Bridge partnership and PayBolt Sri Lanka
We are super excited to announce along with Bridge Advisory and Consulting, we are forming a PayBolt subsidiary company in Sri Lanka where PayBolt will be the majority shareholder and Bridge will take a minority stake.
The headquarter will be situated strategically in Port City, Colombo, which is a Special Economic Zone where the local government has launched plans to attract blockchain and cryptocurrency companies to build a flourishing web3 fintech city.
The purpose of PayBolt Sri Lanka is to
- Promote and grow cryptocurrency payments in the country and the South Asia region.
- Powering the region with web3 crypto payments.
- Obtain regulatory, crypto, and banking licenses required to operate on a global scale.
- Inward remittance of crypto will also help the country increase its dollar reserve.
Bridge Advisory and Consulting
With over 50 years in combined senior leadership in top MNCs around the world in IT, digital transformation, fintech and blockchain technology, the team at Bridge has a wealth of experience to carry out the mission of creating a flourishing web3 hub for Port City.
Co-founder of Bridge Michael Sathasivam is very optimistic about the future: “over the last few years, the government has placed a priority on attracting blockchain and crypto companies to expand and grow their footprints through the Port City region.
By offering attractive tax breaks and friendly crypto regulation, they have grand plans of turning Port City into a new fintech capital of South Asia.
We decided to partner with Paybolt because we see great potential in the service they provide, and they will have a first mover advantage and are well positioned to take advantage of the Port City initiatives.”
Sri Lankan merchants are ready to adopt crypto
On the backs of government instability leading to a fluctuating Sri Lankan Rupee, the merchants are primed to accept new forms of payment, that is fast, secure, and pegged to USD (in the case of stablecoins).
Government, regulatory & banking support
For any crypto initiative to thrive and grow a scale, regulatory clearance and support is critical. We have regular meetings with the local government and regulatory bodies regarding our plans.
To date the dialogues have been very positive, the government is very understanding and supportive of our vision to make crypto payments the default way for everyone to pay. We are diligently working with them on the local banking regulatory guideline and making sure our payment systems operate in line with the guidelines.
Multi-phase adoption approach
PayBolt Lanka aims to drive a national-level effort to bring inflow into Sri Lanka. This will support the existing Forex challenges currently faced by Sri Lanka to promote economic growth.
In phase 1 we will target the hospitality and tourism industry, with foreigners and tourists that are the most likely early adopters to utilise the benefits of paying with crypto, which will save them time, money, and hassle of forex exchanges, improving the overall tourism experience.
Phase 2 will be e-commerce and food & beverages, exposing merchants to a young, crypto-savvy demographic they would otherwise not traditionally have access to.
Mainstream adoption is on the way
Over the next few years, PayBolt Sri Lanka plans to roll out its payment gateway across Port City, Colombo, and eventually to the rest of the country.
Backed by a welcoming government and banking sector, PayBolt will look to ensure crypto payment becomes the preferred method of payment for the millions of merchants and users in the country of Sri Lanka.