CB Governor reveals details of PayPal arriving in Sri Lanka

The discussions with a local bank to represent the US based PayPal money transferring services in Sri Lanka is progressing, Central Bank Governor Ajith Nivaard Cabral revealed exclusively to AdaderanaBiz.

The Governor revealed this during a discussion with AdaderanaBiz that he believes these services would be introduced to Sri Lanka before the end of this year.

According to the existing regulations in Sri Lanka, outward cash remittances could be made to other countries through PayPal but inward remittances are not permitted.

However, the Central Bank is by now preparing to provide the facilities for inward remittances as well through PayPal.

Providing the opportunity to those in Sri Lanka to receive cash from anywhere in the world would greatly assist those who provide services to foreign countries it would also encourage this service sector.

For instance, groups in countries like the US and Vietnam engage in selling through websites such as ebay.com and also engage in a wide spectrum of businesses in the goods and services sector through PayPal.

PayPal is an international e-commerce business for payments and money transfers through the internet. Online money transfers serve as electronic alternatives to paying with traditional methods such as checks and money orders.
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Sri Lanka's HNB Assurance separates general insurance

Mar 29, 2014 (LBO) - Sri Lanka's HNB Assurance Plc said it will set up a separate unit to take over its general insurance business under a regulatory decision to split all composite insurers.

The firm's shareholders had approved a resolution to transfer assets and liabilities of the general insurance business to HNB General Assurance Ltd, the firm said in a stock exchange filing.

HNB Assurance is a unit of listed Hatton National Bank.

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http://www.cse.lk/cmt/upload_cse_announcements/3211396004813_.pdf

Best Western International to open a series of hotels in Sri Lanka

Mar 28, Colombo: Best Western International is embarking on a major expansion strategy in Sri Lanka to open a series of Best Western brand hotels across the country.

Best Western International and the Sri Lankan company Elyon Hotels have signed a development partnership to develop the iconic Best Western brand across the country, offering hospitality management expertise to existing and proposed hotels island-wide.

The first of the series of hotels, the 60-room Best Western Elyon Colombo Hotel will be opened this summer in Colombo.

The hotel will include an all-day dining restaurant, specialty restaurant, a bar, room service, fitness center and meeting space and complimentary Wi-Fi to all guests.

This opening will mark the start of a major nationwide expansion for Best Western in Sri Lanka, the hotel chain said.

Under the new agreement, Elyon Hotels will identify opportunities for new midscale and upscale hotels across the country including locations in the capital Colombo, or other key leisure and business destinations such as Kandy, Mirissa and Tangalle.

The company targets to have four more hotels with approximately 400 rooms for the next three years, and 700 rooms within five years.

Best Western's Vice President of International Operations for Asia & the Middle East, Glenn de Souza, said he was excited by the opportunities in Sri Lanka. "The recent economic boom following the end of three decades of war has seen Sri Lanka develop rapidly," Mr. de Souza said.

"Driven by strong interest from India, China, the Middle East and Europe, international visitor arrivals to Sri Lanka have been growing exponentially in recent years, reaching one million for the first time in 2012. This is expected to reach 1.5 million visitors in 2014, and as an international hotelier, Best Western has a duty to provide to this soaring number of travelers with quality accommodation options," he said.

Commenting on the landmark agreement, Presantha Jayamaha, Managing Director of Elyon Hotels said, tourism infrastructure development in Sri Lanka is seeing fast-paced growth and they are excited to be a part of the emerging growth opportunities."We, at Elyon Hotels, strongly believe that partnering an exceptional hospitality brand such as Best Western will enable us to provide exceptional tailored service standards to the discerning travelers to this paradise island," Jayamaha said.
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