Port City Colombo is being positioned as a leading fintech hub in South Asia, aiming to attract global investment, foster startup innovation, and integrate with international financial ecosystems.
This vision is outlined in a new report titled “Enhancing Port City Colombo as a Leading Fintech Hub in South Asia”, presented by Fintech Association of Sri Lanka (FASL) Founding President Rajkumar Kanagasingam to CHEC Port City Colombo Managing Director Xiong Hongfeng during the FinTech World Cup Regional Competition.
The initiative has backing from global fintech experts, with Professor Douglas Arner from the University of Hong Kong serving as the chief consultant.
The FASL, partnered with major global fintech networks such as the Dubai International Financial Centre (DIFC) Innovation Hub and the Global Finance and Technology Network (GFTN), is supporting the transformation of Port City into a competitive global fintech destination.
At the heart of this initiative is the Colombo International Financial Centre (CIFC) Fintech Innovation Hub. While full infrastructure is still under development, early operations may begin within Colombo’s Central Business District.
The hub is envisioned to offer fintech startups access to global markets, capital, and mentorship, modeled after successful ecosystems like Dubai’s DIFC and Singapore’s regulatory framework.
Dubai’s DIFC has become the largest financial innovation ecosystem in the MEASA region, supporting over 700 startups through regulatory sandboxes, innovation licenses, and accelerator programs. It has built robust international ties with financial centres such as New York, London, Singapore, and Mumbai.
Singapore, too, serves as a fintech benchmark, with its Monetary Authority (MAS) promoting innovation through regulatory sandboxes, venture capital initiatives, and the globally renowned Singapore FinTech Festival. From 2019 to 2022, Singapore attracted over $34 billion in fintech investment.
Port City Colombo, with its proposed CIFC, aims to emulate and adapt these models. Unlike India’s complex multi-agency regulatory landscape, the CIFC will offer a streamlined, unified framework that simplifies compliance and encourages growth. It also plans to attract regional startups, including those already active in Dubai, by offering investor-friendly policies and tax incentives.
To bring this to life, the CIFC Fintech Innovation Hub will incorporate regulatory sandboxes, startup accelerators, global partnerships, academic collaboration, and proof-of-concept platforms to support innovation and market entry.
With strategic leadership and global partnerships, Port City Colombo is poised to emerge as South Asia’s leading fintech gateway, redefining the region’s economic future through innovation and integration.
