Isle of Man Introduces First eGaming Banking Product
This week, the Isle of Man saw the launch of its first ever e-gaming dedicated banking product, created in cooperation with Conister Bank for the Isle of Man’s e-gaming operators.
The product, titled ProTect has received the approval of the local Gambling and Supervision Commission (GSC) and it also meets the player protection requirements of the Online Gaming and Regulation Act (OGRA) which requires that player funds be segregated from operational accounts.
Thanks to the product, the bank can accept gaming operators’ funds and place them on a fiduciary service with other banks. It has been assessed by Conister Bank managing director, Juan Kelly, that ProTect is precisely what the Island’s e-gaming industry needs.
He said: “The e-gaming sector has been underserved historically. 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.”
In relation to the product’s making, he distinguished two crucial issues they had to address: “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.
“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 concluded.
The product also received the support of John Shimmin, MHK, Minister of Economic Development, who said: “This will help the Isle of Man attract more e-gaming companies looking for a bank that can offer credible services.”
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