Sri Lanka, May 16 — Prime Minister Dr. Harini Amarasuriya expressed approval of PayPal’s arrival in Sri Lanka as the nation continues to push forward with its goals for a digital economy.
At a sector conference attended by high-level government officials, business leaders, and representatives from participating financial organizations, the Prime Minister expressed support for the move by Sri Lankan banks to work with PayPal. PayPal services are set to be introduced in Sri Lanka via initial banking partners Bank of Ceylon, Commercial Bank of Ceylon, and Sampath Bank, with more banks anticipated to join in the next few months.
The declaration represents a major advancement in continuous initiatives aimed at enhancing secure and reliable cross-border payment access for Sri Lankan consumers, independent workers, business owners, startups, and companies. Sri Lanka’s digital economy strategy is centered on promoting inclusive development, fostering digital entrepreneurship, and improving the nation’s linkages with global markets.
The growth of international payment services is anticipated to be crucial in realizing this goal, allowing Sri Lankan small businesses, startups, and companies to engage more effectively in global trade.
Micro, small, and medium-sized enterprises in Sri Lanka are believed to account for 52% of the nation’s GDP, highlighting the significance of enhancing access to global markets for this sector. Freelancers, business owners, small-scale companies, new ventures, and digital service providers are anticipated to gain from better payment compatibility and more reliable and secure ways of conducting transactions with clients around the world.
Prime Minister Dr. Harini Amarasuriya stated, “This is truly a time for celebration, and it reflects the recognition of Sri Lanka’s contribution to the digital economy, showing that we are now establishing our presence both in the region and on the global stage. As many of you are aware, we have significant goals for our digital economy, and this is anticipated to become one of our main sectors for growth and employment opportunities.”
We also employ numerous skilled independent professionals in this field, and creating a framework for transparent and secure financial services is crucial to our expansion plans and the development of
ourself in this area. The small and medium-sized enterprise sector, online services, e-commerce, and the digital economy are all strongly connected, and I think this is a quickly growing field where we can anticipate some of the most thrilling development prospects in the coming months and years.
I believe it is highly crucial for online services and payments to be governed by a more secure, legal, and responsible system. We have witnessed growing worries worldwide regarding fraud, unsafe systems, and questionable transactions, making it vital to create a globally recognized and unified platform that guarantees responsibility and safety as we progress.
While focusing on the digital economy, the SME sector, and e-commerce as key areas of expansion, we must not overlook the fact that our economic growth strategy is built upon two core principles
principles: fairness, making sure that no individual is neglected, and openness along with responsibility.
As we consider the expansion of the SME sector, the support for independent professionals, the development of e-commerce, and the enhancement of our digital economy, we must also address the long-standing challenges our nation has encountered, such as social inequality, economic disparity, and increasing gaps in growth. “Our growth needs to be inclusive, fair, and socially conscious. I am optimistic that our younger generation, who are actively involved in this change, will play a key role in making sure that Sri Lanka’s future development embodies these principles.”
“I hope this partnership and effort will deliver the advantages we all look forward to, and that it will keep our country moving along the route not only toward recovery and strength, but also toward establishing itself regionally and globally as a reliable nation, one that is able to achieve far more than just following others, and one that is placed where it genuinely deserves to be,” she said.
