PayPal Expansion to Sri Lanka Welcomed by Prime Minister
The Government of Sri Lanka, led by Prime Minister Harini Amarasuriya, has welcomed the entry of PayPal into the country as part of efforts to strengthen Sri Lanka’s digital economy.
The announcement was made at an industry event attended by senior government officials, financial sector leaders, and representatives of participating banks.
Initial Banking Partners
PayPal services will initially be introduced in Sri Lanka through the following partner banks:
- Bank of Ceylon
- Commercial Bank of Ceylon
- Sampath Bank
Additional banks are expected to join the network in the coming months.
Boost for Digital Economy and Cross-Border Payments
The initiative is expected to significantly strengthen secure and trusted cross-border payment systems, enabling:
- Freelancers and digital professionals to receive international payments more easily
- Start-ups and SMEs to access global markets
- Improved financial connectivity with international clients
Sri Lanka’s SME sector, which contributes an estimated 52% of GDP, is expected to benefit significantly from improved payment infrastructure.
Prime Minister’s Remarks
Prime Minister Harini Amarasuriya emphasized that the development marks a key milestone in Sri Lanka’s digital transformation.
She stated that:
- Sri Lanka is strengthening its position in the global digital economy
- Secure and transparent financial systems are essential for growth
- Digital entrepreneurship and e-commerce will be major drivers of future job creation
- Economic growth must remain inclusive, equitable, and socially responsible
She also highlighted concerns around global digital fraud and stressed the need for accountable and secure payment systems.
PayPal Statement
Nadia Syed, Senior Vice President and General Manager for APAC, stated that Sri Lanka has a strong community of freelancers, entrepreneurs, and start-ups well positioned for global demand.
She confirmed that, through partnerships with local banks, PayPal will enable smoother and more secure cross-border payments for eligible customers.
Further details on service availability will be announced by partner banks in the coming weeks.
Outlook
The collaboration is expected to:
- Improve access to global digital markets
- Strengthen Sri Lanka’s financial technology ecosystem
- Support the growth of SMEs and digital service providers
- Enhance the country’s role in international e-commerce and digital trade 📈
