Sri Lanka Forges Fintech Collaboration with Bahrain: A Gateway to Digital Innovation

Sri Lanka Forges Fintech Collaboration with Bahrain: A Gateway to Digital Innovation

Sri Lanka’s pursuit of fintech excellence received momentum on March 20th, 2024, as critical stakeholders convened practically for a groundbreaking dialogue amongst the Central Bank of Sri Lanka (CBSL) and the Central Bank of Bahrain (CBB). Facilitated by Sri Lanka’s Ministry of Know-how and the Data Conversation Technologies Company of Sri Lanka (ICTA), along with the Sri Lankan Embassy in Bahrain, this landmark discussion heralds a new era of collaborative innovation in Sri Lanka’s economical landscape.

The conference explored pivotal locations such as electronic currency insurance policies, open up banking frameworks, sandbox designs, and cybersecurity protocols. Drawing inspiration from Bahrain’s vibrant fintech ecosystem, the dialogue determined various chances for bilateral collaboration and information exchange.

Recognizing Bahrain’s enhancements as a beacon of inspiration, Sri Lanka’s Ministry of Technologies commended the CBB’s initiatives. The dialogue highlighted critical action products for foreseeable future collaboration, such as the establishment of a Regulatory Sandbox, implementation of Open Banking frameworks, exploration of Central Bank Digital Forex (CBDC), improvement of Electronic Banking alternatives, and facilitation of cross-border speedy payments.

The dialogue witnessed participation from esteemed reps including H. E. Mrs. Wijeratne Mendis, Ambassador of the Sri Lankan Embassy in Bahrain Dr. Kumaratunge, Secretary of the Ministry of Know-how Mr. Khalid Hamad Al-Hamad, Executive Director Banking Supervision Mr. Yousef Rashid Al Fadhel, Govt Director Company Services Mrs. Hesa Abdula Al Sada, Govt Director Banking Operations Mr. Tariq Mohammed Al Alawi, Director Facts Technological know-how Directorate Mrs. Yas meen Murtadha Al Sharaf, Director Fintech and Innovation Device from the Central Bank of Bahrain H M P B Herath, Director Info Technology K V K Alwis, Director Payments and Settlements Office Dr Mrs K Ambagahawita, Deputy Director Mrs. P N Dayaratne, Deputy Director Mr. BRC Boralugoda, Senior Assistant Director Mrs. S A Liyanage, Senior Assistant Director Mrs. J N M C Fernando, Authorized Officer from Central Bank of Sri Lanka Mr. Wickramasinghe, Added Secretary of the Ministry of Technological know-how and Mr. Sachindra Samararatne, Associated Chief Digital Economy Officer of ICTA. Moderated by Ms. Chiranthi Balapatabendi, Director Sector Advancement of ICTA, the dialogue epitomized a collaborative spirit aimed at propelling Sri Lanka to a dynamic and resilient electronic economic system.

As Sri Lanka embraces the chances introduced by fintech innovation, partnerships solid on the world-wide phase serve as catalysts for transformative development, paving the way for a affluent foreseeable future run by technological advancement.

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