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June 10, 2013 (LBO) - Sri Lanka's small and medium enterprises could use e-commerce "to grow exponentially," software and outsourcing chamber official said welcoming plans by authorities to liberalize Paypal inward payments.
Central Bank Governor Nivard Cabraal said last month, that the regulator was "seriously" looking at liberalizing Paypal inward remittances, which had been blocked in Sri Lanka.
Lack of Paypal inward remittance facilities had been holding back thousands of Sri Lankan freelancers from participating in outsourced work and kept the island out of a global 'crowdsouring' wave where work is distributed and start ups raise funds.
"We welcome the statement by Governor Cabraal on steps to liberalize inward payments through Paypal," Imran Furkhan, director general of the Sri Lanka Association of Software and Service Companies (SLASSCOM), told LBO in a emailed response.
"E-commerce with its low investment in brick and mortar type infrastructure represents a unique opportunity for our SME sector to grow exponentially with little investment and leveraging on existing Internet architecture and physical delivery systems.
"E-commerce provides an opportunity for even a small Sri Lankan company to tap global consumers with a compelling product/service proposition.
"One of the key obstacles to e commerce based in Sri Lanka taking off has been the bar on receiving inward remittances via Paypal, a respected, cost-effective global remittance and payments system to the merchant's bank account in Sri Lanka."
Many software developers and small time freelancers who had not been able to do outsourcing work due to lack of Paypal also heaped praise on Governor Cabraal responding to a story published on LBO.
"Great stuff Chief hope to see it up and running soon," wrote one reader. "This is great news for the people who work on foreign websites like fiverr, odesk, freelancer," said another reader, also warning about possible scam sites.
Tourists also increasingly use Paypal instead of credit cards. The lack of Paypal in payments had been a problem for small inbound start-ups.
"Very good for Sri Lankan people who does e-Commerce business, specially travel trade," wrote Ruwan, another reader.
Furkhan said Sri Lankan start-up could also raise venture capital through crowdsourcing if Paypal is liberalized.
"For example since its launch in 2009, Kickstarter one of the most popular crowdsourcing sites has seen more than 4.2 million people have pledged over $643 million, funding more than 42,000 creative projects,while letting those with the project idea keep 100% of ownership with them if they wished and also providing valuable peer endorsement," he said.
"These projects then get the attention of large and more established institutional funders.
"The SME Sector is the backbone of the economic development of any country and such initiatives by the CBSL is crucial to developing the country in a sustainable manner.
"Hence its now up to the officials at the CBSL to implement the laudable initiative of their Governor."
http://www.lankabusinessonline.com/news/sri-lanka-e-commerce-to-grow-exponentially-if-paypal-liberalized:-it-industry/2028538703
Central Bank Governor Nivard Cabraal said last month, that the regulator was "seriously" looking at liberalizing Paypal inward remittances, which had been blocked in Sri Lanka.
Lack of Paypal inward remittance facilities had been holding back thousands of Sri Lankan freelancers from participating in outsourced work and kept the island out of a global 'crowdsouring' wave where work is distributed and start ups raise funds.
"We welcome the statement by Governor Cabraal on steps to liberalize inward payments through Paypal," Imran Furkhan, director general of the Sri Lanka Association of Software and Service Companies (SLASSCOM), told LBO in a emailed response.
"E-commerce with its low investment in brick and mortar type infrastructure represents a unique opportunity for our SME sector to grow exponentially with little investment and leveraging on existing Internet architecture and physical delivery systems.
"E-commerce provides an opportunity for even a small Sri Lankan company to tap global consumers with a compelling product/service proposition.
"One of the key obstacles to e commerce based in Sri Lanka taking off has been the bar on receiving inward remittances via Paypal, a respected, cost-effective global remittance and payments system to the merchant's bank account in Sri Lanka."
Many software developers and small time freelancers who had not been able to do outsourcing work due to lack of Paypal also heaped praise on Governor Cabraal responding to a story published on LBO.
"Great stuff Chief hope to see it up and running soon," wrote one reader. "This is great news for the people who work on foreign websites like fiverr, odesk, freelancer," said another reader, also warning about possible scam sites.
Tourists also increasingly use Paypal instead of credit cards. The lack of Paypal in payments had been a problem for small inbound start-ups.
"Very good for Sri Lankan people who does e-Commerce business, specially travel trade," wrote Ruwan, another reader.
Furkhan said Sri Lankan start-up could also raise venture capital through crowdsourcing if Paypal is liberalized.
"For example since its launch in 2009, Kickstarter one of the most popular crowdsourcing sites has seen more than 4.2 million people have pledged over $643 million, funding more than 42,000 creative projects,while letting those with the project idea keep 100% of ownership with them if they wished and also providing valuable peer endorsement," he said.
"These projects then get the attention of large and more established institutional funders.
"The SME Sector is the backbone of the economic development of any country and such initiatives by the CBSL is crucial to developing the country in a sustainable manner.
"Hence its now up to the officials at the CBSL to implement the laudable initiative of their Governor."
http://www.lankabusinessonline.com/news/sri-lanka-e-commerce-to-grow-exponentially-if-paypal-liberalized:-it-industry/2028538703
