An award-winning cyber security company has won a major contract with the Isle of Man Government

From this month, Isle of Man-based SQR will work in partnership with software development and digital transformation experts PDMS to provide an independent identity verification system for the Central Registry.

The Central Registry is an arm of government which deals with the collation, storage and access of records.

It encompasses several departments including the Companies Registry, the Land Registry, the Deeds Registry, the Public Record Office and the Civil Registry.

According to SQR, its application, which is certified on the UK Government’s Digital Identity and Trust Framework (DIATF), will be used to seamlessly verify the identity of beneficial owners in the Isle of Man. 

A beneficial owner is a person with significant control over a company.

SQR’s five-year contract comes into effect exactly a year after the company won the Isle of Man FinTech Innovation Challenge.

The company’s Shelley Langan-Newton said: ‘SQR exists to make the world a safer place to be, do and transact, so being awarded this contract fully aligns with our mission.

‘Helping to deter criminal activity through verified company ownership is part of the global movement towards the highest standards of corporate governance, and we are very proud the Isle of Man Government and its Central Registry have awarded SQR this contract.’

As part of the tender process, the Central Registry invited expressions of interest from digital identity solution providers to enhance the quality of its current database of beneficial ownership in line with its commitment to maintain the island’s reputation as an internationally responsible and increasingly sustainable jurisdiction.

SQR says that fulfilling this requirement gives Central Registry the surety that the identities of beneficial owners are credible and digitally verified.

The company says that its solution was selected as a trusted, reliable and independent third-party platform to provide a simple and seamless method of identity verification - offering assurance for the Central Registry that beneficial owners are who they say they are by validating the data that is held on the registry.

Beneficial owners required to verify their identity will be alerted to do so via email.

Once completed, these individuals will get to create a free-to-use reusable digital identity, which - with express user consent - can be securely shared with other SQR partner organisations to help with onboarding in the regulated services sector.

Mrs Ann Corlett MHK, political member for Digital Isle of Man at the Department for Enterprise said: ‘It is encouraging to see SQR's innovative digital identity solution, which won the Isle of Man FinTech Innovation Challenge last year, now being implemented with the Central Registry.

‘This partnership with the Central Registry is a testament to the talent and forward-thinking capabilities of our local businesses. Digital Isle of Man is proud to support initiatives like these, which not only enhance our technological landscape but also reinforce our commitment to maintaining the Island’s reputation as a leading, responsible jurisdiction in the global digital economy.

‘We are immensely proud to be awarded this contract and help the Isle of Man continue to evolve in accordance with global best practices and international standards.

‘We have no doubt that our digital identity solution will provide a simple-to-use, secure platform for both the Central Registry and beneficial owners. It is a win-win for all” says SQR’s Product and Operations Manager, Rebecca Glassey.’