The Isle of Man Government has today launched a global competition to develop cutting-edge solutions for problems facing the Island’s business community.
The FinTech Innovation Challenge is inviting experts from around the world to develop innovative solutions to four key challenges facing the financial market, from securing digital identities to using AI to streamline transaction monitoring.
The Island has a rich history of innovation, and this is reflected in its strong financial and digital sectors. From Elon Musk’s Starlink to businesses providing essential technology for the International Space Station, the Island is internationally recognised as a hub of creativity and innovation.
The Challenge is part of the Island’s flourishing financial technology offering, and is the latest step towards creating sustainable economic growth and establishing the Isle of Man as a centre of international excellence for the digital economy.
CEO of Digital Isle of Man Lyle Wraxall said:
‘We are delighted to announce the launch of the FinTech Innovation Challenge, powered by Deloitte, at Digital Isle today. The Challenge is a brilliant opportunity for businesses around the world to scale up their technology-based solutions in the collaborative and creative ecosystem we have here in the Isle of Man.
‘The Island is home to a world-leading regulatory system, and we look forward to working with Challenge participants to inspire innovative solutions to the problems we face in our business community.
‘The FinTech Innovation Challenge is a landmark moment for the Island’s digital ambitions, and together with Finance Isle of Man, the Isle of Man Financial Services Authority and Deloitte, we can’t wait to see participants’ ideas come to life.’
The Innovation Challenge is a collaboration between Digital Isle of Man, Finance Isle of Man and the Isle of Man Financial Services Authority, supported by Deloitte, with the winners announced in mid-2023.
Kent Mackenzie, RegTech and FinTech Leader at Deloitte, said:
’We are committed to working with our local markets and communities, using our global expertise to help supercharge growth and accelerate ambitious ideas.
’The Isle of Man’s FinTech Innovation Challenge is a fantastic opportunity for FinTechs from all over the world to submit technology-based solutions to benefit the industry, and society more broadly. There is also a ‘wildcard’ challenge, where entrants are asked to present their most boundary-pushing and imaginative ideas. We are excited to see the entries and work with participants throughout the process.’
Ann Corlett MHK, Political Member for Digital Isle of Man, commented:
‘The delivery of the FinTech Innovation Challenge was a key focus for the Digital Agency outlined in the 2022-23 Department Plan and it’s launch signals our continued commitment to developing this sector in the Island.
‘The Innovation Challenge is a great example of how, through cross-Government working and the Executive Agency model, we can work directly with industry to drive forward effective and innovative solutions to the challenges facing the Island.’
The announcement comes during the Digital Isle event, which has outlined ambitious plans for the Isle of Man to become a ‘Smart Island’ through improving broadband connectivity in conjunction with widely available low power wireless networks to support an increasing set of IoT devices, to being at the forefront of developing regulation for esports, as well as detailing its vision for a flourishing data economy.
The Innovation Challenge will address four key challenges identified in the Island’s financial community:
1. Digital identity management, such as the safe storage of passports
2. E-KYC, and how to verify financial customers’ identities using digital technology
3. Leveraging AI to deliver fraud prevention and risk management
4. A wildcard option, allowing FinTechs to define a problem statement that they believe exists in the Isle of Man
Diverse businesses from around the world will be able pursue opportunities to develop within the Isle of Man’s world-leading regulatory environment and unrivalled collaborative working environments, to develop products they can bring to a global audience.
As the digital industry has grown worldwide, tech-based companies in the Isle of Man have followed suit, now accounting for 30% of the Island’s economy, spanning eGaming, esports, FinTech, blockchain, IoT, technology, payments, media and film.
Businesses can now register as participants in the FinTech Innovation Challenge here: www.digitalisleofman.com/fintechchallenge
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