5 Leaders – 1 Question: Are digital payments enough to unlock regulated igaming in Asia?

Five industry experts from across Asia share whether advances in digital payments have finally made regulated igaming viable in the region or if political barriers remain the decisive bottleneck.

Special report.- Over the past decade, Asia has become one of the most dynamic regions in the global gambling landscape, driven by mobile‑first consumers, rapid digitalisation and increasingly sophisticated payment systems. E‑wallet penetration is deep, cross‑border settlement is faster and KYC tools are now far more advanced than they were even a few years ago.

Yet despite this technological progress, most of the region still operates under highly restrictive or fragmented online gambling regimes. In light of this situation, Focus Gaming News brought together five leading figures from the Asia gaming industry for a new edition of “5 Leaders – 1 Question” and asked them the following question: Are digital payment advances making regulated igaming viable in Asia, or do political barriers remain the decisive bottleneck?

The participants are Daniel Cheng, veteran industry consultant and former executive at Genting and Hard Rock; Shaun McCamley, founder and managing partner of Euro Pacific Asia Consulting Ltd (EPA); Jonas Diego, gaming consultant; Kok‑Keng Lau, head of intellectual property, sports and gaming at Rajah & Tann Singapore; and Ranjana Adhikari, partner in Technology, Media‑Entertainment and Gaming at Shardul Amarchand Mangaldas & Co., India.

“Great leaps, but not quite air‑gapped”

For Daniel Cheng, the answer begins with a distinction between what technology can do and what larger Asian economies are prepared to accept.

He acknowledges that there have been “great leaps” in digital payments across the region, but argues they are “not quite air‑gapped enough to reassure larger Asian economies to mull igaming, where legalising any form of gambling is still seen as an economic measure of last resort — and, yes, a perilous trade‑off in political capital.”

“Technology opens the door. Regulation decides who walks through”

Shaun McCamley, founder and managing partner of Euro Pacific Asia Consulting Ltd (EPA), puts the issue in stark terms: “Technology opens the door. Regulation decides who walks through.”

He notes that across Asia-Pacific, digital payment infrastructure “is no longer the constraint”. E‑wallet penetration is deep, cross‑border settlement is faster and KYC tools are more sophisticated than ever. From a purely technical standpoint, he says, “regulated igaming is entirely viable.”

However, McCamley insists that viability is not determined by payment rails alone, but by regulatory intent. He describes a paradox visible in several markets across the region:

• Governments benefit from digital commerce expansion.
• Consumers are already transacting in adjacent digital verticals.
• Technology providers are ready.
• Operators are prepared.

Yet despite this alignment, “political positioning — often shaped by optics, cultural narratives, or short‑term electoral considerations — remains the decisive variable.”

Where regulators choose clarity, he argues, frameworks emerge and capital follows. Where ambiguity persists, grey markets expand instead. “The question is no longer whether digital payments can support regulated igaming in Asia-Pacific,” McCamley says, “the question is whether policymakers are prepared to formalise what technology has already made possible. Technology is ready — political leadership is the only remaining variable.”

The Philippines: innovation meets political hesitation

For Jonas Diego, the Philippines offers a concrete example of how far digital payments have come – and why that alone is not enough.

“In the Philippines, advances in digital payments and the widespread adoption of e‑wallets and online banking have made regulated iGaming far more technically viable. Some argue it’s too easy, which is why political and regulatory challenges continue to surface,” he says.

He points out that the Bangko Sentral ng Pilipinas has imposed stricter rules on gambling transactions, PAGCOR is actively updating its regulatory framework and the Senate remains divided over the legitimacy of offshore operations and the possibility of tighter restrictions. While digital innovation has removed many practical barriers to igaming, particularly in urban areas, Diego believes that “the real bottleneck is political.”

For him, the future of regulated igaming in the Philippines will “depend less on technology and more on how regulators and lawmakers reconcile economic opportunity with public concerns.”

“Enforcement is intensifying faster than legalisation”

Kok‑Keng Lau, head of intellectual property, sports and gaming at Rajah & Tann Singapore, sees a similar pattern across multiple key markets.

He agrees that digital payment infrastructure now provides “seamless, borderless transactions”, but stresses that “the real bottleneck is political will.” As examples, he notes that India has enacted a blanket ban on real‑money online gambling; Japan has recently legislated to prohibit the operation and advertising of online casinos targeting Japanese users; and Indonesia has blocked over a million gambling websites in a single sweep.

Across the region, Lau argues, “enforcement is intensifying faster than legalisation is advancing.” Until regulators in major Asia-Pacific markets treat igaming as a legitimate form of entertainment and revenue opportunity rather than a reputational or moral liability, he warns, payment advances will simply “make an unregulated grey market more efficient.”

For Lau, the long‑term solution is not to keep “shutting the door and driving online gambling underground”, but to build regulatory frameworks that balance economic opportunity with social safeguards.

India: payments are ready, but policy narrows the field

Ranjana Adhikari, partner in technology, media‑entertainment and gaming at Shardul Amarchand Mangaldas & Co., says India may be the most striking case study for this debate.

She says: “On the one hand, while India’s world-renowned digital payment technologies have enhanced the accessibility and exposure to online gaming, on the other hand, the political and governmental stakeholders’ perception of the online gaming industry has led to multiple challenges in recent times.

“India’s Unified Payments Interface (UPI) is the premier global tech stack for digital payments and has contributed immensely to the growth of the online gaming industry across various socio-economic and geographic demographics.”

However, Adhikari explains that this growth has suffered a setback following the introduction of the Promotion and Regulation of Online Gaming Act 2025, which has prohibited online real‑money gaming, including skill‑based games. The Act does, however, permit non‑wagering online social games or casual games. It also outlines the permitted revenue models for such games, including subscription fees and in‑app purchases (IAPs), both of which can be well supported by India’s robust digital payments infrastructure.

As a result, she says, “while political and regulatory barriers have narrowed the avenues for the industry, online game operators can still leverage the penetration of digital payments and smartphones to offer innovative revenue models to enhance the gaming experience and engagement of their users. This can drive the growth of casual/social gaming across the country, for both domestic and international operators.”