Sampath Bank PLC has become the first bank in Sri Lanka to introduce integrated PayPal withdrawal and account connectivity capabilities through Sampath Vishwa, marking a major advancement in Sri Lanka’s digital banking landscape and expanding access to secure global payments.

Sri Lanka’s digitally connected workforce and business community continue to expand across international marketplaces and cross-border industries. Growth in freelancing, entrepreneurship, online commerce, exports, and remote work has increased demand for trusted international payment channels. Sampath Bank’s collaboration with PayPal responds directly to this shift, enabling greater financial connectivity between Sri Lanka and the global economy while supporting foreign currency inflows into the country.

Commenting on the launch, Sanjaya Gunawardana, Managing Director and Chief Executive Officer of Sampath Bank PLC, said, “Digital access should never limit Sri Lankan talent from participating in the global economy. Our collaboration with PayPal represents an important step towards helping individuals and businesses engage confidently with international markets through secure and convenient banking. Sampath Bank remains committed to presenting the future for our customers through meaningful digital innovation that supports entrepreneurship and strengthens Sri Lanka’s growing digital economy.”

Commenting on the partnership, Amir Valliani, Vice President and General Manager of PayPal, said, “PayPal’s partnership with Sampath Bank marks an important step in expanding secure and trusted access to global payments for customers in Sri Lanka. This collaboration represents an important milestone for Sri Lanka, helping freelancers, entrepreneurs, start-ups and businesses to easily connect to international opportunities and access their earnings with greater convenience and confidence. We are excited to support Sri Lanka’s growing digital economy and the talented communities driving its global participation.”

The integration enables customers to securely link their PayPal accounts to the Sampath Vishwa Mobile App and withdraw funds directly into their Sampath Bank accounts in LKR or USD. Customers without a PayPal account can initiate setup directly through the platform, simplifying access for first-time users entering the global digital marketplace.

Designed for freelancers, entrepreneurs, SMEs, exporters, online sellers, and digital professionals, the solution delivers a seamless experience while maintaining the high standards of security, reliability, and compliance associated with Sampath Bank’s digital banking services.

Extensive collaboration, regulatory engagement, and investments in digital infrastructure supported the development of the initiative, ensuring compliance with evolving international payment requirements. The launch further reinforces Sampath Bank PLC’s position as a future focused banking leader committed to accelerating digital adoption and delivering innovative financial solutions for emerging customer needs.

The initiative enables Sri Lankan individuals and businesses to compete and grow beyond borders with greater confidence while supporting the continued development of the country’s freelance, entrepreneurial, and export-oriented sectors.

Driven by its brand promise, “We Present Your Future,” Sampath Bank PLC continues to invest in banking solutions that enhance convenience, accessibility, and financial empowerment for customers across Sri Lanka.

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UnionPay International has come on board as a Platinum Sponsor for the LankaPay Technnovation Awards 2026, marking its fourth consecutive year of partnership with Sri Lanka’s premier awards platform dedicated to honouring the country’s payment technology innovators.

The eighth edition, LankaPay Technnovation Awards 2026, will be held on 24 March 2026 at Cinnamon Life Colombo, under the patronage of Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, as Chief Guest; and Hon. Eng. Eranga Weeraratne, Deputy Minister of Digital Economy, and Dr. Hans Wijayasuriya, Chief Advisor to the President on Digital Economy, as Guests of Honour. Under the theme “Inclusive FinTech,” this year’s LankaPay Technnovation Awards will bring together key industry stakeholders to celebrate financial institutions, FinTechs, and government agencies driving Sri Lanka’s digital economy.

Welcoming UnionPay on board, Mr. Channa de Silva, CEO of LankaPay, stated, “We are delighted to have UnionPay International continue as a valued partner of the LankaPay Technnovation Awards. Their ongoing support reflects a shared dedication to advancing Sri Lanka’s digital payment ecosystem, promoting innovation, and enhancing financial inclusion. Our long-standing collaboration with UnionPay strengthens our efforts to develop a robust, secure, and inclusive digital financial ecosystem, which paves the way for a resilient digital economy and underscores our joint commitment to recognizing and inspiring the frontrunners of purpose driven innovation within the country’s digital finance landscape”.

Expressing his views on this partnership, Mr. Cai Huiming, Regional General Manager of South Asia of UnionPay International, stated, “We are proud to continue our partnership with LankaPay as a Platinum Sponsor of the Technnovation Awards for the fourth consecutive year. This collaboration reflects our shared commitment to advancing innovation, inclusivity, and excellence in Sri Lanka’s digital payment ecosystem. The Awards provide an important platform to recognize and celebrate the pioneers of inclusive FinTech, and we are honoured to support LankaPay’s efforts in fostering an inclusive digital ecosystem. As we roll out the LankaPay/UnionPay co-badged national card, we have identified significant opportunities to expand RMB based business in collaboration with LankaPay and its issuing member bank’s, enabling more seamless and convenient cross border payment solutions for customers. In this context, the theme of this year’s event – Inclusive FinTech is particularly relevant, as it strongly aligns with our broader objective of enhancing financial connectivity, accessibility, and innovation through our ongoing partnership with LankaPay.”

