The Sunday Leader

Combank, first SL institution to launch ‘Mobile to Account Remittance Service’ with S. Korea

The Commercial Bank of Ceylon has become the first Sri Lankan institution to launch a ‘Mobile to Account Remittance Service’ between South Korea and Sri Lanka, facilitating real time fund transfers from an estimated 30,000 Sri Lankans employed in the East Asian nation.

The service, launched in collaboration with Global Money Express Co Ltd. (GME), one of the first exchange companies in the Republic to obtain a money transfer licence, paves the way for real time fund transfers between the two countries at lower charges and higher exchange rates, the Bank said.

The formal launch of the new service took place in Seoul recently with the participation of a Commercial Bank team led by the Bank’s Chief Operating Officer S. Renganathan.

Considered a high potential market for remittances, South Korea had restricted money transfer licences to Commercial Banks and began issuing such licences to non-banking financial institutions only in August 2017.

Prior to the launch of the GME-Commercial Bank Mobile to Account Remittance Service, Commercial Bank’s own sophisticated real-time on-line money transfer service ‘e-Exchange’ generated substantial foreign exchange earnings annually in remittances from expatriate Sri Lankans working in South Korea.

Commenting on the ground-breaking collaboration with GME, Commercial Bank’s Chief Operating Officer S. Renganathan said, “The integration of the systems of GME and Commercial Bank is a milestone development in the remittance business between South Korea and Sri Lanka, which has maintained a fruitful employment agreement for several years. This new remittance service will provide much convenience to Sri Lankans working in Korea.”
South Korea is an active market for Sri Lankan migrant workers who on average earn US$ 2,500 per month, which is well above the average earning levels in the Middle East and is also above the average of many other countries of the Far East.

According to the Sri Lanka Bureau of Foreign Employment (SLBFE), between 3,000 and 6,000 new visas are expected to be offered to Sri Lanka by South Korea every year.

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