QTech Games, the leading game distributor for all emerging markets, has won the Online Casino Provider award at the annual SPiCE Philippines Awards 2024 in Cebu.

The Online Casino Provider of the Year celebrates the supplier or platform which has created or corralled the most innovative casino games tailored for the Asian igaming industry over the past 12 months. And QTech Games was again chosen by the judges to have superseded and surpassed an array of proven performers in this category, fending off strong competition from other leading lights, including international powerhouses and local champions.

This sought-after award is perennially given to the best overall online casino provider in the Asia space and is awarded at a coveted ceremony held at the Shangri-La Mactan. This Awards Gala forms part of a wider must-attend conference that showcases a dynamic mix of panel discussions, masterclasses and networking events which bring together sectoral leaders and pioneers in the Southeast Asian gaming and entertainment landscape.

More broadly, the SPiCE Philippines Awards judging panel voted on some of the most consequential categories of igaming activity, denoting progressive domains that are shaping the industry’s future across the region.

QTech Games’ CEO, Philip Doftvik, said: “We’re naturally delighted to have walked off with another flagship award for the best digital casino provider – and we’ve also been promoting QTech Hybrid, our breakthrough retail solution, to great effect at the Shangri-La Mactan. It’s already been a great week.

“This win is a glowing tribute to our sedulous team at QTech Games, and to the constantly growing group of innovative suppliers that our platform represents. It’s a truly collaborative effort. We remain committed to rolling out high-quality content that drives revenue for our worldwide partners – from Asia to Africa, and Eastern Europe to LatAm.”

Philippine Senator Sherwin Gatchalian has proposed Senate Resolution 1193 to investigate the failure of local banks to detect POGO-related suspicious transactions tied to criminal activities, following the case of former Bamban, Tarlac Mayor Alice Guo.

Gatchalian, in his resolution, highlighted bank transactions involving Guo’s companies, which amounted to hundreds of millions of pesos and allegedly funded the construction of a POGO hub in Bamban. The amount far exceeded the financial capacity reflected in the companies’ financial statements.

He pointed out a significant increase in cash flows, check disbursements, and transactions involving Guo’s accounts, peaking in 2020—an anomaly given that the COVID-19 pandemic had severely disrupted businesses and economies worldwide.

Gatchalian noted that despite these large transactions, the banking system failed to flag them as suspicious. He raised concerns about the banks’ inability to report such dubious activities, questioning the effectiveness of their internal controls and procedures for identifying and reporting suspicious behaviour.

The senator emphasised that financial institutions are responsible for analysing financial data to detect transactions that may indicate money laundering.

These circumstances, according to Gatchalian, raise doubts about the adequacy of current Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations and guidelines for banks and financial institutions.

Gatchalian also pointed out that the Philippines remains on the Financial Action Task Force (FATF) grey list. The country must improve its AML/CTF efforts, including prosecuting money laundering and terrorism financing, addressing beneficial ownership information and strengthening cross-border declaration measures.

While President Ferdinand Marcos Jr. has instructed all government agencies to meet the necessary requirements to remove the country from the FATF grey list, Gatchalian stressed that private sector compliance is equally crucial to strengthening the country’s AML/CFT regime. This includes increased adherence to obligations, such as reporting covered and suspicious transactions.

Nazara Technologies Limited (BSE: 543280 NSE: NAZARA), India’s leading diversified gaming and sports media company, today announced its largest fund raise to boost its growth trajectory. The company’s board has approved a preferential equity issue to raise INR 900 crores, subject to shareholder and regulatory approvals. This capital infusion will fuel strategic acquisitions, fund business expansion, and enhance the company’s ability to seize new growth opportunities.

The preferential equity issue amounting to INR 900 crores will be placed with marquee investors such as SBI Mutual Fund, Junomoneta Finsol (an associate of Plutus Wealth), Think Investments, Discovery Investments, Mithun and Siddharth Sacheti, Cohesion Investments, Chartered Finance and Leasing, Ratnabali Investments and Aamara Capital, further strengthening Nazara’s financial foundation for long-term expansion. These shares will be subject to SEBI regulations and lock-in requirements as per Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018.

In a parallel development, Nazara also acquired an additional 19.35% stake in Absolute Sports Pvt. Ltd., the parent company of Sportskeeda, for INR 145.5 crores, with 50% of the consideration paid in cash and the remaining amount in stock. With this, Nazara now holds a 91% ownership stake in Absolute Sports, solidifying its leadership position in the sports media domain.

Sportskeeda, Absolute Sports’ flagship brand, reaches millions of sports fans globally each month, with significant traction in India and the U.S., where it ranks among the top sports platforms. In addition, Absolute Sports has recently expanded by acquiring  Pro Football Network (PFN), SoapCentral, and Deltia’s Gaming, further diversifying its sports and entertainment portfolio.

Nitish Mittersain, CEO & Jt MD of Nazara Technologies Limited remarked “Nazara has demonstrated its ability to attract top-tier investors who believe in our long-term vision of establishing India’s first globally respected gaming powerhouse. This INR 900 crores fundraise will be instrumental in accelerating our growth across key segments. Additionally, increasing our stake to 91% in Absolute Sports (Sportskeeda) reinforces our leadership in the sports media landscape. The growth of Absolute Sports, from its early days as a startup to becoming a global media player, underscores our commitment to supporting innovative teams that consistently deliver transformational growth.