As an institute dedicated to leadership, training and education the Digital Film Academy (DFA) of the Sri Lanka Foundation (SLF) decided to act and launch a bi-annual film festival named The Colombo International Student Film Festival (Abbreviated: COINS Film Fest) to accept, honor and recognize student films from South Asia and all over the world.

The inaugural event of the COINS Film Festival was held in April 2011 which turned out to be a great success. It created a meeting ground for both local and international artists to meet young talent and offered huge networking opportunities for both parties concerned. About 700 participants took part in the 2011 COINS film festival which was held in April. The film workshops was conducted by the acclaimed cinematographer M.D Mahindapala and Sri Lankan filmmaker Boodee Keerthisena. An exhibition was also held where all the Sri Lankan production houses were involved.

The 2nd COINS Film Fest was held in April 2014, at the Sri Lanka Foundation Premises where over 1000 individuals from over 06 countries participated including from China, India, Hong Kong and USA. In the 2014 COINS, about 1100 people participated and a number of film workshops were conducted by acclaimed cinematographer A.S. Kanal and film director Jayashree Kanal. And during the 2014 COINS exhibition, the octocopter was launched in Sri Lanka. The Cinemaya Museum was also established during this event.

Many local academic institutions also participated at this event including University of Colombo, Sri Lanka Television Training Institute (SLTTI), National Film Corporation (NFC), University of Kelaniya, Sri Palee Campus affiliated to the University of Colombo, University of Visual and performing Arts, University of Peradeniya and national schools.