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 of Timor-Leste (VGA) hosted a special industry event on Friday 2nd of February which 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 will be modelled on Malta and the Isle of Man rules; and licences will be issued in Q2 or Q3 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. Our focus at the VGA is support Timor-Leste as 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” said Richard Leather, Chairman of the VGA.
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 ASEAN in 2025 and is currently making efforts to diversify the 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 BPO (Business Process Outsourcing) project, including customer care services, set to begin operation in Dili, capital of Timor-Leste, in the next few months.
The BPO, 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. It represents a significant investment by Capital Group and also showcases the importance of private sector initiatives towards economic development”, said Antonio Sampaio, Chief Operations Officer of Capital Ventures Timor-Leste.
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