Dubai, UAE: PayerMax hosted an exclusive session titled “Conquer the challenges when onboarding mobile gaming companies” at Seamless Middle East 2022 recently. Led by Timothy Dang, Compliance Director at PayerMax, the session addressed the vulnerability of the online mobile gaming industry to financial crimes.
The event generated forward-looking and future-oriented discussions on the continuous threat of online mobile games as an avenue to financial crimes and how these challenges can be mitigated through customer risk assessment and due diligence. Timothy Dang in his opening remarks expressed that gaming apps’ potential to facilitate financial crimes should be taken into account by payment companies whilst onboarding gaming apps.
He highlighted different ways in which criminals place, layer, and integrate money through online games, these include single-use gift cards or stolen credit cards to purchase in-game items.
Timothy reiterated that gaming apps generate billions in revenues every year, with criminals taking advantage of the massive traffic, a huge number of users and an unregulated environment to conceal their identities. As online games are not regulated, there are no clear expectations of what game operators can or should do to monitor irregular transactions or behaviors.
He concluded that that gaming apps could consider taking a voluntary proactive approach to respond to financial crimes, such as filing suspicious activities reports to Financial Intelligence Units, which will help protect app developers from the reputational risk of becoming a tool for organized crime., as long as these measures would not impose too heavy burden to the public community..
Exhibiting at Seamless Middle East 2022, PayerMax has presented its unified omni-method payment solution and partnership program to ecosystem and digital payments innovators whilst demonstrating the platform’s ability to offer enhanced speed, flexibility, and scale.
PayerMax is the world’s leading Omni-method global payment solution, with over 350+ payment methods over 5 continents focused on empowering the #borderlessgrowth of the world’s top grossing digital merchants from developed markets.
Established in 2020, PayerMax is the emerging market’s leading regulated digital payment provider servicing online merchants that have ambition beyond borders. PayerMax is headquartered in Singapore with regional head offices and presence in United Arab Emirates, Kingdom of Saudi Arabia, Shanghai, Malaysia, Indonesia, Philippines, Vietnam, Thailand & Brazil.