Colombo – April 25, 2025: Port City Colombo is being primed to emerge as South Asia’s foremost fintech hub, following a comprehensive strategic proposal presented by the Fintech Association of Sri Lanka (FASL) and supported by leading international experts, including Professor Douglas Arner of the University of Hong Kong.
The roadmap, titled “Enhancing Port City Colombo as a Leading Fintech Hub in South Asia”, was handed over to CHEC Port City Colombo Managing Director Xiong Hongfeng by FASL Founding President Rajkumar Kanagasingam during the FinTech World Cup (FWC) Regional Competition hosted at the Port City itself. The initiative is bolstered by global partnerships through FASL’s affiliations with the Dubai International Financial Centre (DIFC) Innovation Hub and the Global Finance and Technology Network (GFTN), formerly Elevandi, which was established by the Monetary Authority of Singapore (MAS).
Central to this vision is the establishment of the Colombo International Financial Centre (CIFC) Fintech Innovation Hub. While Port City’s infrastructure is still under development, the hub is expected to begin operations from Colombo’s Central Business District. The CIFC will serve as a launchpad for regional and global fintech startups by providing streamlined regulation, global market access, mentorship, and venture capital connectivity.
Modelled on successful fintech ecosystems such as DIFC in Dubai and MAS in Singapore, the CIFC aims to replicate their success in attracting capital, talent, and cutting-edge financial innovation. Dubai’s DIFC supports over 700 firms and has formed partnerships with financial hubs like New York, London, and Hong Kong, while Singapore has attracted more than $34 billion in fintech venture capital between 2019 and 2022 through progressive policy, regulatory sandboxes, and active government backing.
Port City Colombo offers a unique proposition with its promise of unified regulatory structures, investor-friendly policies, and tax incentives. This structure is particularly appealing to Indian fintech companies that often face complex, fragmented regulatory environments at home. The CIFC could serve as a complementary hub for such firms, offering a centralised, innovation-driven base to access broader South Asian and global markets.
The proposal outlines a multi-faceted approach for the CIFC to become a dynamic fintech incubator, with regulatory experimentation, talent pipelines through academic institutions, co-creation spaces, and cross-border collaboration acting as core pillars. As South Asia continues to rise on the global economic stage, Port City Colombo’s strategic positioning, international backing, and forward-thinking regulation make it a compelling candidate to become the region’s fintech epicentre.