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Bwin Wins FSA Licence

Austrian online gambling group now has ability to offer e-money to customers and other merchants.

Wednesday 30th April 2008

Vienna-listed online gambling group Bwin Interactive Entertainment has made history by becoming the first company to receive a licence from the UK's Financial Services Authority (FSA) as an e-money provider.

The license was awarded last month following stringent investigations into the firm’s ownership structure along with an extensive review of its management and system and infrastructure requirements. In addition, all internal operational and risk management processes associated with payment systems will be subjected to an in-depth audit.

The license is currently undergoing a ‘passporting’ process, which will enable it to be recognised in other European countries, and will see Bwin able to offer payment options such as credit and prepaid cards along with co-operating directly with other issuers such as MasterCard or Visa.

The firm stated that it intends to market online account and payment options to its customers as well as to other merchants and open new revenue streams through its subsidiary, Vincento Payment Solutions Limited.

'The move into financial services represents a new revenue stream for us and is a first in our industry, a fact we are very proud of,” Kevin O’Neil, Press Officer for Bwin, is quoted by news portal GamingIntelligenceGroup.com.

'The plan is to launch the product in the UK where the FSA is based. From there, we will roll-out internationally beginning with the 30 countries that co-operate with the FSA.'

The FSA regulates the entire financial services sector in the UK and is equipped with far-reaching rights and controls to prevent crime in the sector with the authority to implement regulations, enforce compliance and conduct investigations.

 


Source: OnlineCasinoNews