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Bacta provides evidence to Treasury Select Committee into banking provisions for members

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Bacta provides evidence to Treasury Select Committee into banking provisions for members
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Bacta the trade association representing the UK amusements and low stake gambling industry has contacted the UK government expressing its concern at how businesses in the sector are being unfairly treated by the banking sector, in some cases having their facilities withdrawn often at short notice.

In evidence provided to the Treasury Select Committee, bacta CEO John White said: “We want to confirm that a number of our members have had their banking facilities suddenly and unexpectedly removed. The reasons’ given are that the banks consider gambling, even low stake low prize activities such as ours, as a money laundering risk – which is nothing short of preposterous. Furthermore, we have been told that banks consider gambling to pose a reputational risk which, they say, offends their Corporate Social Responsibility policies.”

He added: “Irrespective of anyone’s moral perspective on gambling, there should be no circumstances other than illegality, for a bank not to offer banking services to any of our members.”

Confirming the legitimacy of the industry he wrote to the Committee: “It is important to note that this is a highly regulated industry. All operators have to be licensed in some form by the Gambling Commission and venues must be licensed. The conditions under which operators conduct their business are set down in law or via the Gambling Commission’s Licence Conditions and Codes of Practice (LCCP). Furthermore bacta members must adhere to the association’s Code of Conduct and Social Responsibility Charter which goes beyond the law and LCCP in promoting high operating standards.”

Outlining how a decision to refuse banking services will have major consequences for a business. He noted: “The time and cost of finding another bank is significant. The debt position of customers can be severely impacted and lending facilities cannot simply be replicated.

“It appears that a moral or political judgement is being made about a business, with little if any real transparency or opportunity to challenge a decision. Small to medium sized businesses are simply not resourced to take on a big bank.”

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Volt Announces New Partnership with Kinguin

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Volt, the global real-time payments platform, has announced a new partnership with Kinguin, a leading global marketplace for video games. Utilising open banking technology, the partnership enables Kinguin’s 18 million users to securely and seamlessly purchase games and in-game goods using “Pay by Bank”.

Made available across France, the Netherlands, Germany and the UK, Volt’s “Pay by Bank” solution allows users to check out directly from their online banking environment, where their payment is pre-populated and ready to approve with a single tap. Unlike cards, “Pay by Bank” doesn’t involve any manual data entry – meaning an end to mistakenly typed card details, and any details being compromised.

The integration of Volt’s “Pay by Bank” solution further signals Kinguin’s commitment to providing innovative payment solutions in each of the countries it operates in, with open banking payments gaining particular traction in northern Europe. According to Juniper Research, open banking payments’ total transaction value will be $330bn in 2027 – a 479% increase from the $57bn recorded in 2023.

Further, the partnership is further evidence of the product-market fit between real-time open banking payments and online gaming, where fast, friction-free purchases are particularly valued – especially when they’re rooted in bank-grade security. For providers like Kinguin, integrating “Pay by Bank” also means faster settlements; because payments are routed account to account, on the SCT and SCT Inst rails in Europe and Faster Payments in the UK – they settle in real time.

Faheem Bakshi, Kinguin’s VP Payments, said: “Offering the latest in payments technology is vital to our commitment to delivering an optimised user experience in each of our live markets. With the rapid growth of open banking payments in Europe, it became imperative to find a provider that could offer customers across some of our key markets a harmonised Pay by Bank experience. Volt was best placed to deliver on this aim, and we’re already seeing it emerge as a preferred payment option.”

Thomas Pinter, Volt’s SVP Global Digital, said: “We’re delighted to support Kinguin’s mission to provide customers with the best possible payment experience. We pride ourselves on our optimised payment flow, bank connectivity and geographic coverage, so it’s fantastic to see this being recognised by merchants such as Kinguin. We look forward to seeing Pay by Bank drive conversion and speed up settlement times across the UK and northern Europe.”

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Polina Georgieva named Chief Marketing Officer of CT Interactive

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Polina Georgieva named Chief Marketing Officer of CT Interactive
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With an extensive career spanning over diverse business sectors, Polina brings a wealth of expertise to the team of CT Interactive as our new Chief Marketing Officer. Known for driving high-impact marketing strategies, Polina has a proven track record of delivering significant business growth through integrated campaigns, brand management and business development.

Throughout her professional journey, Polina has demonstrated expertise by driving business strategy, leading sales initiatives, and managing marketing campaigns. Her expertise encompasses business development, strategic marketing, and partnership cultivation, all closely aligned with the company’s values and objectives.

In her extensive career, Polina has demonstrated proficiency by launching and enhancing successful product lines, spearheading multi-channel marketing efforts, and developing targeted marketing strategies across various industries. Her deep understanding of consumer behavior and market trends has consistently translated into competitive advantages and elevated brand equity. Polina’s ability to respond to emerging trends, manage diverse partnerships, and execute high-impact campaigns has resulted in impressive marketing outcomes that align with and support overall business goals. Her dedication and results-oriented approach make her a key driver of growth and success.

Polina holds a degree in International Relations from the University of National and World Economy and has advanced training in Business Management from TÜV AUSTRIA Academy. She is part of the Marketing jury at the most prestigious competition for web in Bulgaria Site of the year. The combination of knowledge and practical experience makes her a valuable addition to our team.

At CT Interactive, Polina is poised to elevate the brand’s presence and drive sustainable growth by integrating her expertise in these dynamic industries, being proud to join one of the pioneers in the business.

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Expanse Studios (GMGI) Secures ISO/IEC 27001:2022 Certification

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Expanse Studios, the iGaming division of Golden Matrix Group, Inc. (Nasdaq: GMGI), proudly announces its recent certification to the ISO/IEC 27001:2022 standard, which demonstrates globally leading data security standards.

This globally recognized certification reinforces the Group’s dedication to safeguarding confidential information, client trust, and strengthening its competitive position in the iGaming industry.

The ISO/IEC 27001:2022 standard establishes a rigorous framework for managing and protecting information security across all operations. By attaining this certification, Expanse Studios has implemented a comprehensive Information Security Management System (ISMS) that ensures the confidentiality, integrity, and availability of data. This certification goes beyond compliance and assures our clients and partners of our stringent security protocols, protecting against cyber threats and unauthorized access.

“Achieving the ISO/IEC 27001:2022 certification marks a significant milestone in Expanse Studios’ journey. This certification not only reinforces our security framework but also highlights our commitment to upholding the highest standards of trust and integrity for our clients and players worldwide.”, said Damjan Stamenkovic, CEO of Expanse Studios.

In an industry where information security is paramount, ISO/IEC 27001:2022 certification demonstrates Expanse Studios’ proactive stance on cyber risk management and adherence to international best practices. The certification process included comprehensive evaluations, audits, and stringent checks, all contributing to a secure environment that benefits our clients, players, and business partners.

ISO certification assures the clients that Expanse Studios operates with top-tier security mechanisms, solidifying the role of the GMGI entity as one of the most trusted and compliant partners in the iGaming sector.

 

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