At the Digital Isle Conference on 10th November 2022, Lyle Wraxall, Chief Executive of Digital Isle of Man, announced the launch of the FinTech Innovation Challenge, a collaboration between Digital Isle of Man, Finance Isle of Man, and the Isle of Man Financial Services Authority with Deloitte supporting with the delivery.
The Innovation Challenge is part of the Isle of Man’s ambitions to build a secure, vibrant, and sustainable future. It has been developed to give innovative businesses around the world the chance to experience the island’s collaborative financial services sector, and showcase their solutions to core challenges that have been identified across the Isle of Man business community.
The FinTech Innovation Challenge is a competition inviting global participants to provide solutions to specific problems in order to support the growth and application of FinTech across the Isle of Man. The challenge will allow businesses to pursue opportunities to develop within the Isle of Man’s world-leading regulatory environment, as well as encouraging collaboration with local communities to produce sustainable and innovative technologies to solve key challenges facing the financial sector.
For businesses participating in the FinTech Innovation Challenge, this is a unique opportunity to work with government, the regulator and businesses in a leading digital hub, and scale up solutions ready for the global market.
The Challenge aims to deliver three key objectives:
Participants will be able to choose from a selection of three predefined FinTech Innovation Challenges, plus a ‘wildcard’ option:
This challenge asks for a solution that covers the management of identity, navigating the complexities of moving from an analogue to a digital environment including:
For this challenge we would not expect deliverables to be able to go beyond C, but that should not limit presenting future proposals to build to D.
Know Your Customer, ('KYC') is a key procedure in financial services on boarding where a customer's identity will be checked and verified. This challenge asks how an e-KYC solution might be developed to reduce costs, automate process, ensure data security whilst complying with AML and KYC regulations? The solution should consider:
Fraud Prevention & Risk Management are critical to the success of financial institutions. This challenge asks for a solution that harnesses the power of technology to streamline and transform regulatory activities for organisations. This could include the role of machine learning and AI for sanction screening in payments and transactions, so that manual touchpoints can be reduced to a minimum level. It is also worth considering how financial intelligence may be shared between parties to enhance the accuracy of AI without compromising privacy.
Challenge Statement 4 is designed to be a wildcard, and we encourage all eligible FinTechs to define a problem statement that they believe exists in the Isle of Man and propose a technology-based solution to this problem. This can relate to any aspect of the Financial Services Industry.
To support the FinTech Innovation Challenge, it is important that the local ecosystem plays a range of roles to ensure its success. We invite the local community to take part in the challenge through one of the following roles:
Challenge Judges will form a panel and will be involved in the selection stage and the Final Event to assess applying FinTechs and evaluate the finalists’ presentations and pitches
Successful applicants from existing companies and start-ups who submit innovative proof of concepts to address the challenge statements
Individuals or companies that want to provide access to space, mentorship and potential financial support. During the program, mentors will share industry insight, experience and provide mentorship to program participants.
Individuals or businesses that support the Final Event and post-event. As the solutions materialise, the challenge audience could become potential customers / investors of the end product.
To register your interest in becoming a Challenge Stakeholder, simply complete the form below and we will be in touch with further information