The Isle of Man's first-ever FinTech Innovation Challenge is now officially open for applications.
As part of its new economic strategy, the Isle of Man Government said in statement that it is inviting innovative FinTech businesses, or collaborations of companies, to develop and launch their products on the island.
The competition allows companies to develop new products, scale up existing products or test access to new markets. Applications are open to start-ups as well as businesses who are able to add a new and innovative element to products that are already in their portfolio.
The FinTech Innovation Challenge is at the heart of the Isle of Man's ambition for a digital future and will be a key pillar of the island's FinTech growth in the coming year, it said.
As a joint venture between the Government's Digital and Finance agencies, with support from the Isle of Man Financial Services Authority and Deloitte, it demonstrates how the government is working proactively to support FinTechs by providing them with an effective testbed from which to launch and develop their businesses.
Lyle Wraxall, chief executive at Digital Isle of Man, said: "We are delighted to announce that the FinTech Innovation Challenge is now open for applications from FinTech businesses.
"This is a golden opportunity for FinTech businesses to build their offerings and benefit from everything the Isle of Man offers, including access to UK and European markets and the proactive, collaborative relationships our executive agencies and regulator maintain with business."
Michael Crowe, chief executive at Finance Isle of Man, said: "The Isle of Man is the ideal location for FinTech businesses to develop new products and scale their businesses.
"The FinTech Innovation Challenge encourages entrants to propose solutions for issues faced by the financial and business services industries and we look forward to seeing the innovative products they develop, and to working with them to make their endeavours a success."
The island's government further said its "new economic strategy seeks to diversify the economy of the island, which has a population of just 85,000. It is hoped that the plan will kick start £500m a year of GDP growth by attracting cutting-edge technology businesses and entrepreneurs, including in one of its key areas: FinTech.
"The Isle of Man Government is planning a programme of long-term public and private investment worth £1bn, supported by an initial £100m Economic Strategy Fund to help develop its supporting initiatives.
"With established financial and digital sectors on the island already collectively contributing a large proportion of overall GDP, FinTech builds on the Isle of Man's greatest strengths and takes advantage of the sector's rapid expansion. The STOXX Global FinTech Index has seen a 50% increase since 2018 and a swift recovery after the Covid-19 pandemic, and the growth of the sector is projected to continue.
"2022 was a year of success for the Isle of Man's FinTech sector, thanks to the launch of the InsurTech Accelerator programme, and this year the island wants to build wider FinTech capacity, including by launching an Innovation Hub, where the capabilities of a Sandbox and an Observatory are combined to allow Government Agencies and the Regulator to collaborate.
"This will allow the Isle of Man to become a test bed for new technologies, as businesses will be able to trial their products in a safe regulatory environment before going to market."
