Phua Cheng Wan, the beneficial owner of Boldwood Software Ltd, has been permanently banned from any position in the Isle of Man’s regulated gambling market. The decision, handed down by the Gambling Supervision Commission (GSC), follows concerns over Phua’s integrity and alleged ties to a high-profile money laundering case in Singapore.
The ban was enforced under the Gambling (Anti-Money Laundering and Countering the Financing of Terrorism) Act 2018 and aligns with the island’s National Risk Appetite Statement (NRAS), which takes a firm stance against financial crime risk linked to Southeast Asia.
Phua’s firm held a licence between November 2022 and May 14th, 2025, surrendering it shortly after the GSC raised compliance concerns and issued an enforcement notice. The regulator investigated whether Phua met the “fit and proper person” criteria under OGRA. Though no criminal conviction exists, the Commission cited reliable public data linking Phua to criminal networks.
Singapore media previously reported Phua’s alleged involvement with Wang Deha, a key suspect in the 2023 billion-dollar laundering probe. As director of Craft Digital, Phua allegedly helped fabricate job records to secure Wang’s fake work visa.
The GSC stated that its duty includes ensuring gambling operations do not aid organised crime. In its words: “A person lacking integrity cannot control a licensed gambling entity. Anyone in such a role must remain fit and proper at all times.”
Although the GSC acknowledged Phua’s cooperation during the probe, it deemed the risks too significant. The ruling reflects rising regulatory pressure on operators linked to Asia. The Isle of Man’s tighter oversight, especially under the new NRAS, is reshaping the regional gambling landscape.
Last updated: 24 July 2025 – 06:41 AM
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