AI Is Not Optional: CBSL Governor Champions Ethical Tech in Finance

COLOMBO (News 1st); Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, has called for the responsible and inclusive adoption of artificial intelligence (AI) and digital technologies to reshape the future of banking and finance in the country.

Addressing the transformative potential of AI, Dr. Weerasinghe emphasized its critical role in advancing green financing and sustainability. 

“AI can help us track and report on green initiatives,” he said, noting that digital transformation within the Central Bank itself has already contributed to reducing its carbon footprint by minimizing paper usage, physical travel, and energy consumption.

“This is about using technology to build a more sustainable and ethical business model,” he added, positioning AI not just as a tool for operational efficiency, but as a catalyst for environmental responsibility.

However, the Governor was equally candid about the risks that accompany rapid technological adoption. 

“This technology is not coming without risk,” he warned, citing concerns around data privacy, algorithmic bias, and the ethical use of AI. He stressed the importance of robust governance frameworks and transparency to ensure that AI systems are fair, unbiased, and free from discrimination.

Dr. Weerasinghe’s remarks reflected a broader vision for the banking sector—one that goes beyond profit margins and embraces social impact. 

“The future of banking is not just about moving money. It’s about moving society forward,” he declared. He urged financial institutions to become strategic partners in customers’ lives, leveraging AI to create systems that are not only profitable but also accessible, inclusive, and resilient.

He called for a national commitment to upskilling the workforce, ensuring that the digital revolution does not leave anyone behind.

“We must ensure that this technological revolution is inclusive,” he said, advocating for continuous investment in human capital and ethical governance.

“AI and digitalization are no longer optional. They are essential pillars of our resilient and forward-looking banking sector. But beyond efficiency and innovation, our collective role must be to ensure that these technologies serve a purpose—creating sustainable value for our economy and society,” said the Central Bank Governor.