Sri Lanka is set to take a major step forward in strengthening its digital economy and improving foreign exchange inflows with the introduction of direct PayPal fund reception in the country.
The government has decided to enable direct receipt of payments via PayPal, responding to long-standing requests from businesses, IT professionals, and freelancers who have highlighted the need for a more seamless international payment system.
The service is scheduled to officially launch on May 15, following the completion of necessary arrangements.
This development follows a series of discussions involving the Ministry of Digital Economy, the Central Bank of Sri Lanka, and private sector banks to address the legal and technical challenges that previously prevented direct PayPal transfers into Sri Lanka.
Authorities noted that this initiative will eliminate the need for informal or workaround methods previously used by some individuals to receive international payments.
Once implemented, small and medium-sized online service providers will be able to receive foreign payments directly into local bank accounts, helping to strengthen formal foreign exchange inflows and support the growth of digital entrepreneurship.
The system will operate under Central Bank oversight, ensuring transparency in transactions and enabling proper tax compliance for relevant earnings.
Economists believe the launch of the service marks an important milestone for Sri Lanka’s digital commerce ecosystem and could significantly enhance the country’s participation in the global online economy.
Ceylon Chamber Leads High-Level Corporate Delegation to India–Sri Lanka Business Forum in Mumbai
The Ceylon Chamber of Commerce is leading a senior corporate delegation to Mumbai for the India–Sri Lanka Business Forum, scheduled for 13 May and held in collaboration with the Confederation of Indian Industry (CII).
The delegation comprises top executives from some of Sri Lanka’s leading companies, representing key sectors including banking, manufacturing, energy, logistics, tourism, construction, and technology. Participants include chairpersons, CEOs, and managing directors from across the country’s corporate landscape.
Mahishini Colonne is scheduled to address the forum, while Duminda Hulangamuwa will deliver the keynote speech. The programme will also feature an interactive session with Indian business leaders and investors, focusing on trade, investment opportunities, policy discussions, and market access.
The delegation is led by Krishan Balendra. He is joined by Bingumal Thewarathanthri and Vinod Hirdaramani. Shiran Fernando will also be part of the delegation.
The forum aims to further strengthen economic ties between Sri Lanka and India while deepening private sector collaboration and exploring new avenues for bilateral trade and investment.
Direct PayPal Money Receiving Service to Launch in Sri Lanka from 15 May
