Central Bank Governor Dr. Nandalal Weerasinghe told the Sri Lanka FinTech Festival 2026 that financial technology will shape the country’s financial future, but not at the cost of stability, trust or consumer protection, NewsFirst reported on Tuesday.
“As we welcome the possibilities generated by FinTech, I wish to emphasise one fundamental principle: financial stability cannot be compromised and must be preserved at all costs,” the Governor said.
The risks he named
Dr. Weerasinghe said financial technology is opening opportunities for businesses and consumers while introducing a new generation of risks. He listed cyberattacks, operational disruptions, fraud, data breaches, inadequate consumer disclosures and excessive leverage, along with the growing concentration of critical services among a small number of technology providers.
He also pointed to two further pressures: the regulatory challenge posed by the rise of cross-border digital transactions, and digital assets that can expose consumers to sharp market volatility and may facilitate illicit financial activity.
Sri Lanka must therefore strike a balance, he said — encouraging competition and innovation while maintaining strong supervision, effective risk management and robust consumer protection.
What the Central Bank says it will do
The Governor said the Central Bank remains committed to supporting innovation, and intends to work with innovators on responsible experimentation and regulatory coordination. He pointed to the Central Bank’s FinTech Regulatory Sandbox, which allows eligible financial innovations to be tested in a controlled environment under safeguards.
“Our message is clear: we welcome innovation, we encourage competition, and we support progress, but always with stability, trust and consumer protection at the centre,” he said.
If regulators and innovators get that balance right, he said, fintech could become an engine of growth for Sri Lanka, widening financial inclusion and strengthening competitiveness.
The festival is Sri Lanka’s first. It was announced in August and ran on 2 and 3 November at Shangri-La Colombo, organised by the Fintech Forum Sri Lanka with the Ministry of Digital Economy.
