The Global Startup Ecosystem Report (GSER) 2020 has identified Sri Lanka among the top three Fintech ecosystems to watch out for in the South and Southeast Asia regions. Malaysia and the Philippines are the other two countries to have featured in the list from the South East Asian region.
The GSER which was compiled by Startup Genome highlights Sri Lanka government’s role in funding startups and its COVID 19 policy to uplift the startup ecosystem. Sri Lanka Fintech ecosystem accounts for total early-stage funding of nearly $50 million while the entire ecosystem is valued at approximately $100 million.
The report also emphasizes the upward trajectory of Sri Lanka’s E-commerce industry with annual domestic E-commerce sales expected to grow up to $400 million from the existing $40 million. Among the E-Commerce giants, Wow.lk and Daraz have enabled increased access to affordable E-commerce in Sri Lanka.
Meanwhile, the government endorsed funding programs such as Spiralation, which offers seed capital to early-stage startups. HatchX, Sri Lanka’s first Fintech accelerator was launched in April 2020 to support Fintech startups with funding, training, and advisory initiatives. In that, Sri Lanka’s Fintech ecosystem is in safer hands and notably, the Information and Communication Technology Agency (ICTA) plays a key role in enabling a digital economy while supporting the startups.