Payment technology firm Mastercard is set to open new offices in Puerto Rico and Jamaica in a bid to strengthen its presence in the Caribbean region.

The plan also includes expanding its office in the Dominican Republic that will be led by Gabriel Pascual.

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The move is aimed at increasing service efficiency while offering service to clients and business partners in the region.

Additionally, the Caribbean will become a new independent division of Mastercard, which until now was a part of the Latin America Central Division, reported wicnews.com.

It will also provide the local team with additional capabilities in various business segments.

The new offices at Puerto Rico and Jamaica to expected to be established by the first half of this year.

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Mastercard Caribbean division president Marcelo Tangioni was quoted by the media sources as saying: “This is the next step within the division’s five-year strategy, which was launched last September with the inauguration of our own offices in the Dominican Republic.

“In upcoming years we expect to continue expanding consistently our Caribbean presence.”

Earlier this month, Mastercard reported its fourth quarter results . The company registered a net income of $899m in the period, a jump of nearly 300% compared to $277m a year ago.

The company’s net revenue also increased to $3.8bn in the same period from $3.31bn in the fourth quarter of 2017.