How Money Transfer Services Reflect the Diversity and Harmony between Singapore and Sri Lanka

Singapore and Sri Lanka are two countries that have a close and cordial relationship, based on historical, cultural and economic ties. Both countries are also diverse and multi-ethnic, with different religions, languages and traditions. Despite their differences, Singapore and Sri Lanka have managed to maintain harmony and mutual respect among their people.

One of the ways that this harmony is reflected is through the use of money transfer services. Money transfer services enable people to send and receive money across borders, for various purposes such as remittance, trade, investment, education, healthcare and tourism. Money transfer services also facilitate the exchange of currencies, which can affect the economic well-being of both countries.

Money transfer services are especially important for the Sri Lankan diaspora in Singapore, who make up about 0.3 per cent of the population. According to the Central Bank of Sri Lanka, Sri Lanka received US$6.7 billion in remittances in 2019, making it the second largest source of foreign exchange after exports. Remittances help to support the livelihoods of millions of families in Sri Lanka, as well as contribute to the development of the country. But workers' remittances in 2022 fell to their lowest level since 2012, when overseas Sri Lankans sent in $3.78 billion. The Central Bank of Sri Lanka (CBSL) recently disclosed a positive surge in the volume of workers’ remittances for the first half of 2023. With June’s contribution totalling USD 475.7 million, the total sum of remittances for the first six months (January – June 2023) accumulated to an impressive USD 2,822.6 million.

Money transfer services also enable Singaporeans to connect with their Sri Lankan counterparts, whether for business or personal reasons. For example, Singaporeans can use money transfer services to pay for goods and services from Sri Lankan suppliers or vendors, or to send gifts and donations to their friends and relatives in Sri Lanka. Money transfer services also allow Singaporeans to travel to Sri Lanka and enjoy its rich culture and natural beauty.

Money transfer services are not only a means of transferring money, but also a means of transferring values and sentiments. They reflect the diversity and harmony between Singapore and Sri Lanka, as well as their common aspirations for peace and prosperity. As former Foreign Minister S. Rajaratnam said in his speech at the United Nations General Assembly in 1965, “We believe that diversity is not a source of weakness but a source of strength.”