Thirteen finalists from around the world presented their solutions in the areas of FinTech, Data and AI and Cleantech to a panel of experts at the Isle of Man’s Innovation Challenge Finale event.
The winner in the FinTech category is:
Umazi: a platform designed to address challenges related to client data, onboarding, and regulatory compliance, mainly focusing on anti-money laundering and know-your-business (KYB) requirements. It allows companies to create a cryptographically secured digital identity containing relevant data for due diligence (DD) processes. This identity wallet grows as the company expands, with baseline data remaining consistent but additional data being added for different use cases like supplier due diligence.
The Innovation Challenge is a global competition where participants devise innovative solutions to pressing issues facing society. It attracted nearly 50 applicants from around the world, with finalists hailing from the UK, Denmark, Poland, Australia, New Zealand and Singapore.
Over the last few months, the 13 finalists have received tailored mentoring and support from experts in their field as well as networking opportunities with industry peers, potential clients, and investors.
All finalists presented their solutions to a panel of expert judges at the Finale event.
Run by Isle of Man Government Executive Agencies, Digital Isle of Man, Business Isle of Man and Finance Isle of Man, the Innovation Challenge encourages businesses, organisations and entrepreneurs at all stages of development to find ground-breaking solutions to tackle key issues in the sectors of FinTech, Cleantech and Data and AI.
Lyle Wraxall, chief executive of Digital Isle of Man, said: “We have witnessed outstanding ideas as part of this year’s Innovation Challenge, and it was great to see such innovative solutions that can help tackle some of our most pressing issues.
“The cohort in the Data and AI category has presented ideas for the education sector, the government and the gaming industry – all focussed on harnessing technology for good – and I would like to say a big thank you to all our finalists for their contributions.
“I’m looking forward to following the journey of our finalists and to see their solutions going from ideas to reality.”
Kirree Gooberman, head of business development at Business Isle of Man, said: “It was fantastic to see the pioneering solutions proposed in the Cleantech space, tackling pressing environmental challenges by making use of circular economy principles, grid management, pollution monitoring and more.
“As the world’s only jurisdiction to enjoy UNESCO Biosphere status, we are deeply committed as an Island to protecting and preserving our natural environment and resources. As a jurisdiction which balances economic development and environmental conservation, and has a supportive and welcoming community, we are ideally placed for businesses, organisations and entrepreneurs to trial new ideas and technology.
“We are very proud to have supported these organisations this far and look forward to seeing what they accomplish next.”
Michael Crowe, chief executive of Finance Isle of Man, added: “We have seen a wide range of exciting solutions represented by our global FinTech cohort – tackling current financial services challenges across cyber risk assessment, improving business identity and providing more tailored experiences for customers.
“All the solutions presented harness technology to improve customer service and safety, and we know the solutions these finalists bring to the table have the potential to actively shape the market and redefine financial experiences in the years ahead.”
The winners in each category will now receive additional promotion and publicity both locally and internationally, as well as extended access to the Isle of Man’s marketplace of mentors, potential investors and customers across sectors, regulators, and Government officers for six months.
