iGaming Software Company Metagrow Solutions Loses Isle Of Man Gaming License

Article by : Erik Gibbs Dec 10, 2024

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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. 

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.

The two directors were found to have accessed a file containing personal information for over 9,000 individuals. This data had been sourced through other gambling platforms, raising concerns about potential connections to illicit cyber activities. Authorities in Singapore arrested Sun Jiao and six others in September for their suspected involvement in the cybercrime syndicate.

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. The Commission also noted that its investigation into the company is ongoing, and further details will be shared when the process concludes.

Metagrow’s license had been suspended on November 12, a precursor to the full cancellation. Additionally, 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.

The GSC’s swift action underscores the regulatory body’s commitment to ensuring integrity within the Isle of Man’s gambling industry. The island has long sought to position itself as a trusted hub for gaming operations, with strict oversight designed to prevent associations with illicit activities. The investigation into Metagrow Solutions is expected to continue, with the Commission promising a detailed update once all findings are finalized.