Isle of Man announces winners of the FinTech Innovation Challenge

The Isle of Man government announced the three winners of its flagship FinTech Innovation Challenge, which culminated with a Demo Day on 29 June, when each of the 16 finalists from around the world showcased their solution to an audience of judges, industry experts and potential customers.

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.

The Challenge, aimed at promoting innovation and collaboration in the financial technology sector, attracted a diverse international cohort of participants, with over 80 applications received from 20 countries.

In March, 16 finalists were selected to worked closely with the Isle of Man government, financial institutions and other key stakeholders to develop and refine their solutions prior to the Demo Day at the COMIS Hotel and Golf Resort outside Douglas.

The selected proposals addressed 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 winners were Isle of Man-based SQR for a product that quickly and seamlessly verifies clients’ identities, Gibraltar-based Crucial Compliance for a monitoring system that provides safer gambling strategies and, in the ‘wildcard category, London-based Cygnetise for a blockchain technology that enables businesses to digitally manage and share authorised signatories in real-time.

Run by Digital Isle of Man and Finance Isle of Man, with the support of the Isle of Man Financial Services Authority and Deloitte, the initiative aims to help these businesses scale up their operations and expand into new markets, by launching products which address crucial issues facing businesses in the Island and around the world every day.

Digital Isle of Man Chief Executive Lyle Wraxall said: “We witnessed first-hand the transformative solutions presented by the participants and the innovation displayed by the finalists was extremely high. The event was an exciting culmination of months of hard work and dedication, and I would like to congratulate our three worthy winners for their cutting-edge solutions that will help accelerate the growth of the Isle of Man as a thriving FinTech ecosystem.”

Isle of Man Minister for Enterprise Tim Johnston said: “Digital innovation is key to fulfilling the ambitions of our Island Plan and Economic Strategy. It is through initiatives like the FinTech Innovation Challenge that we can strive to enhance our position as a global leader in digital innovation and financial services, driving economic growth, creating jobs, and attracting investment to our shores.”

The Isle of Man will now seek to build on the success of the FinTech Innovation Challenge and develop a strategy to support a flourishing FinTech structure on the Island.

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