The Isle of Man Government announced, on 21 March, the cohort of 16 successful businesses selected from 80 applications from around the world to take part in the island’s flagship FinTech Innovation Challenge.
The selected proposals address a range of key issues facing the financial services industry, including tamper-proof e-Signatures for contracts, AI-based business strategy forecasting, and online storage platforms using next-level blockchain and cryptography protections.
The FinTech Innovation Challenge, a collaboration between Digital Isle of Man and Finance Isle of Man, is designed to help boost the Island’s digital economy and to progress the Island’s ambition to become a leading FinTech hub for businesses looking to bring their ideas to market. It aims to deliver three key objectives:
- Provide technology-based solutions to key industry challenges felt across the Isle of Man
- Demonstrate what success looks like for Global FinTechs seeking opportunities on the island
- Develop the Isle of Man’s FinTech ecosystem and inspire creativity and collaboration.
Participants were invited to choose from a selection of two predefined FinTech Innovation Challenges – Digital Identity Management & E-KYC and Compliance & Transaction Monitoring – plus a ‘wildcard’ option that allowed eligible FinTechs to identify a perceived problem statement relating to any aspect of the financial services Industry and propose a technology-based solution.
With entries from Singapore to Switzerland, India to the US, the chosen businesses will now work closely with the Isle of Man Government, financial institutions, and other key stakeholders to develop and refine their solutions over the next three months.
The Challenge will culminate with a Demo Day on 29 June, when each business will showcase their solution to an audience of judges, industry experts and potential customers.
“In support of the Isle of Man Economic Strategy and the Island Plan’s ambitions to build a secure, vibrant, and sustainable future, we are seeking to advance FinTech, as the expertise it is built from has a strong presence in the existing sectors of Finance and Digital in the Isle of Man,” said Minister for Enterprise Tim Johnston.
“The FinTech Innovation Challenge is one of the tools to enhance the profile and eminence of the Isle of Man as a FinTech jurisdiction and it is anticipated that the Challenge will attract foreign investment to the Island, through international applications and interest.
“We are extremely pleased to announce the cohort for the FinTech Innovation Challenge. The calibre of applicants was incredibly high, and we believe the selected businesses have the potential to make a significant impact in the FinTech industry. We look forward to supporting them as they develop their solutions and contribute to our growing digital economy.’
The Isle of Man Economic Strategy, titled “Our Island, Our Future”, was approved by the island’s parliament last November, after months of research, stakeholder engagement, economic analysis and public consultation. It sets out four clear ambitions for the Island’s future economy over the next 15 years, focused on:
- Shape of the economy – create and fill 5,000 new jobs across new, enabling and existing key sectors by 2032, reaching an overall GDP of £10 billion
- Infrastructure & Services – further develop the infrastructure and services of the community to plan for an estimated population of 100,000 by 2037
- Public finances – to generate over £200m of additional annual income to reinvest in services and quality of life by 2032
- Sustainability – substantially decarbonise the services parts of the Island’s economy by 2030, supporting an overall reduction of 35% in the Island’s greenhouse gas emissions
A copy of the Economic Strategy can be viewed here.