The Board of Investment (BoI) of Sri Lanka yesterday announced the signing of a US$ 4.40 million agreement with Paycorp Payment Solutions for the setting up of a Knowledge Process Outsourcing (KPO) center.

Paycorp is a provider of enterprise payment processing solutions to financial institutions, corporates and industryspecific vertical markets operating in the Australasian region.

Director and Chairman of Paycorp Payment Solutions, Australia and its newly formed Sri Lankan branch, John Caliguri cited Sri Lanka’s qualified IT talent pool as one of the major factors in Paycorp’s decision to establish its presence in the country.

“In the next few months, Paycorp will invest in infrastructure for its new site, in addition to training and other operational tools. Culturally and educationally Sri Lanka has always been suited for the delivery of global back office support services and we are excited to be establishing our center here,” he stated. The KPO center, which will be involved in assisting clients in high domain knowledge processes and complex services in the fields of banking, finance and government, is expected to create 100 direct employment opportunities.

 “Sri Lanka has already gained considerable advantages and the people are quite ready to be trained for complex programs,” Managing Director of Paycorp International, Mazeen Farook stated.

He went on to state that the entry of Paycorp into the Sri Lankan market was a clear indication of the confidence that the company had in the ability and technical capability of Sri Lankan graduates to achieve complex IT KPO processes.