Port City Colombo uniquely positioned to become fintech capital of South Asia
- CNL Reporter
- April 26, 2025
- News
- Port City Colombo
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From left: FASL Founding President Rajkumar Kanagasingam presents the report titled ‘Enhancing Port City Colombo as a Leading Fintech Hub in South Asia’ to CHEC Port City Colombo Managing Director Xiong Hongfeng at the event
PIC BY KITHSIRI DE MEL
Bolstered by strong leadership, global collaborations and investor-friendly frameworks, Port City Colombo is uniquely positioned to ascend as the fintech capital of South Asia, according to the Fintech Association of Sri Lanka (FASL).
FASL Founding President Rajkumar Kanagasingam presented a landmark report titled ‘Enhancing Port City Colombo as a Leading Fintech Hub in South Asia’ during the FinTech World Cup Regional Competition held at Port City Colombo on Wednesday.
Spearheaded by the FASL and supported by global advisors, including University of Hong Kong Professor Douglas Arner, the report outlines actionable steps to position Colombo as a gateway for fintech innovation in the region.
A central pillar of this strategy, according to the report, is the proposed Colombo International Financial Centre (CIFC) Fintech Innovation Hub, envisioned as a launch pad for start-ups and a magnet for global capital.
The initiative draws heavily on successful models such as Dubai’s DIFC Innovation Hub, which is home to over 700 fintech firms and Singapore’s fintech ecosystem, which attracted US $ 34 billion in venture capital between 2019 and 2022. The proposed key features of the CIFC Fintech Innovation Hub include regulatory sandboxes for product testing, innovation licences to fast-track start-ups and partnerships with global tech, finance and academic institutions.
The report underscores Port City Colombo’s unique appeal to outpace competitors such as India, where fragmented state-level regulations complicate scaling. By contrast, the CIFC proposes a centralised regulatory framework designed to simplify compliance and reduce barriers for start-ups targeting South Asia’s vast consumer base.
Colombo’s geographic positioning further strengthens its case. As a neutral gateway between South Asia, Southeast Asia and the Middle East, Port City Colombo could serve as a testing ground for products targeting emerging markets. In particular, Indian fintechs active in Dubai may see Port City Colombo as a complementary base, offering favourable policies, tax incentives and access to South Asian markets. (NF)
