May 15, Colombo (LNW): Sri Lanka’s financial sector took a significant step towards expanding digital commerce today with the official launch of PayPal services across the country, supported by several of the nation’s leading banks.
The move is expected to improve access to international online payment systems for Sri Lankan individuals and businesses, particularly those engaged in freelancing, e-commerce, software services and other forms of digital trade.
Senior representatives from Commercial Bank of Ceylon, Sampath Bank and Bank of Ceylon attended the launch event, describing the initiative as a major breakthrough for the country’s growing digital economy.
Speaking during the event, Sanath Manatunge said the collaboration reflected a broader effort by the banking sector to modernise financial services and strengthen Sri Lanka’s connection to global digital markets.
He noted that the future of financial technology depended on cooperation between institutions and innovation-driven services that could support entrepreneurs and younger generations entering the online economy.
Industry observers believe the availability of PayPal could provide a major boost for Sri Lankan freelancers, remote workers and small businesses that rely on international clients and online transactions. Many users have long faced challenges receiving overseas payments efficiently due to limitations in cross-border payment systems.
The launch is also expected to encourage greater participation in international digital platforms, including online marketplaces, subscription services and technology-based businesses.