This week, AGB interviews Quanta Technology about trends and developments in Asia lottery, with a focus on mobile and technology innovation.
What kind of trends do you foresee in Southeast Asia over the next few years?
We see huge potential in the region. Lottery is already well accepted by the masses and this trend will continue with expansion of the middle class population.
Currently most of the services are land based. However, as penetration of smartphones is very high, people are getting more familiar with online products and applications.
For instance, mobile money and mobile payments are represented as a remittance platform and alternative payment solution to payments in brick and mortar shops. Cash in/out, money transfer, money remittance and recently, online gaming have integrated mobile payment into their businesses.
We believe the lottery market among other businesses will soon find it impossible to stay out of the flourishing mobile economy in the region. With the regional expansion of the mobile payment ecosystem, and the increasing popularity of online lottery in Japan, South Korea etc., we expect there will be a spillover effect that will set off future lottery growth in the ASEAN market.
How is your company responding to these trends?
As Quanta Technology Limited, we provide solutions to both existing and new lottery operators, providing a high quality, automated and transparent online lottery platform.
The Quanta platform is rooted in three core technologies: Blockchain, Smart contracts, and Random Number Generator (RNG) based on Ethereum. Equipped with this trifecta, we can tackle long existing industry issues such as lack of transparency in prize pool distribution, doubts about the randomness and security of RNG, and complaints on small winning numbers. We could transform existing lotteries into more secure, transparent and low cost operations. This disruptive innovation will benefit all people involved; players can enjoy safe and transparent games with possibly higher prize pools, operator can reduce operation costs and still run a sustainable service, regulators will have access to a more transparent system and agents will have new and scalable opportunities.
We believe in the high potential of online lottery, but at the same time, we understand the important role of local brick and mortar shops. Our Quanta platform is a flexible one, meaning we could support hybrid systems involving local offline communities.
In the growing market of lottery, we are confident in becoming a partner for existing online lotteries, transforming them into a more efficient service, or for new operators to build up attractive and sustainable service. Our mission is not to replace any existing cultures but to enhance them and foster business growth.
What products are you currently offering in the Philippines/Asia?
Quanta will make its debut once it is licensed in the Isle of Man and make its way onto the global market. Asia in general and the Philippines in particular are definitely among our top of mind markets for Quanta’s unprecedented lottery protocol.
We will carefully examine each market to be locally compliant.
We believe, in order to obtain long-term success, it is crucial to align with existing regulations and rules. Therefore we invest in the jurisdiction field just as much as we do in the engineering field and prefer to take a step by step approach.
When you do the procedure in the right way, there are massive opportunities ahead.
We are widely open to business in Asia and Philippines’ online gaming market. If you also share the same excitement as us for these innovative technologies and new opportunities, let’s catch up at at ASEAN Gaming Summit 2017.