CONISTER Bank has launched the Island's first dedicated e-gaming banking product.

Conister Bank ProTect has been created specifically for the Island's e-gaming operators, following approval from the Isle of Man Gambling and Supervision Commission (GSC).

It has been structured so that Conister Bank 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 Isle of Man e-gaming summit, where Conister was one of the major sponsors.

Conister Bank managing director Juan Kelly said: "The e-gaming sector has been under served historically.

"It is now high time for positive action and I am proud that Conister Bank is the first bank on the Island to step up to the plate."

Conister Bank ProTect has been welcomed by Economic Development Minister John Shimmin MHK.

He said: "This will help the Isle of Man attract more e-gaming companies looking for a bank that can offer credible services."