NEW E-WALLET LAUNCHES
27 April 2007
But details are sketchy on this Panama City based
venture
The integrity and financial probity of Internet third
party e-cash processors is a matter of concern for
everyone involved in the industry in these tricky times,
as US legislation forces established companies out of
the US online gambling market, leaving the field open to
less proven entities.
That being the case, one would have thought that the
disclosure of full background detail on backers,
financial strength and regulatory registration details
and requirements would be critical for any newcomer.
Apparently this is not the case with Omega Internet
Solutions, which this week launched it's e-wallet from
Panama City, although the marketing vice president
appears from his contact details to be located somewhere
in Dallas, Texas.
The Omega press release, subsequently confirmed in an
email from marketing vice president Mike James, invites
customers from anywhere in the world to use its Internet
facilities for business or personal transactions...even
if they have no bank account.
The release goes on to claim that Omega offers several
unique features in their e-wallet that distinguishes it
from any other e-wallet currently available. "The Omega
e-wallet was designed to allow people without bank
accounts to fund their online e-wallet through direct
money transfers which of course do not require bank
accounts. Also, personal checks and wire transfers will
be accepted. An Omega Internet Solutions account is free
and easy to create," it reveals.
Merchants are also encouraged to sign up on the promise
of a 6 percent commission on every dollar sent through -
making Omega the only e-wallet that pays merchants.
Omega Internet Solutions expects many entrepreneurs in
the developing world especially to take advantage of
such an opportunity for a small business to get
involved. The company also allows third person
transfers.
In what is presumed to be a rather coy reference to
online gambling, the Omega press release says that the
firm expects rapid growth in the "...online
entertainment industries which have customers that want
additional privacy in their online transactions and may
face difficulty in purchasing goods and services due to
cultural or other barriers."
The press release was remarkable insofar as it did not,
despite launching a financial service, provide any
corporate information, and InfoPowa therefore contacted
the company, urging further disclosure. In his return
email, James proved to be courteous but did not provide
any concrete information.
He advised that Omega Internet Solutions is a privately
held company formed in the Republic of Panama. The
Republic of Panama is the regulatory authority for all
activities of Omega that are located in Panama, although
he claims that the company operates in unspecified
multiple jurisdictions for banking purposes. He asserts
that the owners of the company will not disclose their
identity, and that Panama was chosen for both business
and privacy reasons, and has strong bank secrecy
regulations.
Again without supplying any detail, James described the
management team at Omega as having "...very strong
backgrounds in payment processing and working with
online entertainment businesses in particular." He went
on to claim that his company has "...very strong
financial backing and strong redundant banking
operations in multiple jurisdictions to provide for
continued service to all of our customers. All customer
funds are segregated from operational accounts so there
is always a 100 percent guarantee of customer funds
available in Omega e-wallet accounts."
He also pointed out a factor that could be both good and
bad - the deposit methods available for Omega are
basically cash options, which means there are no windows
of potential charge backs or default that may pose
significant financial risks to an online e-wallet.
Online Casino News courtesy of InfoPowa
More news here.
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