Isle of Man announces international cohort for FinTech Innovation Challenge
From automated game player protection, AI-based business strategy forecasting, digital identity systems and wallets and online storage platforms to ESG audit solutions and reward tokenization, these are just some of the ideas announced today for the Isle of Man’s flagship FinTech Innovation Challenge. The challenge is a collaboration between Digital Isle of Man, Finance Isle of Man, and is supported by the Isle of Man Financial Services Authority and Deloitte.
Today, the Isle of Man Government has revealed the group of 16 successful businesses selected from 45 applicants from around the world, to introduce solutions that will help boost the island’s thriving technology sector and position the Isle of Man as a leading FinTech hub.
With entries from Singapore to Switzerland, India to the US, the shortlisted 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 on 29 June during a demo day where each company will showcase its solution to an audience of judges, industry experts and potential customers.
Tim Johnston MHK, Minister for Business, said:
“We are very excited to announce the cohort for the FinTech Innovation Challenge. The caliber 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.”
Lyle Wraxall, CEO of Digital Isle of Man, said:
“The FinTech Innovation Challenge will showcase some of the most exciting ideas from companies around the world that are shaping the future of financial services.
“The challenge will give them the chance to use the island’s technical expertise, proactive regulatory support and welcoming business community to refine their solutions and bring their products to market.
“It will be a very competitive three months leading up to Demo Day in June, and we can’t wait to get started.”
Each business brings a unique offering to the FinTech space from all stages of the business lifecycle, from pre-launch to growth stages, and seeks to solve some of the most vital problems facing the financial sector worldwide.
The “wildcard” category has encouraged applications that tackle the link between financial services and other sectors, whether this is a data collection system to address the lack of accurate real-time climate risk data, or an open blockchain-based exchange to allow secure in-game trading for eSports participants.
The 16 businesses will be mentored through the FinTech Innovation Challenge by Challenge Mentors, drawn from leading institutions such as Barclays, Lloyds and Capital International, and will act as a conduit to wider business expertise to help the cohort bring their solutions to life. .
Participants will also have direct access to the Isle of Man’s Financial Services Authority (FSA), Gambling Supervision Commission (GSC), Information Commissioner (ICO) and Government Technology Services (GTS), illustrating the support offered throughout the development of each project.
Michael Crowe, CEO of Finance Isle of Man, said:
“The selected businesses represent the cutting edge of financial technology. Under the guidance of the mentors, applicants will receive top-level masterclasses, coaches and guidance.
“I look forward to seeing this group develop and scale up their business solutions, building on Isle of Man’s success as a hub for growth and financial expertise.”
The Isle of Man Government has a long-standing commitment to fostering innovation and creating a supportive environment for digital businesses, with the FinTech Innovation Challenge representing the next step in the island’s ambition to become a technology hub for businesses looking to bring their ideas to market.
Participants will enter a fertile environment in which to grow, with the Isle of Man as a springboard to help take their products to the global market with greater credibility and legitimacy.
