Timor-Leste, officially known as the Democratic Republic of East Timor, is situated in Southeast Asia, encompassing the eastern portion of the Timor island. In recent years, this region has emerged as a promising sector for the gaming industry, actively pursuing regulation and drawing inspiration from established hubs like Malta and the Isle of Man. The nation eagerly anticipates foreign investments, with the belief that such capital influx will elevate the island's economy to new heights.
Timor-Leste in the Asian landscape has made notable strides in the gaming industry, positioning itself as a captivating jurisdiction for online gambling. The island's gaming authority aims to match regulatory systems of repute such as Malta and the Isle of Man. Notably, democratic nations in Southeast Asia are keen on economic diversification, placing emphasis on digital and IT sectors.
The Timor-Leste Virtual Gaming Association (VGA) recently hosted a pivotal industry event proposing a regulatory framework for the iGaming sector. During this event, it was revealed that Timor-Leste plans to issue both B2C and B2B licenses, modeled after successful frameworks from Malta and the Isle of Man. The issuance of these licenses is slated to commence in the second or third quarter of the current year, 2024. Furthermore, VGA intends to collaborate with industry stakeholders through consultations to refine and streamline the country's regulatory approach.
Timor-Leste's President Jose Ramos-Horta, during an official visit to London, emphasized his nation's economic potential. He highlighted Timor-Leste's trajectory to join the Association of Southeast Asian Nations (ASEAN) by 2025 and actively sought global investment to enhance the island's economic diversity.
A noteworthy development occurred in London, where SOFTSWISS and Vittoria Services inked agreements with Capital Group Timor-Leste. These agreements mark the initiation of a Business Process Outsourcing (BPO) project in Dili, creating 120 new jobs. The project, encompassing customer service services, is set to launch in the upcoming months. The BPO facility, situated in the newly constructed ETO Tower in Dili, will house a training center capable of training up to 100 gambling operators and managers.
Establishing Timor-Leste as a secure jurisdiction for online gambling signifies a significant milestone for the iGaming industry. By adopting a regulatory framework mirroring Malta and the Isle of Man, Timor-Leste positions itself to attract international operators and service providers, contributing to the country's economic diversification and highlighting its potential as an enticing investment destination in the digital and IT sector.
Richard Leather, Chairman of the VGA, expressed, "It was a great honor to host the event in London, representing Timor-Leste and welcoming President Ramos-Horta as a speaker. Our goal at VGA is to support Timor-Leste as a jurisdiction that meets and exceeds best practices in online gambling regulation and licensing. Moreover, we look forward to engaging with responsible operators and suppliers seeking a serious, safe, and reliable jurisdiction for their business."
Antonio Sampaio, Chief Operating Officer of Capital Ventures Timor-Leste, emphasized the significance of the gambling project for the country, addressing the pressing need for youth employment opportunities in a nation where approximately 70% of the total population is under 30 years of age. Sampaio underscored the project as a substantial investment by Capital Group, highlighting the importance of private sector initiatives in economic development in an interview with igamingfuture.com.
