iGaming Software Company Metagrow Solutions Loses Isle Of Man Gaming License

Metagrow Solutions Ltd., a software company in the online gambling sector, has lost its gaming license on the Isle of Man following concerns about its leadership and regulatory compliance. The Gambling Supervision Commission (GSC) announced the cancellation of the license on December 6, citing doubts about the integrity of those in control of the company.

The company, incorporated in August last year and operating from Millennium House on Victoria Road, Douglas, was licensed by the GSC as a gambling software supplier in March. However, recent events involving its directors have drawn scrutiny.

Directors Under Investigation

Among the listed directors is Seow Gim Shen, a Malaysian resident from George Town, Penang. Seow, 42, and another individual, Kong Chien Hoi, 39, were sentenced to 14 weeks in prison in October by a Singapore court. The charges against them involved obtaining personal data from a Chinese national, Sun Jiao, who has alleged ties to a global cybercrime network.

Key issues include:

• Accessing a file containing personal data of more than 9,000 individuals.

• Connections between the data and other gambling platforms.

• Links to a suspected global cybercrime syndicate.

GSC Response

The GSC stated that the decision to revoke Metagrow’s license was in the public interest, emphasizing the importance of maintaining the Isle of Man’s reputation in the global gambling industry.

Actions taken by the Commission:

• Suspension of Metagrow’s license on November 12 as a precursor to cancellation.

• Announcement of an ongoing investigation into the company’s activities.

• Assurance that further details will be released once inquiries are complete.

Additional Fallout

ILS Fiduciaries, which acted as the company’s registered agent, announced its intention to resign from its role earlier in November. This decision followed the criminal convictions of Seow and Kong and added to the mounting challenges facing Metagrow.

Consequences for the company include:

• The loss of its registered agent support.

• Mounting reputational damage linked to its directors.

• Uncertainty regarding its future operations pending the GSC’s findings.

Conclusion

The GSC’s swift action underscores the regulatory body’s commitment to ensuring integrity within the Isle of Man’s gambling industry. By revoking Metagrow’s license, the Commission reinforced its strict oversight standards and its determination to prevent associations with illicit activities. The investigation into Metagrow Solutions is expected to continue, with a detailed update promised once findings are finalized.