Timor-Leste, one of the strongest democracies in southeast Asia, is taking further strides to become a new jurisdiction in the online betting and gaming sector as complement to regimes in Malta and the Isle of Man.
The Virtual Gaming Association (VGA) of Timor-Leste hosted a special industry event on Friday, February 2, that revealed further details about the proposed regulatory framework.
The VGA will be recommending to the Timor-Leste government that it issues both B2C and B2B licences, regulation be modelled on Malta and the Isle of Man rules and licences be issued in the second or third quarter of this year. It was also confirmed that the VGA will be conducting a consultation process with the industry to further refine its regulatory approach.
“It was a great honour to host an event in London representing Timor-Leste and welcoming President Ramos-Horta as speaker,” the Chairman of the VGA, Richard Leather, said. “Our focus at the VGA is to support Timor-Leste in becoming a jurisdiction that meets and exceeds best practices in online gambling regulation and licensing. Moreover, we look forward to speaking with responsible operators and suppliers looking for a serious, safe and secure jurisdiction for their business.”
Timorese President Jose Ramos-Horta, who was on an official visit to London, spoke at the event about the economic opportunities currently available in Timor-Leste. The country is set to join the Association of Southeast Asian Nations (ASEAN) in 2025 and is currently making efforts to diversify its economy including in the digital and IT sectors with growing interest from investors from around the world.
At the event in London, SoftSwiss and Vittoria Services signed agreements with Capital Group Timor-Leste, which represent the first 120 new jobs in a new business process outsourcing (BPO) project including customer care services set to begin operation in Dili, capital of Timor-Leste, in the next few months.
The BPO, which is currently being fitted out in the newest building in Dili, ETO Tower, includes a training facility where up to 100 operators and supervisors will receive training before being hired.
“This project is particularly important for Timor-Leste, a country in need of more job opportunities for young people and where around 70% of the total population is under 30 years old,” the Chief Operations Officer for Capital Group Timor-Leste, Antonio Sampaio, said. “It represents a significant investment by Capital Group Timor-Leste and also showcases the importance of private sector initiatives towards economic development.”
For further information regarding online gambling regulation and licensing, please contact Info @VGA.tl and for further information regarding BPO, please contact Info @CapitalGroup.tl.