Australian technology firm Valenta has expanded its operations to Trinidad and Tobago.
Under Valenta Caribbean Ltd, the digital transformation specialists signed a lease agreement with the TT International Financial Centre (TTIFC) to commence local operations at the Incubation Hub, International Waterfront Centre in Port of Spain.
The TTIFC said in a release on Tuesday that the move is part of Valenta’s growth strategy for the region.
“Trinidad and Tobago has several advantages such as a strong infrastructure, proper skillsets of employees and ideal time zone for our clients in North America, making it a good option for us to service our clients better,” said Valenta co-founder Jayesh Kasim.
For TT, this means additional foreign direct investment, increased employment, and development opportunities for local citizens, as the company projects to recruit 100 new hires by the end of 2022.
“We are truly grateful that we have been able to bring Valenta to Trinidad and Tobago despite the challenges caused by the pandemic.
“This collaboration between the TTIFC and Valenta is one that is well-matched, as it will allow for the development and transfer of the skills and competencies we need to build within our local talent pool, as we work to become the fintech-enablement hub of the Caribbean,” said TTIFC CEO John Outridge.
In addition to recruitment activities, Valenta’s team met with several businesses such as Republic Bank, JD Sellier, Aegis and First-link Business Solutions Ltd to complete its business registration and set up of bank account and payroll services.
The company was also matched with employment agencies, realtors and other service providers, to review options for secondary office spaces to support expansion of its local operations.
The incubation hub is a facility of the TTIFC and provides a temporary space for international tech businesses and investors to set up locally.
The lease allows for an incubation period of 18 months. The hub is one of the many initiatives of the TTIFC as it works to build a robust fintech-enabling ecosystem in TT and the wider region.
According to TTIFC, Valenta Caribbean offers customised solutions in three main areas including process consulting, digital transformation and outsourcing.
The Brisbane-founded company recently expanded into Europe and North America, moving its headquarters to Toronto, Canada.
The TTIFC is the state agency charged with developing the financial services sector. It is the lead agency under the Ministry of Finance for driving Government’s digitalisation initiatives in this sector as the country pursues its goal of becoming a cashless society and a fintech-enabled financial services hub by 2023.
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