Ria and Seylan Bank of Sri Lanka announce partnership
November
19

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Ria and Seylan Bank of Sri Lanka announce partnership

The South Asian Region (SAR) forms an important part of our business. And in 2015, the outlook for this region appears positive.

Ria is committed to supporting growth and delivering affordable alternatives for people to send money all over the world. So we’re pleased to announce that Seylan Bank has recently partnered with us to provide money transfer services to the Sri Lankan diaspora.

Seylan Bank Partnership

Seylan Bank’s first Ria fund recipient, Mrs Swarnapali Dissanayake, receives her remittance from Ms Hasini Jagoda at the Piliyandala Branch in Sri Lanka.

Customers can now receive funds at any of Seylan Bank’s 155 centres located on the South Asian island country, with the option to receive these directly to their bank accounts in either US dollars (USD) or Sri Lankan Rupees (LKR).

M M Naina Marikar, Chief Manager, Retail Remittance Centre at Seylan Bank said of the partnership: “Seylan Bank’s tie-up with Ria and their extensive global network ensures that migrant Sri Lankans – especially those in Europe, North America and Australia – can now deposit funds into accounts at Seylan Bank. It also enables their beneficiaries to collect cash from any of the 155 strategically located Seylan Bank branches.”

Suhail Shamsi, Ria’s Business Development Director for the South Asian Market added: “Ria is pleased to partner with Seylan Bank, which has a large network of branches in the metropolitan and suburban regions of Sri Lanka. These will provide invaluable service to Sri Lankan diaspora in various countries, as they can send money back home to their loved ones through Seylan Bank.”

World Bank statistics for Remittance Data Inflows published in April this year indicate that Sri Lanka received approximately US $6690 million (around $6.7 billion) –  or 10.1% of their GDP – from remittances in 2013. And according to this recent Word Bank report, remittances to the South Asian Region are expected to grow by  5.5 per cent in 2014, to US $117 billion.

Ria recognises the social impact its service has on the lives of many people living in South Asia – a region consisting of four core countries: India, Bangladesh, Sri Lanka and Pakistan. (NB: Nepal, Bhutan, Afghanistan and Maldives are usually included in this region too). For many thousands of households our services not only help to put food on the table, they also provide funds for business investment, healthcare and education.

Getting money to those who need it most is something we do every day. People rely on our service, and every business that partners with us is contributing to improving the worldwide flow of remittances.

By growing our global network with partners like Seylan Bank, we will continue to achieve our goal to be the most progressive money transfer company in the world, and have a positive, social impact on the lives of many living in the South Asian Region.

 

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A Seylan Bank location in Sri Lanka.