Collaboration to launch Fintech Innovation Challenge in 2022

Digital Isle of Man and Finance Isle of Man, two Executive Agencies of the Department for Enterprise, have announced their collaboration with the Isle of Man Financial Services Authority (IOMFSA) to launch a fintech ‘Innovation Challenge’ in early 2022.

The Innovation Challenge is being launched to invite businesses to develop creative, sustainable and technology-based solutions to a current issue in the financial services industry and support the winning applicant to take their proposition to market.

This journey will involve the use of a regulatory sandbox, which allows new ideas to be tested in a live environment, providing a controlled research and development approach, while reducing risks for consumers.

Dr Alex Allinson MHK, Minister for Enterprise, commented:

‘It is great to see two of the Department’s Executive Agencies working closely together with the IOMFSA to create what is sure to be a fantastic initiative and showcase of the Island’s strengths for supporting new growth and new opportunities in emerging businesses and sectors. Cross-government collaboration is vital to maintain sustainable economic growth and this initiative is a wonderful example of this in action.’

‘The Innovation Challenge signals a big step forward for further developing the Island’s fintech sector and the Island generally as a supportive jurisdiction that embraces innovation.’

Bettina Roth, Chief Executive, IOMFSA continued:

‘At the IOMFSA, we are committed to embracing innovation and supporting regulated entities on their pathway to the marketplace for fintech solutions.

‘We are excited about this proposal, which aligns with the long-term goals set out in the Authority’s new Strategic Plan, as well as the Island Plan’s ambitions to build a secure, vibrant and sustainable future. The Innovation Challenge is being developed with the aim of harnessing the abundant talent in the Island’s financial services sector and we look forward to releasing more detail in due course.’

Further information about the Innovation Challenge and the application process will be released early next year. To receive future updates, please sign up to the Digital Isle of Man newsletter here: https://www.digitalisleofman.com/contact-us/newsletter/