Ivobank has been launched recently, as one of the first independent online banks to be launched since 2001 and is the first to be authorised and regulated by the Financial Services Authority.

The new bank will allow users to make online payments and money transfers, which is critical to the online-gaming industry. Additionally, the bank offers a debit card that is virtual in nature and accepted anywhere MasterCard is accepted

“The online gaming industry has developed rapidly in recent years, but the financial services supporting it have not kept pace,” said Timothy Sawyer, managing director of Ivobank. “Many online busineses and customers have been ill-served to date, resulting in relatively high costs and relatively low levels of service. Ivobank aims to plug the gap by offering instant and highly secure online payment services, combined with competitive interest rates.”

The bank has primarily targeted people who like to gamble online, the bank can also be used to make purchases and execute money transactions online.

“Ivobank is perfect for anyone who wants to shop online, but doesn’t want to use a credit card,” Sawyer said.

The bank is backed by the Sampoerra family and plans to see a million customers in the next five years.