The Isle of Man Government has called on global fintechs to help develop the Island’s fintech sector with innovative solutions for its business community.
The FinTech Innovation Challenge is open to global fintechs to develop innovative solutions to four key challenges facing the financial market, including:
- Digital identity management, such as the safe storage of passports
- E-KYC, and how to verify financial customers’ identities using digital technology
- Leveraging AI to deliver fraud prevention and risk management
- A wildcard option, allowing fintech to define a problem statement that they believe exists in the Isle of Man
The challenge is a collaboration between Finance Isle of Man, Digital Isle of Man, the Isle of Man Financial Services Authority (IOMFSA) with support also from Deloitte.
As well as boosting the Island’s burgeoning financial technology offering, the challenge is also a drive towards creating sustainable economic growth and establishing the Isle of Man as a centre of international excellence for the digital economy.
Tech-based companies in the Isle of Man now account for 30 per cent of the Island’s economy, including eGaming, esports, fintech, blockchain, IoT, technology, payments, media and film. Fintech innovation and sustainable finance also play a key role in its vision for economic growth.
Opportunity for fintechs
Lyle Wraxall, CEO at Digital Isle, said: ‘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 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.’
Kent Mackenzie, regtech and fintech leader at Deloitte, added: “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.
Winners will be revealed in mid-2023.