JUE 25 DE JULIO DE 2024 - 09:35hs.
Leonardo Chaves, country manager for Brazil

“OKTO is regulated by Brazil's Central Bank and is ready to comply with future iGaming rules”

Leonardo Chaves, country manager Brazil at OKTO, spoke exclusively with GMB during ICE London about the company's training, when he highlighted the company's expansion in the country. Focusing on payment methods and authorized by Brazil’s Central Bank, he ensures that OKTO is prepared to comply with Ministry of Finance regulations and offer complete support to operators.


GMB - Is OKTO, which has a series of products aimed at the iGaming sector, especially in the area of payment methods and user identification and validation, saying goodbye to London and heading to Barcelona next year?
Leonardo Chaves
- That's right, now we're going to Barcelona. Well, I think we'll be missed here. OKTO, as a European company that has been participating in ICE for a long time, has had great achievements here. But let's move on. We will also focus on Brazil, a very strong market where we are well established, with many projects in mind for the future.

 



Being well established in Brazil means that you received many visitors interested in Brazil at the stand?
Everyone has been talking a lot here at the event that Brazil is the sleeping giant. It's the next big thing. Many people are looking for Brazil now that the regulatory movement has come. So, many people are asking about the next steps, not only for the betting industry but also for providers like us of payments, where we have a great responsibility for the entire payment flow process for merchants, the operators there.

So, tell us for those who are watching us. What are these next steps from a payment point of view?
Well, OKTO is already a regulated company here in Europe. We have licenses in some countries in Europe, and in Brazil, it couldn't be different. Today we are a company already regulated by the Central Bank, following all the requirements demanded by the Central Bank. So when people talk about "regulation is coming," it's actually coming for the betting market, not for us as a payment provider.

We are already regulated, already following all the guidelines of a regulated company, but regulated by another entity, which is the Central Bank. So what we are doing and preparing for is to comply with all the requirements to meet the betting regulation as a specialized payment provider in this segment and already with experience here in Europe, which we bring to Brazil but already adapted to the country.

 



Today, for you to have an idea, we have a structured team in Brazil of over 50 people focused not only on the payment part but on everything that involves the merchant's needs regarding payment. So, KYC issues, we provide KYC as a Service so that they have an integration facility with a single provider, offering what they need, with analysis, service, local support, and knowledge to avoid the pain of the merchant, which those in the payment industry know.

Currently, those who make payments for low risk are used to pay-in. Our market has the peculiarity of pay-out, and that's where the fraudster can make something viable. So, knowing how to work with pay-out, avoiding fraud, is not only the financial risk from the operator's point of view but also an operational cost and a reputation issue that can impact.

So, specialized companies in this segment can provide this good service and can, by working together with the operator, minimize these operational costs to enable a better reputation, as well as a better conversion rate for their user because of OKTO and its tools.

Is that the case with OKTO and its tools?
Exactly, that's it. We are 100% prepared and closely monitoring because, despite the regulation coming, some amendments will come from the Ministry of Finance. So, we are attentive to what will come to anticipate ourselves to be ready as soon as possible to serve our clients.

Following, but serenely, knowing it will be easy to comply?
Certainly. We have our experience of operating in Europe, focused on this market, and we bring this experience to Brazil. We are already operating in Brazil, with a very well-structured team, regulated by the Central Bank, that is, 100% prepared to serve and go beyond, really helping in a vision beyond payment. In terms of compliance, banking, and all the infrastructure that operators will need to have once regulated in the country.

Source: Exclusive GMB