for startups to develop meaningful connections, access valuable resources, and ultimately contribute to Sri Lanka’s emergence as a leading fintech hub in South Asia, the Fintech Forum fosters innovation and collaboration, and advocates for a supportive regulatory environment playing a vital role in accelerating Sri Lanka’s transition to a cashless society.
