ISLE OF MAN AND EDM COUNCIL JOIN FORCES TO BUILD A NEW DATA ECONOMY

The Isle of Man is taking a bold step onto the global stage with a unique approach to trusted data use and innovation, through a new partnership between Digital Isle of Man and international experts, EDM Council.

The EDM Council is a global non-profit association for data management, representing more than 350 organisations across six continents. Its best-practice frameworks and standards are trusted by leading financial, commercial and public sector bodies worldwide.

Through this partnership, the Isle of Man gains access to international expertise, networks and tools that support its ambition to lead in trusted data use.

This will place the Isle of Man at the forefront of a global need - treating data as a valuable, governed asset that can be shared securely and used to drive value for data-rich organisations.

The initiative is a key growth area of the Isle of Man’s digital economy and supports long-term aims in the Isle of Man’s Economic Strategy to build a more resilient, digitally enabled and globally respected economy.

Lyle Wraxall, Chief Executive of Digital Isle of Man, said:

"This partnership puts the Isle of Man ahead of the curve. We’re not just keeping up with change – we’re setting the direction. By creating a trusted way for organisations to govern and use data, we’re opening up new opportunities for investment, innovation and skilled jobs, all while building a digital economy the Island can be proud of."

"This isn’t just about managing data better, it’s about putting the Isle of Man on the map as the home of a new kind of data economy," added Wraxall. "It’s about releasing value from data in a transparent, fair and responsible way and leading from the front."

John Bottega, President of EDM Council, said:

"Managing data as an asset and defining its financial value are key to driving better business outcomes in our data-driven world. EDM Council’s collaboration with the Isle of Man will help pioneer a trusted, transparent data economy. This partnership sets a new precedent in how data can be responsibly governed and commercially leveraged."

The DAF is a new type of legal structure under Manx law, designed to build trust, securely share and drive financial value from data. This is only achievable by creating a licensed data asset foundation on the Isle of Man. It provides a clear set of rules and roles, ensuring data is used responsibly, compliantly and for the purposes agreed by its contributors, whilst allowing data to be monetised.

As the initiative enters its next phase, Digital Isle of Man will finalise the legal framework ahead of progressing to the Island’s parliament, then begin onboarding pilot foundations and collaborating with key sectors including finance, tech and public services. The Department for Enterprise Executive Agency will be working with local industry to finalise the legal framework, build practical tools and deliver the infrastructure needed to bring Data Asset Foundations to life.

This presents a major opportunity for on-Island firms, particularly in legal, fiduciary, tech and compliance, to help shape and lead a world-first model from the ground up.

For more information and to get involved, visit digitalisleofman.com/data-asset-foundations

Additional Information:

Real-world examples of how DAFs could be used include:

• Sharing anonymised health data for medical research while protecting privacy.
• Businesses combining data securely to develop better products and services.
• Pooling environmental data to support green projects and sustainability goals—aligned with the Island’s UNESCO Biosphere status.
• Ensuring proper consent for large language models for AI.

Manx law referred to is the Isle of Man Foundations Act 2011.