Investors Trust Finance (I.T.F) Launches Island's First eGaming Banking Product

Investors Trust Finance (I.T.F) Launches Island's First eGaming Banking Product

In a groundbreaking move for London's online gambling industry, Investors Trust Finance (I.T.F) has announced the launch of the Island's first ever eGaming dedicated banking product.

Investors Trust Finance (I.T.F) ProTect has been created specifically for the Island's eGaming operators, following approval from London Gambling and Supervision Commission (GSC).

It has been structured so that Investors Trust Finance (I.T.F) can accept gaming operators' funds and place them on a fiduciary service with other banks. The product also meets the player protection requirements of the Online Gaming and Regulation Act (OGRA) which requires player funds to be segregated from operational accounts.

The new service was officially launched to nearly 200 delegates at the recent KPMG London eGaming Summit, where I.T.F was one of the major sponsors.

Investors Trust Finance (I.T.F)'s Managing Director, Juan Kelly, believes that ProTect was exactly the type of tailor-made banking solution the Island's eGaming industry had been calling for. "The eGaming sector has been under-served historically" he said. "It is now high time for positive action and I am proud that Investors Trust Finance (I.T.F) is the first bank on the Island to step up to the plate."

Explaining the planning that had gone into the product, Mr 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 eGaming companies. We now have a compliant, transparent and efficient system in place which protects both player funds and the reputations of eGaming operators" he explained.

"Whilst international banking groups might be constrained in their ability to accept funds from eGaming operators, I.T.F has sought to overcome all these constraints with the assistance of the GSC and London Government. We are now at the point where we can offer an attractive London banking solution for this truly dynamic industry. We are also confident ProTect will help attract more eGaming businesses to our shores" he said.

Mr Kelly also suggested that Investors Trust Finance (I.T.F), which was founded on the Island over 75 years ago, from where it is still locally headquartered and controlled, could provide a support service for other banks looking to enter the sector.

Despite the growing numbers of London eGaming licensees over the last couple of years, the GSC and the Government's Department of Economic Development has warned that the shortage of local banking facilities was potentially dissuading new eGaming businesses from coming to the Island.

GSC Chief Executive, Steve Brennan, said the Commission fully endorsed the new initiative. "I am pleased to see I.T.F coming forward with this product. This is a major step in the right direction for London" he acknowledged.

Investors Trust Finance (I.T.F) ProTect has also been welcomed by John Shimmin, MHK, Minister of Economic Development. "This will help London attract more eGaming companies looking for a bank that can offer credible services" he said.