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Pay8 signs MOU with CEZA

George Miller

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Pay8 signs MOU with CEZA
Reading Time: 2 minutes

 

Pay8, a Fintech company, represented by its chairman Kirk Arambulo, has signed a Memorandum of Understanding with Secretary Raul Lambino of the Cagayan Economic Zone Authority (CEZA).

Pay8, which specializes in payment solutions, is providing the CEZA Zone with last mile connectivity using their proprietary platform to enable online payments in remote areas.

The project is in line with the programs of the Duterte administration for financial inclusion, giving the 80% of the unbanked population in the Philippines access to the banking network. This will include residents, locators, small businessmen in the Sari Sari stores, fishing operators, and transportation operators.

Pay8 serves as a payment gateway by utilizing a portable point of sale (POS) system, bringing mass transactions online for often isolated communities. It also dovetails with the ecotourism push, allowing hotels and resorts in CEZA to accept and receive tourist payments under bancnet and Visa/MC.

This connectivity will also take advantage of the proximity of the new airport in CEZA to major North Asian cities being a short 45 minute flight from most of the coastal cities of China and Taiwan, and less than two hours from Japan and Korea.

“We are excited to be part of the pivot of CEZA towards being the Fintech leader in Asia. We look forward to working hand in hand with them to provide an effective platform for financial inclusion. This Filipino developed platform is scalable and can be a showcase for other emerging markets in Asia and is aimed at helping CEZA constituents compete in the digital world”, said HatchAsia President, Kirk Arambulo.

Pay8 is a majority owned subsidiary company of HatchAsia Inc., which has filed for its listing by introduction with the Philippine Stock Exchange (PSE).

 

About HatchAsia Inc.

HatchAsia is a gaming and IT services company dedicated to reshaping the digital landscape through innovative technology and business process solutions.
Located in the heart of Bonifacio Global City (BGC) in Taguig City, the company offers customer service and helpdesk support, field technical support, datacenter provision and maintenance, as well as cash management and financial support to its customers.
Its software services delivery unit provides end-to-end solutions covering project management, applications design and development, data management and information processing services.
HatchAsia is headed up by President and CEO, Kirk A. Arambulo.
For more information, visit www.hatchasia.com

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Asia

Cambodia to Ban the Issuance of Online Gambling Policy and Licenses

Niji Narayan

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Photo source: acboulle.org
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The Cambodian Government has issued a directive to stop the issuance of online gambling policy and licenses, both within and outside of Cambodia.

The government said that the industry had been used by foreign criminals to extort money. The southern coastal city of Sihanoukville has emerged as a particular centre for gambling and many of the dozens of Chinese-run casinos that have sprung up there have online gambling operations.

“The Royal Government of Cambodia will stop the issuance of online gambling policy and licenses, both within and outside of the Kingdom of Cambodia, from the date of signing this directive,” said the directive signed by Prime Minister Hun Sen.

“Some foreign criminals have taken refuge in the form of this gambling to cheat and extort money from victims, domestic and abroad, which affect the security, public order and social order,” the directive said.

China is Cambodia’s close ally, its biggest donor and investor. It has also been trying to crack down on cross-border gambling, criticising operations in the Philippines that are similar to those in Cambodia.

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Asia

Kien Huat Realty III Limited and Genting Malaysia Berhad to Acquire Empire Resorts

Niji Narayan

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Empire Resorts, Inc. has announced a definitive agreement under which affiliates of Kien Huat Realty III Limited and Genting Malaysia Berhad will acquire all of the outstanding equity of the Company not currently owned by Kien Huat or its affiliates for $9.74 in cash per share. Kien Huat is currently the holder of approximately 86% of Empire Resorts’ outstanding shares of common stock.

The Board of Directors of Empire Resorts has approved the transaction on the unanimous recommendation of the previously formed special committee of independent directors. Empire Resorts and Kien Huat also amended Kien Huat’s existing preferred stock commitment letter with the Company, which, subject to the terms thereof, enhances Empire Resorts’ access to capital through February 2020.

“We are pleased to reach this agreement and provide immediate certain cash value to our stockholders. Kien Huat has been a true partner for Empire Resorts, and we look forward to welcoming Genting Malaysia into our ongoing relationship. With Kien Huatand Genting Malaysia, we will be part of an extensive and attractive organization with enhanced scale and global reach. Importantly, Kien Huat has agreed to provide incremental credit support to Empire Resorts, which will enable the Company to meet its debt obligations as we continue to execute on our business strategy,” Keith Horn, independent director of Empire Resorts said.

“With the resources and support of Kien Huatand Genting Malaysia, Empire Resorts will be better positioned financially and operationally, which will help us advance our mission of delivering a winning combination of luxury facilities, quality entertainment and exceptional customer service. This transaction is a win-win for all our stakeholders, including our stockholders, customers, employees, creditors and the communities in which we operate. Importantly, we expect our employees will benefit from new opportunities for career development as part of a larger organization. I look forward to working closely with Kien Huat and Genting Malaysia to seamlessly complete the transaction,” Ryan Eller, President and CEO of Empire Resorts said.

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Losers and Winners of Online Gambling in China

Niji Narayan

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Photo source: aljazeera.com
Reading Time: 1 minute

Countless ordinary Chinese people, driven by greed and ignorance, have fallen into online gambling like the moths flying towards the fire.

In 2018, Chinese handset maker Gionee was forced into bankruptcy liquidation. The reason was that Liu Lirong, the owner of Gionee, gambled and lost more than 1 billion Chinese yuan in Saipan Island, leading to a shortage of operating capital and final bankruptcy.

Traditional Confucianism holds that gambling means greed and depravity. Many Chinese literary works and academic studies have portrayed Chinese gamblers and many people think that Chinese people are fond of gambling.

Before the rise of online gambling in many countries, China’s neighbouring countries once set up casinos in border areas with China to attract Chinese tourists and gamblers. Gambling-related criminal cases caused a lot of trouble for the Chinese government. Under pressure from the Chinese government, casinos in many border areas had been shut down.

The rise of online gambling has changed the story. Gaming companies have been able to spread their tentacles into every corner of China with the help of internet.

The reason why the gaming companies in the Philippines employ a large number of Chinese employees is that all of the Chinese employees can speak Chinese and most of the customers they serve are Chinese citizens.

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