Sri Lanka’s leading banks have welcomed the official launch of PayPal services in the country, describing it as a significant step towards strengthening the digital economy, improving foreign exchange inflows and supporting the growing freelance and digital services sectors.
The initial rollout is taking place through Bank of Ceylon, Commercial Bank of Ceylon and Sampath Bank — the same three lenders listed on PayPal’s “Partner Banks in Sri Lanka” section.
Bank of Ceylon General Manager and 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, 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,” Jayatilaka said.
Commercial Bank Managing Director and CEO Sanath Manatunge said the PayPal withdrawal facility would address a major obstacle faced by digital professionals and freelancers engaged in global markets. “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,” he said.
Sampath Bank Managing Director Sanjaya Gunawardena described the launch as a development of national significance. “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.
The bankers’ endorsements expand the institutional support around the May 15 launch event at the Galle Face Hotel, which the President’s Office said followed direct engagement with PayPal representatives in India after more than a decade of stalled discussions. Digital Economy Deputy Minister Eng. Eranga Weeraratne has estimated Sri Lanka’s digital exports at around USD 1.5 billion, much of it currently routed through informal channels.
