ast Offshore provides direction for those interested in pursuing international business, protecting their wealth, or performing offshore activities in different ways. “Our current services and business areas are quite varied. We were originally established in 1998 in San José, Costa Rica,” Fast Offshore CEO Ron Mendelson tells Yogonet.
He says the company has worked not only with the online gaming industry licensing operators in places like Curacao and Malta over the years, but with other verticals as well from licensing financial institutions to setting up bespoke card programs. “The distinctive value we offer our clients is experience. 21+ years of experience is hard to put a value on and our clients get the benefit of this experience,” Mendelson remarks.
What do online gaming services represent for your business? What is your current approach, future projects and expectations regarding that specific area? Which gaming jurisdictions are you working with right now, and which other emerging markets do you expect to enter?
Online Gaming is definitely one of our specialties as we were originally founded in Costa Rica during the birth of the industry. We have worked with almost every well-known operator at some point in time over the last 21 years in some capacity of another whether it be providing payment services, corporate registrations and administration or licensing and banking. We continue to see growth in the online gaming industry and this is reflected in our practice. This division continues to grow within our company and we continue to support our clients both old and new. Right now we see a lot of growth across Asia and Latin America, especially Online Gaming with Blockchain connections. We expect this growth to continue and to expand into Africa which we believe will represent tremendous opportunities for startups and incumbents alike.
What are your strategies to provide innovative solutions for the gaming industry amid a fast-changing landscape in terms of audiences and emerging technologies?
Our strategies for the online gaming industry in serving and representing our clients is to continue to assist our clients in employing industry accepted best practices especially when it comes to compliance such as KYC (know your customer) / AML (anti-money laundering) / CTF (counter-terrorism financing), as well as Responsible Gaming such as Self Exclusion and the like. We believe strengthening these compliance points will strengthen the industry and allow for continued growth by providing peace of mind to regulators.
What kind of demands and needs do you find among your customers from the gaming industry? How have they evolved recently, for instance, since the US sports betting market opening, and what are your prospects in that sense?
The US market is a complicated one, as such we are very particular when it comes to what services we can offer with US-facing gaming operators. We do look forward to continued liberalization of the US market, and with it, continued growth for our business there. We do find the strongest demands from our European clients to be for licensing and payments including accounts. They have certainly evolved in recent years with the advent of blockchain technology and provably fair gaming.
Fast Offshore offices are located at the Avenida Escazu building in San José, Costa Rica.
What would you say is the common ground between iGaming and other services you offer, such as Blockchain, cryptocurrencies and ICO? Do you find and/or work on synergies between these areas?
Without a doubt, there are facets of blockchain technology that seem to be a perfect fit for online gaming, such as payments for example. Bitcoin and similar decentralized stores of value continue to be popular and in demand in the online gaming space primarily because of the security of such payments mechanisms.
How would you assess the current status of money laundering related to the gaming industry, and what is your professional approach in that field? Is it among the main concerns you find within your business areas? What about mobile fraud?
We find that the current issue of money laundering in the Online Gaming industry is being managed quite well by the regulated jurisdictions. Internationally accepted standards and best practices in KYC, PEP/Sanctions scans and third party ID verification services continue to strengthen the online gaming industry, and help protect operators from abuse by such bad actors. It is important all of us working in the industry continue to maintain best practices, and remain vigilant so the industry can continue to grow and flourish while keeping these dangers under control. We continue to work with our clients on compliance issues and help them enact such policies to the industry accepted best practices level.
What are your strategies to find and provide tax-efficient ways to develop businesses, specially in the gaming industry, widely known to bear high tax rates?
We have always tried to assist our clients in finding the optimum structure to suit their specific situations. In most cases this can lead to reduced tax burdens. In today’s world the idea of tax free is more difficult than ever, but legally compliant low tax options continue to be available.
Would you like to share any plans, projects or upcoming agenda of Fast Offshore for the short and long term?
In the short term we of course continue to provide licensing via Curacao, KGC and Malta offering our clients the benefits of our 21+ years of experience coupled with our famous fast and professional service. We also continue to offer our clients essential payment options through fantastic partnerships which bring low rates and reliable service even for startups. Lastly we continue to expand our partnerships and services offerings including account services and of course tax efficient corporate administration, management and registration services. Our Packaged approach saves our clients time and money, and makes the process of getting licensed and launched fast and simple. Our Complete Packages typically includes everything needed to get started from a Corporate, License and Payments/Account perspective. Over the long term we look forward to continuing our growth into Asia as well as expansion into Africa.