Isle of Man announces international cohort for Fintech Innovation Challenge

Today the Isle of Man Government has revealed the cohort of 16 successful businesses selected from 80 applications from around the world, to develop solutions that will help boost the Island's digital economy and position the Isle of Man as a leading FinTech hub. 

Tamper-proof e-Signatures for contracts, AI-based business strategy forecasting, and online storage platforms using next-level blockchain and cryptography protections 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 and Finance Isle of Man, and is supported by the Isle of Man Financial Services Authority and Deloitte.

With entries from Singapore to Switzerland, India to the US, the chosen 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 June 29 during a Demo Day where each business will showcase their solution to an audience of judges, industry experts, and potential customers.

Tim Johnston MHK, Minister for Enterprise, said:

‘In support of the Isle of Man Economic Strategy and the Island Plan’s ambitions to build a secure, vibrant, and sustainable future, we are seeking to advance FinTech, as the expertise it is built from has a strong presence in the existing sectors of Finance and Digital (‘Tech‘) in the Isle of Man. The FinTech Innovation Challenge is one of the tools to enhance the profile and eminence of the Isle of Man as a FinTech jurisdiction and it is anticipated that the Challenge will attract foreign investment to the Island, through international applications and interest.

‘We are extremely pleased to announce the cohort for the FinTech Innovation Challenge. The calibre 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.’

For more information about the Fintech Innovation Challenge and the selected businesses, please visit: https://www.digitalisleofman.com/fintechchallenge/