Conister Bank, based on the Isle of Man, introduced the jurisdiction’s pioneer online gambling banking product. The bank aims to target the multitude of online gambling operators, including those operating under British gambling laws, situated within the jurisdiction.
The product, ProTect, was specifically tailored to serve the needs of operators and is already approved by the jurisdiction’s Gambling and Supervision Commission (GSC).
Conister Bank will now be able to accept funds of operators, running online casinos in United Kingdom, and place them on a fiduciary service with other financial institutions.
Managing director at the bank, Juan Kelly, is describing ProTect as a custom-made banking solution, which many of the Island’s operators were looking for.
He told United Kingdom gambling news: “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.”
As for the product itself, Kelly had the following comments on the issues connected with the development: “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 went on to add: “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.”
The number of gambling operators on the Isle of Man has been growing steadily. And GSC together with the government’s Department of Economic Development already stressed that local market lacks banking solutions, and this shortage could potentially discourage new operators from setting their bases on the Island.
Minister of Economic Development, John Shimmin, welcomed the launch of the banking product and said: “This will help the Isle of Man attract more e-gaming companies looking for a bank that can offer credible services.”