Colombo YMBA helps digital entrepreneurs contribute to economy
Having identified the immense potential and bring about a solution to the foreign exchange crisis in the country, the Colombo YMBA is helping digital freelancers to set up business, marketing their services, and help solve day-to-day problems.
Mahendra Jayasekera, President, Colombo YMBA told the Business Times that so far the organisation has conducted two online programmes and a physical workshop will be held on June 28 at the Colombo YMBA, Borella main hall free of charge. “We expect 500 prospective freelancers to attend this programme. We are also facilitating meetings between digital entrepreneurs and the higher officials of the Central Bank of Sri Lanka to create awareness among policy-making authorities about the potential of freelancers to bring foreign exchange to the country and the need to create an enabling policy framework for freelance business to grow.”
He added that the YMBA also has plans to set up and manage an online platform to host educational material for newcomers as well as existing freelances to enhance their skills to further develop their business. “There are over 200,000 digital freelancers in Sri Lanka and they have no recognition and are currently neglected by the Government although they are an important stakeholder in Sri Lanka’s IT journey. They face numerous challenges in registering their business transferring money and also making payments for digital platforms.”
A software engineer said that most digital freelance entrepreneurs fear that they will get caught to taxes which is why they will not bring the money into the country. These are the main reasons why such freelances use Payoneer which is an American financial services company that provides online money transfer, and digital payment services. These entrepreneurs say that they have around US$10,000 at any given time.
The Colombo YMBA has identified this sector as one important sector to support as it involves the future of youth in Sri Lanka, Mr. Jayasekera added.