Will Singapore become a new high roller haven?

That's the goal of newly licensed International Market Agents as they woo foreign gamblers to Singapore casinos.

Singapore approved the first-ever gambling marketer licenses with a caveat that Singaporean locals will not be targeted for their casino promotions.

Among the 14 applications, 12 were rejected and two approved with a 1-year IMA license each. Each IMA will organize trips inviting foreign gamblers to play in Singapore casinos, and are authorized to lend credit to target patrons.

"The Casino Regulatory Authority of Singapore (CRA) has awarded the first batch of licences to two International Market Agents (IMAs1) today. The regime to regulate IMAs has also been enhanced to ensure that our gaming environment continues to be tightly regulated and free from criminal influence," said CRA in a release.

"CRA is currently evaluating a few other applications and is in the midst of conducting probity checks for these applications. The robust regulatory regime would ensure that licensed IMAs conduct business in a tightly regulated environment. Licensed IMAs must ensure that they continue to remain suitable to hold the licences. CRA will not hesitate to take action against the IMAs or the casino operators should they be in breach of the Casino Control Act or its regulations," it said.

"We have decided to use the term, 'International Market Agents (IMAs)', to more accurately describe what these agents do. They will focus on bringing in foreign high rollers to our casinos, and they will not target our locals. CRA has put in place a tight regulatory regime for the IMAs, and we have every intent to exercise our powers to ensure the casino operators and IMAs comply fully with our regulatory requirements," said Chief Executive of the CRA, Mr Lau Peet Meng.

"Licensed IMAs have a role to play in bringing in foreign VIP high rollers to the local casinos. The licensed IMAs will focus on bringing in foreign clientele. They will not be allowed to target locals. As such, the term 'International Market Agents' more accurately describes their role. The casino operators have to ensure that only suitable persons conduct the IMA business in their casinos, and that the IMAs do not target locals," CRA said.

"As IMAs are new to Singapore, CRA has taken a conservative approach in evaluating the applications received. Each licence application was subjected to extensive and robust probity checks to determine the applicant(s)'s suitability to operate in Singapore. This includes examining financial soundness, sources of funds, as well as suitability of employees and associates," it said.

"CRA has amended the IMA regulations to enhance our regimes in each of these areas. These include the requirements for more extensive financial reporting and credit assessment by IMAs, and prohibiting the sharing of commission between the IMA and a person who is not a licensed IMA. In addition, to ensure that casino operations are not compromised, the authorities will have the powers to suspend the IMA licence at any time if it is deemed necessary to do so," it added.