Douglas-based firm SQR is leading the charge in the RegTech revolution, offering innovative solutions to a rapidly growing problem in the AI age - ‘how do you prove that you are who you say you are, easily and securely’.

Over the past year, the SQR team, which is based on Victoria Street, has developed state-of-the-art Governance, Risk, and Compliance (GRC) technology, pairing it with an unwavering dedication to customer focused demand and innovation.

This, along with the company’s ‘Trust Framework’ certification has positioned SQR as a trusted partner for businesses looking to enhance their governance practices.

Since officially launching its consent driven Know Your Customer (KYC), Anti-Money Laundering (AML) and Proactive Client Monitoring solution in 2023, the company’s been awarded a major contract with the Isle of Man Government’s Central Registry for a five-year deal to provide an independent digital identity verification solution for beneficial owners.

Additional contracts, such as with bespoke private wealth, succession planning and asset protection experts, Charterhouse Lombard Limited have also been successfully secured.

A company spokesperson added: ‘SQR is excited to announce its latest significant milestone, the acquisition of SQR by UK-based company, SQRx, with the largest shareholder being industry titan and market-leader in insurance, Grahame Chilton.

‘This strategic acquisition positions SQR for accelerated growth, emerging opportunities and opens new avenues for innovation.’

Chilton's illustrious career includes roles as chief executive of Benfield Group, which achieved FTSE 150 status under his leadership, and key executive positions at Aon following their acquisition of Benfield.

He also founded Capsicum Re, which became the fifth largest reinsurance broker globally within five years.

Commenting on the acquisition, Grahame said: ‘Regulated businesses have an increasingly growing need to properly identify their clients at all times.

‘I know first-hand the business benefits of trusting your customer is who they say they are, as well as understanding the risk of not doing so.

‘Increasing security and ease of delivery is beneficial for governments, businesses, and also the people who are sharing their data. I am committed to leveraging resources, expertise, and innovative synergies within SQR and SQRx.

‘This partnership not only promises to be a hugely successful investment but also an opportunity to explore new markets.’

SQR’s chief executive Shelley Langan-Newton, said: ‘This has been a remarkable 12 months for SQR, starting with our BETA launch where we emerged as champions in the Isle of Man Government Fintech Challenge 2023, gaining our first customers who have helped us refine our eKYC compliance dashboard, getting our first government contract, kicking off a pilot programme with island charity, Sight Matters, and seen our team grow.

‘The acquisition by SQRx led by Grahame, helps to position SQR as an industry leader, helping to to achieve our mission to make the world a safer place to be, not just by knowing who you are working or transacting with, but trusting them.

‘We are excited to collaborate more closely with Grahame and leverage his unparalleled expertise.’

SQR emerged as a champion in the Isle of Man Fintech Innovation Challenge 2023, a prestigious competition organised by Digital Isle of Man and Finance Isle of Man to drive innovation and collaboration in the FinTech sector.

Competing against 80 global entries, SQR’s ground-breaking solution impressed the judges by meeting key criteria, including cost reduction, process automation, data security and compliance with KYC and AML regulations.

SQR partnered with Sight Matters, a local charity supporting more than 500 individuals with severe sight loss in the island, to launch a pilot scheme aimed at identifying real-life pain points and critical usability issues.