The Governor of the Central Bank, Maiava Atalina Ainu’u-Enari, has praised the overseas expansion of two Samoan-backed companies in Timor Leste.

Speaking at the celebrations to mark the 15th anniversary of Pacific Holdings (Timor) operating the Western Union in Timor Leste and the official launch of a new General Insurance venture, Maiava said it was an “encouraging sign” for Samoa.

“That a Samoan-backed Company can foster partnership with Timor Leste, and help another Pacific neighbour rise to its potential is something that I am proud of,” she said.

“Pacific Holdings is this month celebrating 15 years. The company commenced service in 2001 with a single agent in Dili… that agency has grown into five locations in the capital and Districts.

 “The possibilities for Federal Insurance Timor to contribute to developing the financial services sector in Timor Leste was important,” she said.

 “The benefits are numerous as we have seen in Samoa in the last few years where recovery and rehabilitation following a tsunami and cyclones have been possible due to proper risk management measures taken by businesses or individuals before the event – in other words, when disaster struck, many people were able to get back to business and back to normal life because they were adequately insured.”

Maiava was in Timor Leste for the annual Pacific Island Reserve Bank Governors Conference.

“We were very honoured that Maiava accepted our invitation to officially launch Federal Insurance Timor,” said Director Papali’itele Alan Hutchison.

“The Central Bank of Samoa were supportive of Federal Pacific Insurance (Samoa) investment in Timor Leste and to be able to share the occasion with Maiava and her team, and fellow delegates from around the Pacific was a great honour.

 “Including our team from Federal Pacific Insurance Samoa led by General Manager, Namulauulu Sami Leota, the evening brought together perhaps the largest number of Pacific Islanders in Dili since our early days with the Samoan Police Contingents deployed with UNPOL in 2000.”

Pacific Holdings (Timor) provides an important service for thousands of people and their families throughout the country. The company’s operations and its family of 20+ staff has been managed by Momoe Malietoa-Hutchison since its inception.

The newest Samoan venture in Timor Leste – Federal Insurance Timor also had cause for celebration on the evening. Federal Insurance Timor is only the second licensed General Insurer in Timor Leste.

The cocktail was well attended by Pacific Central Bank Governors, Government officials, local business and banking community, together with staff and families of both companies in an event that blended both Timorese and Samoan customs.