Sri Lanka targets US$5 billion digital economy with focus on fintech and innovation

The Sri Lankan government has outlined an ambitious strategic roadmap to expand the nation's digital economy to US$5 billion, identifying financial technology (fintech) and entrepreneurship as vital growth drivers. Deputy Minister of Digital Economy Engineer Eranga Weeraratne stated that the initiative aims to harness cutting-edge technological advancements to modernize Sri Lanka's economic architecture.

Under the proposed framework, regulatory support and institutional backing will be bolstered to encourage tech startups and fintech solutions across various economic sectors. The Deputy Minister emphasized that standardizing digital financial infrastructure will significantly boost national competitiveness and expand financial inclusion among rural and underserved communities.

The ministry is currently collaborating with domestic and international tech stakeholders to establish robust incubation ecosystems, upgrade digital public infrastructure, and facilitate cross-border digital trade. Officials anticipate that these measures will not only attract high-value foreign direct investments but also reverse the recent brain drain by creating lucrative employment opportunities for local ICT professionals.