An expansion of PayPal services in Sri Lanka became official this morning (16) in Colombo, marking a major milestone for the country's digital economy. Prime Minister Dr. Harini Amarasuriya led the event.

Sri Lankan PayPal accounts previously faced a "Send Only" restriction, which permitted users to make foreign payments but prevented them from receiving funds from overseas clients.

This expanded service allows online freelancers and small-to-medium enterprises (SMEs) to receive earnings directly into local bank accounts, a move expected to increase official foreign exchange inflows into the country.

The Presidential Media Division announced that this breakthrough follows twelve years of negotiations, delays, and continuous efforts. The statement described the development as a transformative step for Sri Lanka's digital economy, freelancing community, IT sector, startups, SMEs, exporters, and e-commerce industries.

Bank of Ceylon, Commercial Bank, and Sampath Bank will initiate the service locally, with other banks expected to join later.

Established in California in 1998, PayPal operates as one of the largest digital payment platforms globally, serving over 430 million users across 200 countries and processing more than 1.5 trillion US dollars in transactions annually.

The platform sees widespread use across global freelancing and e-commerce networks.

This partnership aligns with key goals on the national digital economy agenda, including building an inclusive economy, encouraging digital entrepreneurship, and strengthening connections with international markets.

The expansion of cross-border payment options gives small businesses and entrepreneurs a better opportunity to participate actively in global trade.

The Presidential Media Division noted that participating banks will provide further instructions on how to access these services, and interested individuals or businesses can contact their financial institutions directly for details.

The current government's economic growth blueprint centers on equity, transparency, and accountability, with digital transformation serving as a vital component, Prime Minister Dr. Harini Amarasuriya pointed out during the event.

The Prime Minister expressed confidence that the partnership will deliver expected benefits, adding that it aims to build economic stability, enhance resilience, and position Sri Lanka regionally and globally as a strong, self-reliant nation rather than a mere follower.

Sri Lanka's role in the digital economy receives international recognition through this milestone, which confirms the country's ability to establish regional and global stability, Prime Minister Dr. Harini Amarasuriya further stated. The government maintains high targets for the digital economy, viewing it as a source of growth and job creation.

The nation possesses a highly skilled community of freelancers, making a secure and transparent financial system essential for establishing a unique global identity. The expansion of SMEs, online services, e-commerce, and the digital economy remains interconnected, offering rapidly growing opportunities for the coming years.

Bringing online services and payments under a secure, legal, and responsible framework remains vital, particularly given global concerns regarding fraud, insecure systems, and suspicious transactions.

Moving forward requires a globally recognised, integrated platform that ensures accountability and safety.

The digital economy, SME sector, and e-commerce hold significant growth potential, with the national economic plan resting on equity, transparency, and accountability.

Developing the SME sector, supporting freelancers, expanding e-commerce, and strengthening the digital economy will help address long-standing national challenges like social injustice, economic inequality, and development disparities. Development must remain fair, inclusive, and socially responsible.

The younger generation, actively participating in this transformation, is expected to lead in demonstrating these values within Sri Lanka's future development.

The partnership will hopefully deliver desired benefits, stabilising the economy, fostering resilience, and positioning the nation as a distinctive, credible global and regional competitor.