Echoing the comments of a number of other captains, Bailey also admitted that Chris Gayle will be the key player for their rivals.
The T20 captain said: "I'd rather see us throw caution to the wind. If we get knocked over, we get knocked over.
"Their batting is no doubt their strength.
"If you can knock Gayle over early, it really does put pressure on the rest of their batsmen to step up."
The winners of the match in Colombo will face Sri Lanka in the competition's final after the hosts beat Pakistan on Thursday.