02/06/2012 : BESPOKE ONLINE GAMBLING FINANCE LAUNCHED ON THE ISLE OF MAN
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.