BESPOKE ONLINE GAMBLING FINANCE LAUNCHED ON THE ISLE
OF MAN
10 February 2012
Conister Bank launches the IOM's first
e-gaming banking product
The Isle of Man-based Conister Bank has announced the
launch of the Island's first ever e-gaming dedicated
banking product, created specifically for the Island's
e-gaming operators, with the approval of the local
Gambling and Supervision Commission (GSC).
The
bank can accept gaming operators' funds and place these
on a fiduciary service with other banks. The product,
branded ProTect, also meets the player protection
requirements of the Online Gaming and Regulation Act
(OGRA) which requires that player funds be segregated
from operational accounts.
Conister Bank
managing director, Juan Kelly, believes that ProTect is
exactly the type of tailor-made banking solution the
Island's e-gaming industry has been calling for.
"The e-gaming sector has been underserved
historically," he said. "It is now high time for
positive action and I am proud that Conister Bank is the
first bank on the Island to step up to the plate."
Explaining the planning that had gone into the
product, Kelly said there were two key issues that had
to be addressed.
"One was our ability to take
funds on our own balance sheet and the other was to
provide a fiduciary service or conduit for e-gaming
companies. We now have a compliant, transparent and
efficient system in place which protects both player
funds and the reputations of e-gaming operators," he
explained.
"Whilst international banking groups
might be constrained in their ability to accept funds
from e-gaming operators, Conister has sought to overcome
all these constraints with the assistance of the GSC and
the Isle of Man government. We are now at the point
where we can offer an attractive Isle of Man banking
solution for this truly dynamic industry. We are also
confident ProTect will help attract more e-gaming
businesses to our shores," he said.
Despite the
growing numbers of Isle of Man e-gaming licensees, over
the last couple of years the GSC and the island
government's Department of Economic Development has
warned that the shortage of local banking facilities was
potentially dissuading new e-gaming businesses from
moving to the Island.
The launch has been
welcomed by John Shimmin, MHK, Minister of Economic
Development. "This will help the Isle of Man attract
more e-gaming companies looking for a bank that can
offer credible services," he said.
Online Casino News Courtesy of
Infopowa
More news here.
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