Digital ID, data exchange and payments infrastructure could support lending, insurance, fraud prevention and embedded finance
CategoriesBiometrics News | Financial Services | ID for All
Sri Lanka’s emerging digital public infrastructure, including its Unique Digital Identity, National Data Exchange and National Payment Platform, could open new opportunities for fintech beyond traditional payments chief advisor to the president on the digital economy
Wijayasuriya said the fintech sector should look beyond conventional payment services toward financial products tailored to specific needs of citizens and businesses, including lending, insurance and fraud prevention.
“The integration of biometric-enabled digital ID authentication enables Fintech companies to modernize customer onboarding, while access to secure citizen registries through the National Data Exchange augments credit risk assessment for unbanked populations. Additionally, real-time payment systems and digital signatures ease the embedding of financial services into many sectors, including e-commerce and agriculture,” he told Biometric Update.
Recent fintech developments in Sri Lanka include direct-payment links for social commerce, digital lending platforms and blockchain-based supply-chain solutions. The Ministry of Digital Economy has also launched a DPI Sandbox, giving public- and private-sector developers a testing environment for applications that could connect to the country’s emerging digital platforms. More than 20 state institutions and several private-sector providers are participating, with more than 50 APIs made available to support experimentation and interoperability.
Article Topics
digital economy | digital public infrastructure | fintech | Sri Lanka
