‘The bank is ideally positioned to take the lead in streamlining flows into Sri Lanka’
Leading private bank HNB PLC, Leading private bank HNB PLC, is cementing the power of remittances to drive development and is supporting the efforts of the Central Bank of Sri Lanka (CBSL) to optimize incoming transfers to Sri Lankan premises.
The event was attended by CBSL Governor Ajith Nivard Cabraal as the main guest and CBSL Deputy Governor Dharmasiri Kumarathunga, who along with HNB MD / CEO Jonathan Alles and senior officials presented cash prizes of LKR 100,000 to the award winners.
Ajith Nivard Cabraal, Governor of the CBSL, said on this occasion: âWe thank every Sri Lankan who works abroad and can send some of his hard-earned income home. Remittances are not only a benefit to those who send and receive money, but they are also an immensely valuable asset to our nation. With these factors in mind, we understand that it is important to offer as many privileges as possible to those who use the official channels to make their transfers.
These include immediate actions by the CBSL such as offering Rs. 2 on every US dollar transferred, as well as additional tax benefits. Additional perks are also granted if they use these funds to set up a business. Any Sri Lankan working abroad should be treated as a VIP. We are grateful for your services and hope that you will make the most of this opportunity. I would also like to thank HNB for immediately stepping forward to support our important efforts to increase remittances, which are essential to Sri Lanka’s future development. “
Among other initiatives aimed at increasing the inflow of remittances from $ 7 billion to $ 9 billion, CBSL, in partnership with the banking sector, plans to launch SL-Remit, a mobile app that will enable migrant workers to Send your earnings safely and securely, official channel.
Nationally, remittances from workers have declined in recent months, with inflows halving to $ 353 million in September from $ 703 million last year. Remittances for the first nine months decreased 9% year over year to $ 4.5 billion.
âMigrant workers who choose to send their foreign currency through formal banking channels are treated with new privileges at both national and banking levels. Given HNB’s rich 40 years of experience in the remittance industry, we are ideally positioned to take the lead in streamlining inflows to Sri Lanka while ensuring that the interests and well-being of migrant workers during their tenure as a migrant and when they return to Sri Lanka, the motherland will be taken into account, âsaid HNB-MD / CEO Jonathan Alles.
With over four decades of experience in the field of transfers, the HNB has deployed civil servants at selected locations as regular contacts to offer solutions and advise customers on their banking expectations.
HNB Remittance Services offer customers convenience and security when transferring funds via the bank’s global partner network on all populated continents. The global network of the HNB consists of more than 130 connections with renowned exchange offices and banks around the world, where deposits in 13 specific foreign currencies as well as LKR could be made.
In particular, HNB saw a sharp 15% year-over-year increase in digital transfers in the first half of 2020 alone after introducing cardless withdrawals for Lankan expatriates and the launch of the HNB RippleNet blockchain facility for businesses, which helped alleviate customer difficulties alleviate. By the end of the last financial year, the HNB had enabled incoming transfers of over LKR 203 billion.