A new online bank catering for gaming businesses and enthusiasts has been launched, offering fast and secure online payment and money transfer services.

Backed by the Sampoerna family of Indonesia, Ivobank plans to have one million customers within the next five years.

The company’s managing director, Timothy Sawyer, said while the FSA-regulated bank is open to anyone, it had been specifically designed with online gamers in mind.

"The online gaming industry has developed rapidly in recent years, but the financial services supporting it have not kept pace," Sawyer said.

"Many online businesses and customers have been ill-served to date, resulting in relatively high costs and relatively low levels of service.
 
"Ivobank aims to plug the gap by offering instant and highly secure online payment services, combined with competitive interest rates."
 
The Sampoernas made their fortune in the tobacco industry, but the family also has a history of experimenting in the online gambling industry.