For many, Romania is a country shroud in a mist of mystery, but for others it is a market representing new opportunity. With nearly 20 million citizens, Romania ranks as one of the ten largest countries in Europe and it is one poised for and experiencing growth. That’s why we’re pleased to announce that GlobalGateway now covers Romania.
Romania’s capital and largest city, Bucharest, is home to nearly 2 million people. Noted for its broad, beautiful avenues, this “Little Paris of the East” is not just the country’s government and cultural center, but it’s also a growing and diversifying economic engine for the country and Eastern Europe.
After the country joined the European Union in 2007, Romania rose to become the EU’s fastest growing economy with 6.4 percent GDP growth in 2017, and another 5.1 percent predicted for 2018. This year alone, it has seen record-setting jobs growth, reaching the highest levels of national employment since the strictly controlled economy of the communist era.
For years, international companies have outsourced IT services to Romania, taking advantage of lower costs and a skilled workforce. That’s helped to build the tech sector in the country and lay the foundations of a more modern workforce. Another positive result of that is a rich and growing number of home-grown tech businesses.
Investments such as FitBit’s 2017 acquisition of Romania’s Vector Watch are evidence of that. So too is UiPath’s successful funding and billion-dollar valuation. Vibrant, vital and vivacious, Romania is celebrating a new culture of entrepreneurship and innovation, with a passion for science and technology, especially among younger generations.
Opportunities for the country are numerous as growth and innovation means attracting new investment, building new infrastructure and a boost in the economic buying power of Romanian consumers and companies. For businesses looking to capture some of that growth by entering or streamlining operations in Romania, we now offer an online identity verification source in GlobalGateway to quickly and easily make checks for Romanians transacting online.
Trulioo is committed to its mission of providing the entire global population with verified identities. Adding coverage in Romania is the next step in that goal, as well as helping client companies meet Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance measures for transactions involving Romanian citizens.