Fintech Innovation Challenge Is Introduced By Isle of Man
Digital Isle of Man (a government agency in the Isle) has announced the commencement of its second annual Fintech Innovation Challenge, a chance for worldwide stakeholders and sectors to connect with its digital ecosystem.
The Fintech Innovation Challenge invites enterprises to join the island’s financial industry and engage in fintech problem-solving. Businesses may join with non-Isle of Man technology companies or enter alone. They then have access to the technological and financial services ecosystems on the Isle of Man, which they may utilise to overcome the hurdles and develop a pitch, which is the criterion for determining the winners.
The Fintech Innovation Challenge will solve the following four significant issues highlighted by the Isle’s financial community:
Digital identity management, including the secure storage of passports E-KYC and the use of digital technologies to authenticate the identities of financial consumers.
Leveraging AI to improve fraud prevention and risk management
A wildcard option that allows FinTechs to specify a problem statement they think to exist on the Isle of Man.
Lyle Wraxall, the chief executive officer of Digital Isle of Man, expressed delight to Finextra about the varied range of interactions occurring across all aspects of fintech.
Wraxall notes that collaboration with authorities on the island, notably the Finance Isle of Man and Isle of Man FSA, is a crucial component of the event.
In a press release on the event, Kent Mackenzie, regtech and fintech Leader at Deloitte commented: “We are committed to working with our local markets and communities, using our global expertise to help supercharge growth and accelerate ambitious ideas.”
Wraxall sees an opportunity to negotiate government participation in the sector, digital identification, and dynamic compliance via the Fintech Challenge. The objective of the competition is to enhance all Isle of Man enterprises in the future and to establish the island as a forward-thinking, digital-first financial sector.
Wraxall adds that examining comparable jurisdictions and taking calculated risks is a significant potential for the Isle of Man: “I participated on a panel with Jersey, Guernsey, and Charlton in which we discussed how we might work and what lessons we can gain from one others. We either compete or collaborate. Importantly, there is a balance between these two factors. We do not want to repeat the errors committed by others. We may learn from the adversities faced by all smaller jurisdictions. The majority of the time, we consider: “What is most suitable for us on the Isle of Man, and what are our objectives as an island nation?”
The event’s selection procedure will likely occur next spring. The event is held in collaboration with Deloitte, which will assist in the development of the Fintech Challenge framework.
Kent Mackenzie, regtech and fintech Leader at Deloitte, said in a news release on the event, “We are dedicated to collaborating with our local markets and communities, using our global knowledge to supercharge growth and advance ambitious ideas.
“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. There is also a ‘wildcard’ challenge, where entrants are asked to present their most boundary-pushing and imaginative ideas. We are excited to see the entries and work with participants throughout the process.”
