Fintechs to balance innovation and compliance
Fintech industry stakeholders, along with the banking regulator, are looking at bringing in licencing and progressive regulations into the industry, officials said.
“We have established a code of ethics, and now we are in the process of creating a lobby in the fintech industry backed by the Central Bank in the Advisory committee of the Sri Lanka Fintech Forum (SLFF),” Channa De Silva, Chairman SLFF, told The Sunday Times Business. As a start, since most of the fintechs are not licensed, some sort of licencing for them is being discussed, he added. “We do not want to stifle these entities, but recognise them and get them to play by the rules. This is mainly because of issues in money laundering, terrorism financing, etc. We want to work with the Central Bank to bring in some regulations to govern fintechs,” he explained.
He underscored the necessity of fintech companies, which are characterised by their agility, innovation, and strong connections to local issues, to effectively engage with and serve grassroots communities. According to him, collaboration between traditional banking institutions and fintech firms is essential for addressing the specific needs and challenges faced at the local level. The Forum aims to enhance financial service ease of access for all Sri Lankans by fostering partnerships and innovative approaches. Key initiatives include promoting policies that simplify and incentivise digital payments for small businesses, as well as working to lower transaction costs for both merchants and consumers. Additionally, the Forum emphasises the importance of financial literacy, allowing individuals to leverage fintech advancements effectively.
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