📈 Official Launch of PayPal Services in Sri Lanka

After more than a decade of discussions, the Government has officially launched PayPal services in Sri Lanka, marking a significant milestone for the country's digital economy and cross-border payments. • Key Highlights & Implementation: Direct Engagement: The breakthrough was achieved through direct engagement between the President’s Office and PayPal India. Banking Partners: Services will roll out initially through Bank of Ceylon, Commercial Bank of Ceylon, and Sampath Bank, with more banks expected to join later. Economic Strategy: Aligns with the Digital Economy Vision 2030, aimed at driving national growth and expanding employment. • Sector & Economic Impact: Support for Exporters: Directly benefits local freelancers, entrepreneurs, start-ups, and SMEs by providing secure, trusted access to receive international payments. Formalyzing Revenue: While Sri Lanka's ICT/BPM and digital exports currently stand around US$ 1.5 Bn, a large shadow industry exists. PayPal will bring these informal flows into regulated financial systems. Forex & Regulation: The Central Bank of Sri Lanka (CBSL) notes the platform will strengthen regulated foreign exchange inflows, improve transparency, and boost global market integration for knowledge-based sectors like software development and e-commerce. • Future Outlook: The Government is concurrently developing regulatory frameworks for digital currencies and virtual assets to further accelerate the country's digital transformation.