Sri Lanka’s banking landscape must evolve from orthodox practices
While there are opportunities for growth through embracing innovative technologies and regulatory reforms, Sri Lanka’s current banking landscape must evolve from orthodox practices to meet new demands and challenges in the region, says Channa De Silva, Board Chairman of Sarvodaya Development Finance PLC. He was speaking at a media briefing held at the Cinnamon Life Hotel in Colombo last Tuesday to announce the Global Alliance for Banking on Values (GABV) Asia-Pacific chapter meeting 2025.
Referring to the future outlook for Sri Lanka’s banking sector, he said, “There are opportunities for growth through embracing innovative technologies and regulatory reforms. The current banking landscape must evolve from orthodox practices to meet new demands and challenges in the region. There is also excitement about the potential of electric vehicles and digital banking adoption in the country.”
He also mentioned that significant changes are underway in Sri Lanka’s banking sector, driven by a commitment to value-based practices and the need for adaptation. Collaborative efforts among banks internationally enrich local initiatives and promote a sustainable financing landscape.
Sarvodaya Development Finance PLC, CEO, Nilantha Jayanetti spoke about innovative banking solutions for climate and financial inclusion. He said, “There are many challenges in Sri Lanka when it comes to implementation like regulatory hurdles in launching initiatives like mini-ATMs in Sri Lanka. There is a need for guidelines that support financial inclusion through technology.”
On the importance of financial inclusion Mr. Jayanetti pointed out, “Many regions still lack access to basic banking, with close to 50 per cent of the population in Sri Lanka outside the financial system. The banking sector needs to adapt to promote financial inclusion effectively.”
It was also mentioned during the briefing that the GABV membership highlights how sharing best practices can lead to better financial inclusion models. Severe relevance during pivotal transitions towards digital finance and embracing mobile wallets and QR codes for modern banking solutions.
GABV Switzerland, Executive Director, Martin Rohner highlighted the unique aspects of GABV. “CEO-level network; focuses on bringing together CEOs to share insights and enhance visibility for values-based banking. Global Inclusivity: one of the few global finance networks covering both the global North and South, representing diverse regions from Canada to Papua New Guinea and Bolivia to Norway.”
GABV membership diversity includes microfinance institutions, retail banks, community development banks and commercial banks. All members uphold similar principles, centred around social and environmental impact. “GABV members prioritise the real economy over the financial economy. They maintain an active understanding of local communities, recognising both opportunities and risks associated with their clients’ business models. Members are characterised by their financial resilience, a focus emphasised during their founding post-2008 financial crisis. Governance practices among members are marked by transparency, inclusivity, and accountability, distinguishing them from traditional financial institutions,” noted Mr. Rohner.
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