Sri Lanka renews invitation for Paypal to start inward remittance

ECONOMYNEXT – Sri Lanka’s central bank has invited Paypal to start inward remittances to the island officials said, amid a clamour for its services from freelance outsource workers and small time e-commerce firms.

Deputy Central Bank Governor Nandalal Weerasinghe said he had invited a top Paypal official to consider starting inward remittances service during a conference of Fintech firms in Singapore.

Weerasinghe said Sri Lanka had tried to persuade Paypal to start inward remittance services to the island three years ago with a private bank initiating negotiations, and team from the payment firm had visited Sri Lanka. But there had been no progress after that.

Paypal at the time had felt that there was insufficient volumes to start business in Sri Lanka, he said.

"Paypal is a private company it their business decision whether to enter Sri Lanka or not," he said.

Central Bank Governor Indrajit Coomaraswamy said Sri Lanka’s central bank was willing to provide whatever regulatory support was needed for Paypal to start inward remittance services to Sri Lanka.

Coomaraswamy said there was no truth in concerns expressed by some that the central bank was somehow ‘blocking’ PayPal’s entry to Sri Lanka.

Assistant Governor Yvette Fernando said the central bank was prepared to provide special approval for Paypal if the firm requested but even under existing regulations there was no bar for Paypal to operate in Sri Lanka.

This means any other Paypal-style firms who are willing could start services to Sri Lanka provided the central bank is satisfied with their credentials and track record.

At the moment it is possible to make outward payments through Paypal, but it is not possible to receive funds.  (Colombo/Dec27/2017)





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