UnionPay International is a global leader in the payment industry, enabling secure and seamless cross-border transactions for millions of cardholders and merchants worldwide. With card acceptance spanning 183 countries and regions, UnionPay is among the most widely accepted payment brands globally, supporting international commerce and digital payment adoption at scale. UnionPay’s innovative mobile payment solutions, including UnionPay Mobile QuickPass and UnionPay QR code payments, are now accepted in over 100 countries and regions, offering enhanced convenience, security, and flexibility for consumers and businesses in an increasingly digital economy.

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• SL FinTech Summit’s mission to enable transformative change with coordinated ecosystem development

In the bustling streets of Colombo, a small garment manufacturer still conducts most transactions in cash, despite owning a smartphone more powerful than the computers that once ran entire banks. Across the city, a FinTech start-up has developed innovative credit scoring algorithms but struggles to access the customer data that could make their solution transformative. Meanwhile, a major bank has invested millions in establishing secure digital infrastructure that while effective, still remains siloed mainly from the broader financial ecosystem.

This is the paradox facing Sri Lanka’s FinTech landscape: abundant individual capabilities existing within a fragmented system that prevents collective progress. The nation possesses all the foundational elements for digital financial transformation robust banking networks, accelerating smartphone adoption, a digitally literate youth population, and policy frameworks signalling digital ambition. Yet the ecosystem remains stubbornly disconnected, with each player operating in isolation rather than as part of a coordinated value creation network.

Today, the average Sri Lankan completes fewer than 20 digital transactions annually, while citizens in India have surpassed 60 transactions per capita. Even smaller Southeast Asian economies are advancing rapidly on digital identity, open banking, and real time settlements. What distinguishes these success stories isn’t superior technology or larger investments it’s the presence of functioning ecosystems where regulators, banks, start ups, capital providers, and academia operate in concert rather than silos.

Re-energising Sri Lanka’s FinTech Ecosystem  

The Sri Lanka FinTech Summit 2025, convening September 24–25 at BMICH Colombo, emerges from this recognition as something fundamentally different from traditional industry gatherings. Under the strategic leadership of Damith Pallewatte, Managing Director /CEO of HNB PLC, and co-chaired by Dr. Kumudu Megasooriya, MD/CEO of TECXA, and Channa de Silva, Chairman of the FinTech Forum, Sri Lanka, the summit represents a paradigm shift from showcase to coordination mechanism a deliberate effort to build year-round momentum around a unified, accountable, and investable FinTech ecosystem.

“We possess the data, platforms, and talent necessary for transformation,” explains Damith Pallewatte. “What’s been missing is strategic alignment. This summit represents our collective opportunity to move beyond aspiration toward coordinated execution with clear ownership structures, measurable outcomes, and sustained continuity.”

This vision reflects a mature understanding of how digital financial ecosystems develop. For decades, Sri Lankan banks viewed FinTechs as existential threats lean, fast-moving entities poised to disrupt traditional finance. That adversarial relationship has evolved into something more sophisticated and ultimately more productive. Regulatory constraints, capital requirements, and public trust considerations have revealed the limits of what FinTechs can achieve independently. Simultaneously, banks have recognised that agility, innovation velocity, and customer-centric service delivery represent strengths the sector cannot afford to ignore.

The synthesis creates unprecedented value. Traditional financial institutions contribute regulatory expertise, capital adequacy, compliance infrastructure, and established customer relationships. FinTech innovators bring technological sophistication, service delivery reimagination, and a willingness to challenge conventional approaches. Together, they can create systems that are simultaneously safe and transformative—but only when collaboration has structure, accountability, and shared strategic direction.

Establishing the Architecture of Systemic Change 

The summit’s operational framework reflects this system’s thinking approach. Rather than conventional panel discussions followed by networking sessions, each plenary feed directly into specialised workstreams addressing specific ecosystem barriers: SME access to finance, blockchain regulatory pilots, KYC interoperability, cross-border payments, and digital credit scoring integration.

This structure ensures that conversations translate into actionable outcomes. Every strategic recommendation emerges with defined ownership, implementation timelines, and accountability mechanisms. Progress tracking occurs through public dashboards, creating transparency and maintaining momentum into next year’s summit.

“We have collectively built world-class core financial services infrastructure in the country for fast, secure and reliable digital payments in partnership with members of the Fintech Forum, Sri Lanka such as banks, NBFIs and fintech companies. The growth of digital payments has seen a significant increase over the years. But true transformation requires shared ownership and follow through. This summit moves us from discussion to delivery, creating the structures needed to convert ambition into measurable outcomes that bring progress,” Channa de Silva explained.

