Mar 15, Colombo: Sri Lanka's investment promotion agency, Board of Investment (BOI) announced yesterday that Australia's Paycorp Payment Solutions will set up a KPO center in Sri Lanka.

The Australian company has signed an agreement with the BOI to set up the new company, named 'Paycorp International' with an investment of US$ 4.4 million.

The Sydney-based Paycorp Payment Solutions is a leading provider of enterprise payment processing solutions to financial institutions, corporate, and industry specific vertical markets.

The new KPO will assist clients in high domain knowledge processes and complex services such as banking and finance, government and other industry verticals, the BOI said.

John Caliguri, Director and Chairman of the newly formed Paycorp International Private Limited has said that the Sri Lankan culture and the qualified talent pool are major factors that make the country best suited for the next generation global KPO processes.

"Culturally and educationally Sri Lanka has always been suited for the delivery of global back office support services," BOI said in a statement quoting the Director.

During the next few months, the company will invest in infrastructure for its new site, training of people and other operational tools.

Minister of Investment Promotion Lakshman Yapa Abeywardena and Mazeen Farook, Managing Director of Paycorp International signed the agreement to set up the new company.

Farook, has said that Sri Lanka has already gained considerable advantages and the people are quite ready to be trained for complex programs since Sri Lankan graduates can achieve complex IT KPO processes and have the required technical capabilities to support the operations.