Cutting-edge technology-based solutions to key challenges felt across the island’s business community were on display as part of a special industry showcase.

Fourteen finalists from across the globe gathered with local business leaders at the Comis Hotel and Golf Resort in Mount Murray for the Isle of Man’s FinTech (financial technology) Innovation Challenge Finale event.

They pitched their solutions on stage to the judging panel and an audience of industry peers.

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

‘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.’

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

The 14 finalists had been whittled down from a global pool of applicants by a panel of judges drawn from leading financial and digital technology businesses on the island.

The companies, from the Netherlands to Switzerland and the USA, as well as island-based telecommunications company Sure, 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 at the challenge event based on criteria such as market potential, scalability, and the potential for positive impact on the local financial sector.

Run by Isle of Man government 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 promote innovation and collaboration in the financial technology sector, and showcase the island’s commitment to becoming a global FinTech hub.

Tim Johnston MHK, Minister for Enterprise, said he had been looking forward to seeing the solutions presented by the finalists and how they can help Isle of Man based businesses solve some key technological challenges.

‘The FinTech Innovation Challenge provides a unique opportunity for innovative businesses around the world to experience the island’s collaborative financial services and digital sector, and supports us to fulfil the ambitions of the Island Plan, by enhancing the island’s proposition as a supportive jurisdiction that embraces innovation, driving economic growth, creating jobs and attracting investment to the island,’ he said.

The finalists worked to develop new products to meet a selection of key challenges. These were either digital identity and ‘Know Your Customer’ functions, or compliance and transaction monitoring to help with fraud prevention and risk management.

There was also a ‘wildcard’ option, inviting participants to show their creativity by defining a problem statement they believe exists in the Isle of Man and propose a technology-based solution to this problem.

Gareth Hooson-Owen, head of group sales and marketing for one of the winners, Crucial Compliance, said: ‘It’s fantastic for the company, a win for the whole team at Crucial Compliance.

‘It just shows the effort from the team, creating and delivering the product.

‘To be shortlisted from more than 80 applicants worldwide, and then to be crowned one of the three winners, is absolutely fantastic.’

He praised the way the event had been organised and thought out, and said the fact it was being held again next year spoke volumes about the island’s forward-thinking commitment to nurturing innovation in the FinTech sector.

Such was the positivity they encountered through the whole process, Crucial Compliance had already decided to open a new Isle of Man office in Douglas.

‘During the Fintech Innovation Challenge, we have developed strong relationships with local businesses.

‘The new office cements our commitment to growing our existing resources on the island,’ said co-founder and company chief operator Paul Foster.

‘Our mission at Crucial Compliance is to create a safer gambling environment for everyone.

‘We understand that each operator in the gambling industry has unique compliance needs, and we are committed to providing tailored strategies and solutions.

‘The Isle of Man has seen a significant increase in the number of licenses over the last 18 months, thanks to its mature, accessible regulator.

‘Coupled with the increasing demands for holistic anti-money laundering and responsible gambling tools, the decision to expand into the Isle of Man aligns perfectly with our business growth strategy.’

Lee Hills, chief executive officer of Douglas-based SolutionsHub, was the mentor for Crucial Compliance in the Fintech Innovation Challenge.

‘It is fantastic to have one of our international finalists put down roots on the island,’ he said

‘This demonstrates the strength and effectiveness of introducing international businesses to our supportive business community. We look forward to Crucial Compliance adding to our already rich digital ecosystem.’

SolutionsHub, which helps navigate complex regulatory and operational matters for eGaming, crypto and blockchain businesses, was also a sponsor of the challenge.

Lee Hills feels the event offers a unique opportunity for its finalists to work in close alignment with government and regulatory authorities, while harnessing the Isle of Man’s favourable demographic as an incubator for pioneering technologies.

‘This competition plays an instrumental role in assembling some of the brightest minds from across the globe, enabling them to confront pressing industry issues head-on. It’s not merely about problem-solving but also about contributing to the development of a thriving and sustainable future,’ he said.

‘The Isle of Man’s optimal demographics and conducive business environment offer a unique setting for testing and launching tech-centric solutions.

‘By backing the FinTech Innovation Challenge, SolutionsHub is championing the evolution of a robust ecosystem that spurs the growth of FinTech. It’s an ecosystem where entrepreneurs, regulators, and stakeholders converge, collaborating to shape the future of FinTech.’

Michael Crowe, chief executive of Finance Isle of Man, added: ‘The FinTech Challenge showcased groundbreaking digital solutions, marking a significant leap forward for the industry and helps to put the Isle of Man on the map as a leading global destination for businesses in this space.’

The ambition now is to build on the success of the FinTech Innovation Challenge, and develop a strategy to support a flourishing FinTech structure on the island.