Accordingly, the summit’s strategic agenda will center on five interlocking pillars designed to break down the barriers that have long held Sri Lanka’s FinTech ecosystem in silos.

1. The primary focus will be on accelerating SME financial inclusion through lending models that dispense with traditional collateral requirements, thereby opening new channels of growth capital for previously underserved businesses.
2. Concurrently, regulators and industry leaders will discuss pilot blockchain programmes and efforts to establish regulatory sandboxes carefully calibrated environments that encourage technological experimentation while safeguarding systemic stability.
3. A third priority is the creation of a truly interoperable infrastructure, standardising KYC procedures and instituting real time data exchange protocols so that customer onboarding becomes seamless across banks, FinTechs and service providers.
4. Fourth, the summit seeks to modernise Sri Lanka’s cross-border payments by deploying efficient, cost-effective transaction systems that elevate Sri Lanka from peripheral player to regional financial hub.
5. Finally, by integrating alternative data sources with AI-driven scoring mechanisms, organisers aim to expand credit access without diluting risk management standards, ensuring that intelligence-driven credit becomes a reliable pillar of the national economy

“Our goal is to inspire change and implement tangible operational transformation. This summit initiates systematic problem-solving across institutional boundaries, creating sustained collaborative momentum that extends far beyond September,” Pallewatte said. 

Global Knowledge Sharing and Integration

The most significant opportunity lies in human capital development. Currently, fewer than 10% of technology and finance graduates enter the FinTech or start up sector a fundamental misalignment between educational outcomes and economic transformation needs. The summit will table a comprehensive academic-industry collaboration framework designed to bridge this gap through:

• Structured Internship Exchanges: Creating direct pathways between universities and FinTech organizations
• Industry-Relevant Certification Programmes: Bridging skill gaps through targeted professional development
• Regulatory Laboratory Placements: Providing practical experience in policy development and compliance frameworks

This approach recognizes that sustainable ecosystem development requires not just technological infrastructure, but human infrastructure professionals who understand both traditional financial principles and emerging digital possibilities.

The summit’s international dimension ensures Sri Lanka’s development incorporates proven strategies from leading digital finance hubs. Over 150 speakers include Sopnendu Mohanty, Chief FinTech Officer at the Monetary Authority of Singapore, alongside leaders from Africa’s mobile money revolution, Southeast Asia’s super-app ecosystems, and the Gulf’s digital banking transformation.

This global knowledge transfer prevents reinventing solved problems while ensuring local solutions address specific market characteristics and regulatory requirements. The goal isn’t to copy international models, but to adapt successful principles to Sri Lankan realities.

Measurable Transformation Targets 

The summit’s success metrics align with Sri Lanka’s Digital Economy Strategy 2030, which envisions a USD 15 billion digital economy contributing 12% of GDP. Specific transformation indicators include:

• Financial Inclusion Expansion: Achieving 95% financial inclusion by 2030 through coordinated digital access initiatives
• Investment Capital Mobilisation: Attracting USD 100 million in near-term FinTech investment through improved ecosystem visibility and coordination
• SME Digital Adoption: More than doubling FinTech utilization among small and medium enterprises
• Human Capital Development: Expanding FinTech sector employment among graduates from the current 10% to 25% through industry-academia collaboration

These targets reflect an understanding that transformation occurs through accumulated systemic improvements rather than isolated breakthrough moments.

Turning Ripple Effects into Waves of Growth

The summit’s ambition reaches far beyond reforming financial services; it aspires to catalyse a sweeping digital acceleration across Sri Lanka’s entire economy. By achieving seamless interoperability between payment systems, enabling secure data exchange across institutions, streamlining SMEs’ access to growth capital and extending universal financial inclusion, Sri Lanka can move from behind the pack to emerge as a regional lead in this ambitious global movement.

Such transformation creates cascading benefits. Efficient digital payments reduce transaction costs for businesses. Improved access to credit enables entrepreneurship and expansion. Standardized KYC processes minimise compliance burdens. Cross-border payment efficiency attracts international business. Enhanced financial inclusion brings previously excluded populations into the formal economy.

The garment manufacturer that still operates primarily in cash gains access to digital supply chain financing. The FinTech start-up’s innovative algorithms find application across multiple financial institutions. The bank’s digital infrastructure becomes part of an interconnected ecosystem that serves customers more effectively than any single institution could achieve alone.

Sri Lanka’s digital financial renaissance begins with recognition that transformation is not a destination but a process one that requires every stakeholder to see their success as inseparable from the ecosystem’s collective advancement. The summit provides the framework. The real work begins the day after it ends,” Dr.Kumudu Megasooriya said.

The message is clear: the summit may set the stage, but progress depends on what we do next on decisions made in boardrooms, code written in start-ups, and partnerships forged across sectors.

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