COLOMBO (News 1st); Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, emphasized the transformative role of technology in the financial sector, while underscoring the need for collaboration among key stakeholders to ensure a secure and sustainable Fintech ecosystem. “Technological innovation empowers financial institutions to automate and optimize processes, significantly reducing time and improving operational efficiency,” Dr. Weerasinghe stated. “Moreover, technology enables data-driven decision-making, enhances information management, and strengthens cybersecurity capabilities.” He noted that these advancements contribute to a thriving Fintech ecosystem that serves public needs effectively. However, he stressed that interdependent collaboration is essential. “Financial service providers, technology developers, and policymakers — including the government and the Central Bank — must work together and complement each other’s efforts,” he said. Dr. Weerasinghe reaffirmed the Central Bank’s commitment to providing regulatory guidance to minimize risks associated with technological adoption in the financial sector. “Trust in the system is fundamental to ensuring financial stability. Consumer protection and innovation must go hand in hand, supported by robust safety and security frameworks,” he concluded.
Source: News 1st
