Jan 13, 2020

CBSL to promote digital payment mechanisms

The Central Bank of Sri Lanka (CBSL) is currently working on further promoting digital payment mechanisms to establish a less-cash society and reduce cash management costs.

CBSL will implement a FinTech Regulatory Sandbox in order to provide a safe space in a controlled environment for innovators to test their products and services, without the risk of infringing on regulatory requirements.

They also expect to adopt measures to promote usage of digital payment mechanisms and instruments through enhanced awareness among general public on the digital payment options and their benefits. CBSL has already initiated raising funds in the domestic market and building buffers within the ALMA framework by issuing Treasury bonds in the domestic market, and these operations will continue in 2020 and beyond in line with the forthcoming debt service obligations.

Opportunities to raise funds from alternative bond markets are being considered with the aim of diversifying the international capital market issuance base. Measures are being taken to establish a distinct Electronic Trading Platform (ETP) and a Central Counter Party (CCP) arrangement.


(Except for the headline, this story, originally published by dailynews.lk has not been edited by SLM staff)