The government has identified financial technology (fintech) and innovative entrepreneurship as key pillars in its drive to build a US$5 billion digital economy, Deputy Minister of Digital Economy Engineer Eranga Weeraratne said.

Minister Weeraratne made the remarks during discussions with Lithuanian Vice Minister of Foreign Affairs Vidmantas Verbickas and a senior Lithuanian delegation on strengthening bilateral cooperation in the digital economy, technology and government digital transformation.

Deputy Minister Weeraratne said Sri Lanka’s digital economy strategy places particular emphasis on fintech and innovation as the country works towards its national target of achieving a US$5 billion digital economy.

He also highlighted the potential for Sri Lanka and Lithuania to exchange expertise and experience in digital technologies, innovative entrepreneurship and policy development, while noting Lithuania’s significant achievements in digital transformation.

Lithuanian Vice Foreign Minister Vidmantas Verbickas described Sri Lanka’s digital strategy as highly commendable and said there was significant potential for the two countries to share knowledge, skills and policy experience.

The discussions also focused on Lithuania’s GovTech Lab model, open government data system, digital identity infrastructure, artificial intelligence, cybersecurity and 5G technology.

Sri Lanka and Lithuania further agreed to explore technical cooperation in areas including fintech regulatory frameworks, electronic money institution licensing, private 5G networks and cybersecurity.

The two sides also agreed to strengthen cooperation in digital economic development and explore Lithuanian technical assistance to support Sri Lanka’s efforts to accelerate digital transformation in the public sector.