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Measures to facilitate inclusive digital economy

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Noting that seamless payment should be facilitated in digital environment as well as in physical environments with the interoperability of digital payment solutions, she said that the Sri Lankan government is working on digital identity and will resolve many holdups such as data exchange and reduce the friction of digitization of financial services.

Deputy Governor Fernando made these views while addressing a seminar organised by the Central Bank of Sri Lanka under the theme, “Digital Financial Transformation:Building Better Financial Systems”.

She further said that banks are experiencing major transformations, adopting new banking technologies to keep up today with new demands and requirements from the public.Speaking on the expansion of mobile applications in different business domains such as travel , healthcare, entertainment and education.she said that ensuring and allowing digital payments become key feature of these mobile apps.

“Ensuring customer protection, regulatory supervision also become critical”With increased risk in cyber security , monitoring and preventing these threats should be actively operational and regulations should be introduced to the existing legal framework, she said. With the digital footprint of the customer and more data on customer financial transactions , value added products and services can be implemented with technologies like Artificial Intelligence (AI). Furthermore, Fintech allows innovation, commitment and competition and has shown results all over the world by giving people more benefits and breaking barriers presented by gender, race and geographies.

This will however change the future banking sector, job roles in a big way,she said.

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