Winners of the Isle of Man Fintech Innovation Challenge revealed

10 July 2023

14 businesses from across the globe faced their industry peers on the 29th June as they presented cutting-edge solutions at the Isle of Man's highly-anticipated FinTech Innovation Challenge Finale event at the Comis Hotel.

The winners are SQR for their product that quickly and seamlessly verifies clients' identities, Crucial Compliance for their monitoring system that provides safer gambling strategies, and finally Cygnetise for their blockchain technology that enables businesses to digitally manage and share authorised signatories in real-time. 

The Challenge, aimed at promoting innovation and collaboration in the financial technology sector, attracted a diverse international cohort of participants, with over 80 applications received from 20 countries.

Following a rigorous selection process, 14 finalists with solutions to some of the Island’s pressing FinTech needs were selected. The finalists were chosen by the esteemed panel of judges who are drawn from leading financial and digital technology businesses in the Isle of Man.

The finalists, from the Netherlands, to Switzerland, to the USA, were selected for their ambition and potential, and over the last six months have worked to develop new products which meet a selection of key challenges. 

The panel of judges evaluated the presentations based on criteria such as market potential, scalability, and the potential for positive impact on the Isle of Man's financial sector.

Run by Department for Enterprise Executive Agencies Digital Isle of Man and Finance Isle of Man, with the support of the Isle of Man Financial Services Authority and Deloitte, the initiative aims to help these businesses scale up their operations and expand into new markets, by launching products which address crucial issues facing businesses in the Island and around the world every day.

Tim Johnston MHK, Minister for Enterprise, said: ‘Digital innovation is key to fulfilling the ambitions of our Island Plan and Economic Strategy. It is through initiatives like the FinTech Innovation Challenge that we can strive to enhance our position as a global leader in digital innovation and financial services, driving economic growth, creating jobs, and attracting investment to our shores.’

Lyle Wraxall, Chief Executive of Digital Isle of Man, said: ’We witnessed first-hand the transformative solutions presented by the participants and the innovation displayed by the finalists was extremely high.

’The event was an exciting culmination of months of hard work and dedication, and I would like to congratulate our three worthy winners for their cutting-edge solutions that will help accelerate the growth of the Isle of Man as a thriving FinTech ecosystem.’

Michael Crowe, Chief Executive of Finance Isle of Man, added: ’The FinTech Innovation Challenge showcased groundbreaking digital solutions, very relevant for our sector.   This helps to reinforce the Isle of Man as a global destination for Fintech businesses.’

The Isle of Man will now seek to build on the success of the FinTech Innovation Challenge, and develop a strategy to support a flourishing FinTech structure on the Island.