Saturday May 16, 2026
Saturday May 16, 2026
Saturday, 16 May 2026 02:49 - - {{hitsCtrl.values.hits}}
BOC says around 150,000 Sri Lankan freelancers are among its customers
Commercial Bank says PayPal addresses long-standing payment bottlenecks for digital workers
Sampath Bank says digital connectivity is now central to competitiveness and exports
Bankers expect stronger formal foreign exchange inflows through regulated channels
Sri Lanka’s leading banks yesterday welcomed the official launch of PayPal services in the country, describing the development as a significant step towards strengthening the digital economy, improving foreign exchange inflows and supporting the country’s growing freelance and digital services sectors.
The initial rollout of PayPal services will take place through Bank of Ceylon, Commercial Bank of Ceylon and Sampath Bank, with bankers highlighting the long-standing need for a secure and internationally recognised cross-border payment platform.
Bank of Ceylon General Manager/CEO Y.A. Jayatilaka said the bank currently provided digital services to more than 16 million customers and had expanded products targeting freelancers and overseas income earners.
He said the bank had introduced initiatives including the “Smart Freelancer” service, the “E-Creator” concessionary loan scheme and the “Smart Remit App” for inward remittances.
“We believe that PayPal will help fill the long-standing gap in having a reliable payment platform alongside these services. Around 150,000 freelance service providers in Sri Lanka are customers of the Bank of Ceylon.
There has been a strong need for a platform such as PayPal to enable them to receive salaries and other foreign remittances from overseas more efficiently and securely,” Jayatilaka said.
Commercial Bank Managing Director/CEO Sanath Manatunge said the PayPal withdrawal facility would help address a major obstacle faced by Sri Lanka’s digital professionals and freelancers engaged in global markets.
He noted that global employment opportunities in information technology, remote services, digital creativity and online work continued to expand rapidly, while the absence of formal payment mechanisms had constrained the sector’s growth.
“This initiative will strengthen foreign exchange inflows into the country and ensure that the contribution made by Sri Lanka’s freelance professionals to the economy receives the recognition and value it deserves,” Manatunge said.
Sampath Bank Managing Director Sanjaya Gunawardena described the PayPal launch as a development of national significance that would deepen Sri Lanka’s integration with the global digital economy.
He said digital payments, fintech innovation and cross-border financial connectivity had become major drivers of economic growth, exports, entrepreneurship and competitiveness.
“When Sampath Bank began this journey with PayPal, our vision was to strengthen Sri Lanka’s connection with the global digital economy. We are extremely pleased to see that journey evolve into an initiative of national importance,” Gunawardena said.
