Asia’s next Malta? Timor Leste’s GRU bets big on offshore gambling
2025 is turning out to be the most critical year for Asia’s iGaming landscape. While markets like Thailand, Japan, and the Philippines advance bills, resort developments, and regulatory reforms, a surprising new contender has entered the scene — Timor-Leste.
The small Southeast Asian nation is fast positioning itself as an emerging offshore hub, offering simplified licensing and sub-licensing through a central authority. Seen as a cost-effective alternative to established jurisdictions like Curaçao or Anjouan, Timor-Leste’s flexible approach is drawing attention from international operators.
The pertinent challenges for Timor-Leste
However, the path is not without hurdles. With limited banking infrastructure and inconsistent broadband coverage, operators are forced to innovate—using SIM-based KYC, census data, and carrier billing via Telkomcel. Local e-wallet integration through services like VCash, as well as cash settlement support in specific BPO hubs, is also underway.
Despite concerns over past money laundering allegations, industry insiders suggest Timor-Leste could become a breakout success, provided it balances operator-friendly policies with credible enforcement.
Sustainable option? Timor Leste’s GRU replies
Yet many critical questions remain: How exactly are offshore licences being issued? What compliance mechanisms are in place? And more importantly, can this young market sustain growth over the next decade?
To seek answers, we spoke to Datuk Harry Ng, CEO of Golden River Universe (GRU)—the company officially appointed by TOGOS to operate its first offshore gaming venture. Supervised by the Inspectorate General of Gaming (IGJ), GRU’s mission is clear: to position Timor-Leste as “Asia’s Malta,” a friendly yet robust jurisdiction for offshore iGaming licensing.
SiGMA World: Firstly, Harry, do you think Timor-Leste is stepping in at the right time?
Harry Ng, CEO of GRU: “Definitely. With the Philippines clamping down and Cambodia greylisted, there’s no structured offshore gaming hub in Asia. TOGOS can fill that space—but keeping scenarios in mind, we’re taking it slow. We don’t want to scale too fast and lose control. The foundation needs to be clean and purpose-driven—so for us, it is not just about chasing volume.”
SiGMA: You mentioned TOGOS is inspired by how Malta grew its iGaming industry. Can you explain that comparison?
Harry NG: “Absolutely. If you look back at least a decade ago, Malta was in a similar position—a small country, a young gaming sector, no clear roadmap. They started by appointing master operators to kickstart the industry. Over time, once the government understood the mechanics, the MGA took over and started issuing licences directly. That’s exactly what we’re doing with TOGOS. We call ourselves ‘Asia’s Malta’ for a reason. We want to replicate the Malta playbook—starting small, learning as we go, and gradually building regulatory maturity.”
For context, in the early 2000s, Malta was a pioneer in iGaming regulation. It began by issuing licences to a small number of operators under the Lotteries and Gaming Authority (LGA), which evolved into the Malta Gaming Authority (MGA) in 2015. Malta did rely on experienced intermediaries and a gradual learning approach to build trust and expertise, much like what TOGOS aims to replicate in Timor-Leste.
SiGMA: And how exactly are the licences being provided? What is the core requirement for operators who want to work with TOGOS?
Harry NG: “It’s simple, any operator looking to engage with TOGOS must already hold a valid home licence—either from Malta, Curaçao, Anjouan, Brazil, or Portugal. That’s the baseline. We’re not issuing full gaming licences; we’re offering sub-licensing under a strict framework. By accepting only licensed entities, we reduce the regulatory burden on our end because key due diligence—AML, KYC, gaming scope—is assumed to have already been done by the issuing authority.”
He further added, “Now this is not a shortcut or loophole—we’re building something sustainable. We’re creating a legitimate offshore gaming ecosystem that respects the law, protects the host country, and gives operators peace of mind. That’s rare in today’s offshore environment.”
SiGMA: And how does TOGOS ensure only legitimate companies enter Timor-Leste?
Harry NG: “All documentation provided is thoroughly vetted by accredited legal firms, who conduct AML checks, verify shareholding structures, and issue a legal opinion on whether an operator is fit to join TOGOS. Without this approval, we do not onboard them—it acts as a crucial firewall.”
When asked if this approach is similar to the Philippines’ initial POGO operations, Harry explained, “The POGO shutdown happened because of widespread scamming. Many companies registered as gaming operators were actually running scam call centres. The problem was that scam and gaming offices look very similar—both operate 24/7 with computers and staff. That’s why TOGOS enforces strict filtering to avoid repeating those mistakes.”
SiGMA: As you mentioned, many Asian operators are already licensed in Malta or Curaçao. So, why don’t they establish offices in those locations instead of offshore?
Harry NG: “It’s simple—cost and comfort. Asian companies rarely operate in Malta or Europe, even if they’re licensed there. The timezone, food, lifestyle, and overheads are deal-breakers. Similarly, European companies don’t want to set up in Asia unless absolutely necessary. That’s why Timor, being geographically and culturally closer, makes sense for Asian firms.”
SiGMA: Are you offering operators anything beyond sub-licensing, like infrastructure or onboarding help?
Harry NG: “Yes, we’ve built a five-storey, world-class office tower with reliable internet and power backups—something Timor still struggles with. We offer concierge services, visa help, onboarding support, and competitive pricing. We want the operator’s first impression to be world-class—from landing at the airport to plugging in their first laptop.”
SiGMA: Why is TOGOS focused solely on a back-end and non-player-facing model? Is it issuing gaming licences directly?
Harry NG: “No, TOGOS is not issuing gaming licences—we’re not a regulator like Malta’s MGA. Our model is strategic and designed for stability. Timor-Leste’s gaming framework is still in its infancy, and TOGOS is operating in a pilot phase. That’s why we focus strictly on backend services, including technology, customer support, and compliance.”
He further added, “This non-player-facing BPO model limits regulatory exposure and gives local authorities time to understand the industry, especially important post-POGO, as Southeast Asia became cautious due to past social and regulatory issues.”
SiGMA: What are your thoughts on cruise-based 바카라s for Timor-Leste? Is it a viable opportunity?
Harry NG: “Honestly, NO. As of now, there are just three venues, but they’re more like ‘club 바카라s’ with only slot machines—no table games are allowed. Locals can enter, unlike in Singapore. So it’s very basic right now. We’re far from a full-fledged integrated resort model.”
He further added, “Cruise 바카라s need a strong tourism base, and Timor doesn’t have that yet. Aside from diving spots, there’s not much to attract cruise passengers. Unlike Macau, which offers both gambling and tourism, Timor can’t support cruise-based gaming models. So I don’t see that happening in the foreseeable future.”
SiGMA: Lastly, what about scam operators? They’re now fleeing after being driven out of the Philippines and other territories. Don’t you think that’s a concern for Timor-Leste too?
Harry NG: “Yes, they’re shifting—some to the UAE, others to Sri Lanka or Myanmar border zones. But many are in hiding, constantly moving. It’s a cat-and-mouse game. That’s why we’re careful. We don’t assume every operator is bad, but we do rigorous checks to ensure only legitimate businesses enter Timor.”
Difficulties loom, possibility endures
Just as Malta once started small and grew steadily to become a global iGaming leader, Timor-Leste is taking a similar, careful, and focused approach. By prioritising strong regulation, operator vetting, and a non-player-facing BPO model, TOGOS aims to build a sustainable and trusted offshore gaming hub in Asia. While challenges remain, Timor’s strategic location, competitive costs, and commitment to learning from established markets distinguish it.
If it continues on this path, Timor-Leste could soon emerge as a major player—a model of responsible growth and innovation in the offshore gaming industry.
