FInTEcH
INNOVaTIoN
CHaLLENgE

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welCome &
Background

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 supported by the Isle of Man Financial Services Authority and Deloitte assisting.

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.

whaT is the ÌnnoVatiOn ChalLengE ?

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:

  1. Provide technology-based solutions to key industry challenges felt across the Isle of Man
  2. Demonstrate what success looks like for Global FinTechs seeking opportunities on the island
  3. Develop the Isle of Man's FinTech ecosystem and inspire creativity and collaboration.

Participants will be able to choose from a selection of three predefined FinTech Innovation Challenges, plus a ‘wildcard’ option.

FAQS

chaLlenGe
StatEmenTs

CHALLENGE STATEMENT #1
TOPIC: Digital identity management

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:

  1. Digital Safe Storage of existing Documents (passports etc.) and Attributes (DoB, Address) uploaded by the Individual/Corporation
  2. Independent validation and assurance of the accuracy of this Information (including photo and real life comparisons)
  3. The ability for the owner of the ID to share information in a secure and assured manner with third parties (Financial Institutions etc)
  4. A full, new Digital Identity 'Card' either issued in the private sector under agreed standards or a new Government issued form of ID

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.

CHALLENGE STATEMENT #2
TOPIC: e-KYC

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:

  • Different types of documentation that can be used for KYC purposes
  • Verification of the user's identity and how the lists to be checked against could vary for different organisations and jurisdiction
  • Risk assessment, profiling and reporting
  • A secure method for the KYC owner to share this information electronically, with parties of their choice, as a pre-packaged bundle
CHALLENGE STATEMENT #3
TOPIC: Compliance & transaction monitoring

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
TOPIC: Wildcard

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.

Apply Now

Challenge
Timeline

All you need to know about who, where, what, when and how.

The FinTech Challenge milestones can be seen below.

Applications open
16th December 2022
Applications close
28th February
Shortlist interviews
13th March
Cohort announced
20th March
Mentor matching
21st-24th March
FinTech Innovation Challenge starts
27th March
Demo Day
week commencing
22nd May (TBC)
Ongoing Cohort support
 

BecoMe a
ChalLengE StakèholDer

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 parTiciPantS

Successful applicants from existing companies and start-ups who submit innovative proof of concepts to address the challenge statements

Apply Now

ChalLengE
judGe

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

Register Your Interest

ChalLengE SuppOrteR

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.

Register Your Interest

ChalLengE AudiEnce

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.

Register Your Interest

faqS

PEOPLE
Is it a requirement to be located on the Isle of Man to complete the Challenge?

No, the Challenge is designed to be globally inclusive and attract international interest. Collaborations between local and international organisations is also very much welcome. We would encourage applicants to visit the Island during the initial mentor matching event, which also introduces the local ecosystem. This will enable applicants, to take full advantage of the access to the marketplace that we are making available. Attendance is also encouraged at the final demo presentation event. However, facilities will be provided to include participants who cannot attend in person.

What is the prize?

The winners in each category will receive:

  • Additional promotion and publicity both locally and internationally [Period and nature of promotion (one off press releases or defined campaign) to be confirmed].
  • Extended access to our marketplace of mentors, potential investors and customers across our sectors, as well as IOM regulators and government officers for 6 months.
  • IT hosting and physical office space for 6 months to scale your product. (To be confirmed).
Are we allowed to work with existing clients whilst we are participating in the Challenge?

Yes, we recognise your existing relationships are important to your business.

Is there an expectation on how many days we should be working on the Challenge?

There is a minimum requirement of approximately 4 days in total which is allocated as follows:

  1. One full day for orientation and mentor matching
  2. Workshops consisting of 3 hours per week over the 5-week Challenge period. 5-week contextualisation programme: 2hrs per week for webinars, 1hr per week for 1-2-1 mentoring sessions or ecosystem conversations. As relationships are formed with the marketplace, mentors, government and regulators, each applicant is encouraged to leverage the access to information to refine the final offering.
  3. One full 'Demo Day’.
Can we understand who the potential clients are we may be introduced to?

Yes, if you get selected for Cohort 1, we will introduce you to the Challenge Supporters and Challenge Audience on island consisting of international financial services, IOM government, and digital businesses based in the IOM.

PROCESS
What if our product applies to adjacent industries but can have application to Financial Services?

That is OK. We are open to all products that have application for the Financial Services and Digital sectors.

What happens after I submit the application form online?

If you are successful in the application process, you will be invited to an interview in mid-March.

How is the final presentation judged?

The judges will be made up of Government and industry experts who will assess the proposition based on a set criteria.

Who can enter the FinTech Innovation Challenge?

There are no restrictions on entrants other than being able to meet the Challenge and to demonstrate innovation in the solution as well as some aspect that demonstrates value to the Isle of Man. Applicants can be at any stage of business development.

How developed does the product need to be to enter?

There are no restrictions, the product can be concept or completely formed but must demonstrate both applicability and innovation. However, the demo pitch will need to be able to demonstrate how an ultimate product will work, even if that is a simulation, and detail indicative timelines and cost to implementation.

Can we enter more than 1 Challenge?

Yes, multiple Challenge(s) can be selected on the application form.

TECHNOLOGY
Will you help us with introduction to potential clients to test the MVP?

We will be introducing you to mentors and supporting organisations who will have this capability, but part of the process is for you to organise capabilities like this if it is applicable.

Will there be time to expose APIs and ensure data strategy aligns with our product?

There is that potential but will entirely depend on the relationship with your mentors/supporters.

Who do I contact if I have further questions?

If you have further questions, please email us at contact-digital@gov.im