Sri Lanka – Singapore Business Council (SLSBC) headed by leading venture capitalist Prajeeth Balasubramaniam is facilitating cooperation between Sri Lankan and Singaporean authorities to support the Central Bank of Sri Lanka (CBSL) to attract Singapore’s Fintech players to use the CBSL Sandbox.
“The Fintech subcommittee is working with the Sri Lankan High Commission in Singapore, Central Bank of Sri Lanka (CBSL), and Monetary Authority of Singapore on the Sandbox with the objective of increasing participation by domestic players as well as exploring possibilities for Singapore Fintech players to use the CBSL Sandbox,” SLSBC announced in a media release.
The CBSL last year launched a regulatory sandbox for fintech firms with intentions to support the growth of the country’s fintech industry, back innovation in financial services, and with a view to enhancing access to financial products and services.
The sandbox allows firms to test new digital products without the need to meet the usual licensing and regulatory requirements.
The 24th Annual General Meeting of Sri Lanka – Singapore Business Council (SLSBC) of The Ceylon Chamber of Commerce was held on 16th June 2021 via Zoom
Balasubramaniam who is the Managing Partner, BOVCapital Ltd was re-elected as the President of the Council for the year 2021-2022.
SLBC recently formulated eight sub-committees covering Gem and Jewellery, Real Estate, Healthcare/Pharma, Education, Agriculture/ Food Processing/ Security Ag-Tech, Rubber, (Tyre, Auto parts), Boat Manufacturing, Logistics, Supply Chain and last mile and Fintech sectors to promote joint cooperation between two nations.
“All sectors have made progress under each subcommittee with the help of relevant authorities and especially with the assistance of the Sri Lankan High Commissioner in Singapore, Commercial Counselor of the Sri Lankan Embassy in Singapore, Enterprise Singapore, Singapore Business Federation, and many other institutions in Singapore,” Balasubramaniam said.